After lagging badly in recent weeks, the Nasdaq 100 ETF (QQQ) is leading while small-caps (IWM) lag and breadth is running in the red with 3600 gainers to 4000 decliners.
Rotation has been the story lately, and it continues today but is going in the other direction with the big cap technology names doing much better while 'reopening stocks' are lagging. In addition, recent themes like bitcoin and NFT are under pressure, and we don't see much momentum in groups like gambling and cannabis.
Some of my favorite small-caps are doing well. Enthusiast Gaming (ENGMF) is up nicely on deal news with TikTok. Earnings are tonight, and news of Nasdaq listing should be coming soon.
AMMO (POWW) continues to develop well as buyers look ahead to closing a deal to acquire gunbrokers.com.
Xeris (XERS) has some interesting results this morning from a Phase Two study, but the stock can't seem to get going. I suspect that a combination of poor price action, penny flippers, and impatience for a joint venture deal are the issues. This study news is not surprising, but it does confirm the promise there. Sooner or later, we will see something positive there.
A new buy I added this morning is Agrify (AGFY) which sells systems for indoor farming primarily of cannabis and hemp. I'm looking for some sympathy on the strength in GrowGeneration (GRWG) .
Weakness in bitcoin (GBTC) is hurting some of the speculative action, and we only have about 150 stocks at new 12-month highs, but there are some things developing if we are patient.
