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.
