Hot Pockets of Speculative Action Are Shifting Fast

Traders have to move very quickly to stay ahead of the game.
Stocks quotes in this article: QQQ, ENGMF, ELYS, GMBL, GNOG, CNTY, BFT, FIII, POWW, GBTC, MOGO, CAN

The S&P 500 and Nasdaq 100 ETF (QQQ) are seeing some mild follow-through momentum this morning, but small-caps are lagging, and yesterday's 'hot pockets' of speculative action have cooled off. Breadth is mixed, and there isn't any rush for the exits, but traders have to move very quickly to stay ahead of the game.

Yesterday, two of the hottest sectors were gaming and NFT. Both groups are weak this morning. I am still very optimistic about the gambling and gaming sector and am using weakness to add to positions in Enthusiast Gaming (ENGMF) , Elys Game Technology (ELYS) , and Esports Entertainment (GMBL) .

Golden Nugget Online Gaming (GNOG) and Century Casinos (CNTY) continue to exhibit strong momentum, and I am holding positions in both.

A couple of SPACs are on my radar this morning. Both Foley Trasimene Acquisition (BFT) and Forum Merger III (FIII) have positive news and will be closing their respective mergers soon. These stocks should see more focus on their positive fundamentals once the administrative issues are behind them.

There is weakness in AMMO (POWW) this morning, and I'm using that to add. Also, the weakness in bitcoin has me eyeing Grayscale Bitcoin (GBTC) , Mogo (MOGO) , and Canaan (CAN) , but I'm waiting on those.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, James "Rev Shark" DePorre was Long ENGMF, ELYS, GMBL, GNOG, CNTY, BFT, FIII, GBTC, CAN, MOGO.

TAGS: Bitcoin | Investing | Markets | Stocks | Trading | Cannabis

More from Investing

What Do Politicians and Sentiment Have in Common? (They Both Flip-flop)

Helene Meisler

The market is falling victim to shorter, smaller rallies -- and lots of chop. But here's why we're getting closer to overbought. Also, let's check on some gas and diesel.

Market Looks Good from Above, Poor From Below

James "Rev Shark" DePorre

The major indexes held up well, but underneath, it wasn't pretty.

This FAANG Stock's Technicals Are at a Summer Crossroads

Bob Lang

Summer is a time when this name usually gains momentum. Will it this time?

Kass: Untapped Homeowners Equity and Imbedded Gains Will Be a Ballast to Growth

Doug Kass

Homeowners equity has more than tripled in the last decade.

Can Pinterest Poke Through the Charts and Rally?

Bruce Kamich

With a CEO change in the mix, shares hit, and a social media under watch, let's see whether PINS could move the needle.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight