The in the early going much as I discussed in my opening post. Market players are far more interested in putting capital to work on pullbacks than they are in taking defensive measures due to Covid-19 headlines. There is strong underlying support action and the pockets of momentum are flaring up again. We even have buying of bankrupt GNC Holdings (GNC) which is a sign that the Robinhood traders have not given up.
Breadth is running almost exactly flat at the moment but my scans of stocks that are up more than 10% on the day is quite robust. The SPAC names are seeing some bounce and traders are looking hard for new stock picks.
I added to a position in Tortoise Acquisition (SHLL) on news that it has a 1000-truck pre-order for its electric drivetrain system. An overview can be found here. Workhorse (WKHS) , another electric truck company, is announcing its vehicle today with a visit from Vice President Pence. I'm reducing my position in WKHS into strength but will watch for remount opportunities
The individual stock picking improves sentiment and helps the market overlook the problematic unemployment and Coovid-19 news. There are plenty of good reasons why this market should struggle but the macro concerns can easily blind you to the micro opportunities. The opportunities are still out there and I'm trying to take advantage while I can.
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I'm not convinced that all the stocks that have been pounded this week have bottomed.
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