It looked like it was going to be a dreary summer Monday, but some decent trading action developed under the surface, and there was a long list of names moving up more than 10%.
The Dow Jones industrial average and the S&P 500 finished with minor losses, but the Nasdaq and Russell 2000 squeaked out some gains on breadth of 3,350 gainers to 4,500 decliners.
Cryptocurrencies and the related stocks were the central areas of strength, but there was also some strong action in offerings by special purpose acquisition names like Butterfly Network (BFLY) and Golden Nugget Online Gaming (GNOG) . That enticed traders into some badly beaten up names that have been languishing, which helped improve the speculative mood a bit.
It was one of those days where the indexes didn't do much, but traders gravitated toward stock-picking and hold to create some good action. There wasn't any crazy rotational action, and that meant that charts and fundamentals worked much better.
It is going to continue to be slow going until Labor Day, but if this sort of selective stock picking and "theme" trading continues, then we will have some entertainment to keep us busy and profitable.
Have a good evening. It is my birthday, and I'm going out to dinner.