• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • TheStreet Smarts
  1. Home
  2. / Investing

I'm Seeing Some Continued Interest in Stock Picking and Not Much Panic

The headlines about a new strain of Covid in Europe is what triggered the selling.
By JAMES "REV SHARK" DEPORRE
Dec 21, 2020 | 10:56 AM EST
Stocks quotes in this article: ZM, SLV, GLD, GBTC, SOL, PEIX

The indices were already set up for a 'sell the news' reaction to the fiscal stimulus deal and following the index rebalancing on Friday, but the headlines about a new strain of Covid in Europe is what triggered the selling. There was some quick dip-buying right at the open that was shot down quickly but buyers are trying again to put some support under the indices.

Breadth is running about 1400 gainers to 6000 decliners but there still are around 150 new 12-month highs and my list of stocks that are up more than 10% is fairly long. There is some rotational out of the 'reopen the economy' stocks and back into the 'stay at home' names.

I'm impressed with some of the speculative support in the SPAC names but the cannabis stocks are being hit pretty hard. The FATMAAN names are all red and even Zoom (ZM) , the 'go-to' stay-at-home play isn't doing much. Silver (SLV) is doing well but gold (GLD) is sluggish. Bitcoin (GBTC) seems to have developed a reputation as a safe haven and seems to be replacing gold to some extent.

My Stock of the Week is RenaSola (SOL) and is moving very well so far today following news of some contract wins in Poland. I continue to like Pacific Ethanol (PEIX) as a Covid play on medical-grade alcohol. It announced that it is paying off some high-interest rate debt this morning.

Overall I'm seeing some continued interest in stock picking and not much panic. Traders are still trying to find places to put money to work but are more tentative than they have been. At this point, I'm optimistic that support levels will form fairly fast and I'll be looking for buys.

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 SOL, PEIX.

TAGS: Investing | Markets | Stocks | Trading | Coronavirus

More from Investing

There Are Interesting Things Happening Beneath the Surface of This Market

James "Rev Shark" DePorre
Aug 8, 2022 4:32 PM EDT

Look for more positioning on Tuesday ahead of two important economic reports.

Can Rhythm Pharmaceuticals Keep Up This Tempo?

Bruce Kamich
Aug 8, 2022 3:01 PM EDT

The stock has surged amid an analyst upgrade.

What AIG's Charts Say About the Stock Ahead of Earnings

Bruce Kamich
Aug 8, 2022 2:03 PM EDT

The stock just tested the underside of the declining 50-day moving average.

Solar Firm Sunrun Continues to Run on the Upside

Bruce Kamich
Aug 8, 2022 1:24 PM EDT

Here's what the longer-term picture looks like.

Weariness Sets in During This Bear Market Phase

Bob Lang
Aug 8, 2022 1:00 PM EDT

Sentiment is starting to turn bullish, but painted with a skeptical eye as the wall of worry is up high.

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.

Email

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

Already a Subscriber? Login

Columnist Conversation

  • 09:24 AM EDT PETER TCHIR

    Jobs Report Reaction: Incredibly Strong, But Questions to Ask

    An incredibly strong July jobs report. Not only d...
  • 08:54 AM EDT JAMES "REV SHARK" DEPORRE

    This Weekend on Real Money

    The Secret to Dealing With FOMO
  • 03:51 PM EDT REAL MONEY

    AMD Second-Quarter Earnings Live Blog

    Real Money's Eric Jhonsa covers 's second-quarte...
  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login