The dip-buyers showed up at the open and quickly bounced the market. There is still plenty of red on the screens with around 2000 gainers to 5300 decliners, but jumping in on some of the early drops is working.
New highs are way down to around 160, and my list of 10% movers has dropped, but there are still about three dozen names on the list. There is still plenty of speculative interest in small-caps, but it is much more selective.
One of the gap down opens I took was Bitcoin in the form of (GBTC) . It is just a small position, but I intend to build it back up reasonably fast. I do not think that Bitcoin has seen its highs.
One name I'm particularly aggressive on is Applied DNA (APDN) . On Friday, APDN shares jumped sharply on news that the FDA listed its Lenea test as able to detect Covid S-gene mutation. The company used the strength to price a secondary at $8.30 this morning. Recently, many of the stocks that have done these sorts of direct offerings have popped back up quickly, and I'm looking for that in this case. An extra kicker is that HC Wainwright increased its price target on the stock to $18 from $12.
Although the indices are red, there are plenty of opportunities out there, but you have to be quick.