The indices are very mixed in the early going. The Nasdaq 100 (QQQ) , which is mostly driven by big-cap technology names, is lagging but is off the early lows, while the Russell 2000 small cap index (IWM) is charging higher as market players focus on picking hot stocks and hot sectors.
The early action is all about sector rotation so far. Financials, gambling, pot, solar energy, and a variety of other names seen as benefiting from Democratic policies are leading. Banks are up on the potential for higher interest rates due to inflationary spending, and that is hurting bonds (TLT) .
I'm focused on stock picking. In the cannabis sector, I own positions in (VFF) , (CRLBF) , (GTBIF) , (CURLF) , (TCNNF) , (GRWG) , (MSOS) , and (HYFM) . Cresco Labs (CRLBF) was my stock of the week and is busting higher.
I continue to hold a position in the prior stock of the week, RenaSolar (SOL) , and have taken partial positions.
In the gambling sector, I own (GNOG) , (ELYS) , (GMBL) , and (DMYD) .
Biotechnology does not like the election results due to concerns about possible pricing controls. I don't think that is an immediate issue, and I am looking for some additions on pullbacks in the group.
Bitcoin (GBTC) is hot, and I'm holding Canaan (CAN) as a bitcoin mining play.
I'm letting momentum run as best I can and am taking some partial profits in places. I continue to hunt for more sector plays.
