We have quiet and mixed action this morning, but there is some rotation that is favoring small-caps, growth and speculative names that have been the laggards for months. Even some SPACs are showing some life again, and biotechnology is showing some decent support.
It has bene tough for some longs that speculative traders don't have much confidence or trust, but it is primarily positive that the aggressive downside pressure has dissipated and there are some upticks forming.
On the biotechnology front, some names I have on my radar include Forte Biosciences, Inc. (FBRX) , Personalis, Inc. (PSNL) , Surface Oncology, Inc. (SURF) , Aurinia Pharmaceuticals Inc. (AUPH) , PAVmed Inc. (PAVM) , Ocular Therapeutix, Inc. (OCUL) , Gamida Cell Ltd. (GMDA) , Xeris Pharmaceuticals, Inc. (XERS) , Apollo Endosurgery, Inc. (APEN) , DermTech, Inc. (DMTK) and a few others.
The biotechnology group has been one of the hardest hit in recent months, but this is now starting to look like a bottom in the group. That doesn't mean that they are going to fly higher but it does make it easier to accumulate.
Another group I'm watching for bottoming is gambling names. Elys Game Technology, Corp. (ELYS) , DraftKings Inc. (DKNG) , Bragg Gaming Group Inc. (BRGGD) and Esports Entertainment Group, Inc. (GMBL) are a few I am watching.
This is still a very sluggish market and these rotations have been reversing very quickly lately but I do think that the traders that have suffered so much for the past few months are starting to see some relief.