Dip buyers have been active Monday, following the gap-down open, but there is still plenty of weakness. Breadth is running around 3,300 gainers to 4,380 decliners with small-caps names showing some good relative strength. The DJIA is nearly back to flat, but the Nasdaq is the weak area. Bitcoin (GBTC) has been highly volatile, but speculative traders still have an intense interest there.
I am having difficulty with my broker, Charles Schwab (SCHW) , and am greatly frustrated as executions and positions are not be updated in a timely manner. That has prevented me from taking quite a few trades.
One group that is standing out to the upside Monday morning is gambling stocks. On my screens, there is good strength in Esports Entertainment Group (GMBL) , Elys Gambling (ELYS) , dMy Technology Group (DMYD) , and several others.
My list of stocks that are moving over 10% or more is still long, and there are over 450 stocks hitting new 12-month highs. There is quite a bit of rotation and very choppy action that is making trading more challenging.
I still see a major focus on stock picking, but the liquidity is moving around very fast. If you aren't in the favored sectors right now, you are going to miss out. Gambling names just happen to be one of the best groups right now. There are also select SPACs that are moving big and small oils are attracting attention.
The S&P 500 is rolling over again as I write, and selling is likely to accelerate if the morning lows don't hold.
