Today is the day not to sell. Today is the day to roll your dice on the bounce. We didn't get the exact move I've been eyeing for the past few days, but it has been darn close. For many stocks, we're three to four deep into a selloff that has taken many big momentum names lower by 20% to 40%. Smaller names have been hit even harder. New SPACs are trading at or below their NAV of $10. Pre-merger SPACs have all trended towards $10. Some have even dipped below $10. Honestly, if you were selling Forum Merger III (FIII) below $10 today, you must have been desperate for cash.
The selling we saw after the open this morning felt more like panic and forced. It was not just throwing out the baby with the bathwater, but also throwing the tub along with it.
The place to sell is the next bounce, which I think we're seeing as the day wears on, and I expect will continue into early next week. Today's lows become an obvious stop or sell trigger point. Today's close will likely be an important level to watch next week. How important? We won't know until we see the closing level, but it is something I plan to explore this weekend.
This has given investors an opportunity to load up on small speculative names I love over the next 12 to 18 months. Those include Genprex (GNPX) , Currencyworks (CWRK) , Draganfly (DFLYF) , Juva Life (JUVAF) , and Cybin (CLXPF) . I expect we'll see uplistings this year in the four names not already on the big board. That should be a strong catalyst outside of the fundamental advancements.
Speaking of FIII, I did add to that as well. This strikes me as the cheapest valuation name with real fundamentals in the electric vehicle space. My other buy in that space was Artius Acquisition (AACQ) as I want to expand some exposure into green tech sectors. Lastly, I bought some more Trident Aquisition (TDAC) , the SPAC bringing Lottery.com into the markets. Online gambling is only going to continue to thrive and grow. This one is outside of the competition window of Penn National (PENN) or DraftKings (DKNG) or any name in the esportsbook or iGaming (casino) space. I think it will work well in a portfolio beside some of those other gambling related names.
