"Fear of missing out" combined with some "the trend is your friend" action continues to drive the market higher. The buying is steady Thursday with about 2 to 1 positive breadth and over 500 new 12-month highs.
The SPAC group continues to attract quite a bit of speculative action but it is the big-cap technology names such as Zscaler (ZS) , Snowflake (SNOW) , and CrowdStrike (CRWD) that are attracting the hot money right now. Large-cap momentum names have been mixed during the recent rotational action but they are stepping up Thursday.
I'm trying to put more money to work but I am staying selective. One name that I'm playing aggressively is Trine Acquisition Corp. (TRNE) , which should combine with Desktop Metal next week. Given how stocks like Luminar (LAZR) have done after they have finalized their mergers I think there is a good chance that TRNE will keep running as the story gains more attention.
I've also added two other SPAC plays today -- INSU Acquisition Corp. II (INAQ) and Northern Genesis Acquisition (NGA) . I am building positions in both stocks slowly as they are not likely to have their mergers finalized for a while.
There is news hitting that Mitch McConnell is making some positive comments about a Covid relief bill on the floor of the Senate and that is pushing the indices to day highs.
This is impressive market action but it is still quite challenging to prudently put money to work.
