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.
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.
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.