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  1. Home
  2. / Investing
  3. / Stocks

Little Speculative Interest as Worries About Archegos Continue

One group seeing some momentum today is bitcoin.
By JAMES "REV SHARK" DEPORRE
Mar 29, 2021 | 10:28 AM EDT
Stocks quotes in this article: GBTC, RIOT, MARA, MOGO, BIDU, IQ

We have a nervous start to the week as market players wonder if the recent forced selling due to a blow-up of a large family office , Archegos, will continue. Even though relatively few stocks are affected, the news is hurting overall market sentiment. There is very little momentum or speculative movement so far.

Breadth is running about 3,350 gainers to 4,150 losers but what is more notable is that there are only about 20 individual stocks up more than 10%. Groups such as cannabis, SPACs, gambling, and EVs continue to trade poorly.

The one group seeing some momentum today is bitcoin ( (GBTC) ETF). Riot Blockchain (RIOT) and Marathon Digital Holdings (MARA) are attracting attention, and one of my favorites in the group, Mogo Inc. (MOGO) , is perking up.

Individual stock-picking just isn't working right now and is likely to continue under pressure until stocks like Baidu (BIDU) , iQIYI (IQ) find some support after forced selling is over.

This action can produce some attractive entries for bottom fishers, but the problem is that these stocks can easily languish for a while. What we are missing are some catalysts to help produce sustained upside movement.

I don't see anything too troubling about this action if you are patient, but if you are trying to force trades, you are likely to be frustrated.

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At the time of publication, Rev Shark was long MOGO and GBTC.

TAGS: Bitcoin | Investing | Markets | Small Cap | Stocks | Trading

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