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  1. Home
  2. / Investing
  3. / Stocks

Market Takes a Rest After Wild Ride

Here are some favorites I'm looking to add as things cool off and consolidate a bit.
By JAMES "REV SHARK" DEPORRE
Sep 24, 2021 | 12:48 PM EDT
Stocks quotes in this article: DMYI, GENI, RSI

After a roller coaster ride this week, stocks are taking a rest and consolidating the recovery.

Breadth is running 3,300 gainers to 4,600 decliners, and the number of new 12-month highs and lows is close to even. Pockets of strong momentum have slowed to a couple of dozen, but this action looks like a rest rather than the start of more corrective action.

With September coming to an end next week, it is likely that there will be some positioning in front of upcoming third-quarter earnings and better seasonality. I anticipate solid reports, and it doesn't feel like expectations are very high after the recent corrective action.

I have not been doing too Friday, but am looking to add to some favorites should deeper pullbacks continue.

One name I bought today is DMY Technology Group III (DMYI) . This is a special purpose acquisition company that was sponsored by the same group that sponsored Genius Sports Ltd.  (GENI) and Rush Street Interactive (RSI) . Both of these were very successful, so there is optimism that the merger between DMYI and quantum computer company IonQ will do equally well. The special meeting to approve the merger will be held on Tuesday, and there will likely to be some increased volatility depending on the level of redemptions and other issues associated with the closing.

This market needed a rest after a nice rebound and continues to develop very well. I anticipate putting more capital to work in the weeks ahead.

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At the time of publication, DePorre was long DMYI, GENI, RSI.

TAGS: Investing | Stocks

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