A minor positive open was sold, and a breach of Thursday's lows accelerated the selling, but that was the washout needed to create a quick snap-back. The best bounces always occur in the worst markets, and this market has been quite bad lately.
It is premature to predict that a low has been made, but plenty of stocks are quite washed-out already and are starting to find support. Not everything will bottom at once, and many stocks that do find support will continue to languish for a while.
I've been a buyer this morning, but I'm just making partial buys like I always do. I'm not sure support will hold, and if it doesn't, I'll be taking stops and then rebuying even more.
Quite a few folks are watching bitcoin, and I've started rebuilding a position in Grayscale Bitcoin Trust (GBTC) . It was trading below its NAV value which makes it more attractive than usual. I believe bitcoin will see another run sooner or later, but there is no way to predict when or from what level. I'll continue to nibble at GBTC as it develops
I also have a list of some of my favorite small-caps, most of which I've discussed many times, that I'm buying incrementally. Most have some support, and I don't see much additional downside risk at this point. Some of the names I've been adding today are Elys Game Technology (ELYS) , Xeris Pharmaceuticals (XERS) , AMMO (POWW) , Aurinia Pharmaceuticals (AUPH) , Canaan (CAN) , Texas Mineral (TMRC) , Village Farms (VFF) , Ocular Therapeutix (OCUL) , and Butterfly Network (BFLY) .
One new name I'm starting is Golden Nugget Online Gaming (GNOG) . This was a recent SPAC deal that was finally closed, and it's been under steady pressure for a while. I believe that the calling of warrants created some pressure, but that should unwind soon. I put it on the radar and will be watching for further developments.