We have solid follow through Thursday morning with the indexes up nicely on breadth of 5,850 gainers to 1,900 decliners. There are only 90 stocks hitting new 12-month highs, which reflects the fact that we still haven't recovered that much from the corrective action of the last couple of weeks.
Small-caps (IWM) have been leading. There are reports from sentimenttrader.com of near-record inflows. That isn't a big surprise if you have been watching the trading action under the surface. Retail investors have had a big appetite for exposure and have prevented the recent corrective action from being more correlated.
My list of speculative names is a bit shorter today as the action seems to be shifting away from the social media fun and games and more into stocks with solid fundamentals and charts.
A couple of my fundamental favorites are Ammo, Inc. (POWW) , urban-gro (UGRO) , and Acacia Research (ACTG) . POWW has some contract news and may finally turn up after dealing with insider selling. I've been adding to UGRO and ACTG as I believe their merits will start to become clear in the next month or so.
The indices are extending higher as I write. The V-shaped bounce is gaining steam, and the skeptics have little choice but to join the party.