• Subscribe
  • Log In
  • Home
  • Daily Diary
  • Asset Class
    • U.S. Equity
    • Fixed Income
    • Global Equity
    • Commodities
    • Currencies
  • Sector
    • Basic Materials
    • Consumer Discretionary
    • Consumer Staples
    • Energy
    • Financial Services
    • Healthcare
    • Industrials
    • Real Estate
    • Technology
    • Telecom Services
    • Transportation
    • Utilities
  • Latest
    • Articles
    • Video
    • Columnist Conversations
    • Best Ideas
    • Stock of the Day
  • Street Notes
  • Authors
    • Bruce Kamich
    • Doug Kass
    • Jim "Rev Shark" DePorre
    • Helene Meisler
    • Jonathan Heller
    • - See All -
  • Options
  • RMPIA
  • Switch Product
    • Action Alerts PLUS
    • Quant Ratings
    • Real Money
    • Real Money Pro
    • Retirement
    • Stocks Under $10
    • TheStreet
    • Top Stocks
    • Trifecta Stocks
  1. Home
  2. / Investing
  3. / Stocks

Making the Best of the Peculiar Market Action

Trading in biotech stocks and a particular SPAC play are on my mind.
By JAMES "REV SHARK" DEPORRE
Apr 09, 2021 | 12:17 PM EDT
Stocks quotes in this article: XERS, PSNL, AUPH, MYOV, OCUL

Once again, we have slow, mixed trading action and a lack of energy Friday. Breadth is running 3,400 to 4,200 negative, and I only have 15 stocks on my scans that are trading up more than 10%. Big-caps are acting better than small-caps, which is helping to hold up the indices, but even the FATMAAN names are all close to flat.

It has been peculiar market action all week with a lack of buying interest but no significant selling either. There isn't any major bearish narrative right now, and there continues to be quite a bit of confidence about the effectiveness of the COVID vaccines and the reopening of the economy.

We have a few earnings reports from the financial sector starting next week before a deluge of reports the following week. These could be catalysts for whatever this market does next.

Although the action is lethargic at best, I'm remaining positive about quite a few small-caps that have been drifting lower on no news. Biotechnology, in particular, has been poor but some names such as Xeris Pharmaceuticals (XERS) , Personalis (PSNL) , Aurinia Pharmaceuticals (AUPH) , Myovant Sciences (MYOV) , and Ocular Therapeutix (OCUL) look very washed out.

There has been some better action in SPACs for a couple of days now, and that is encouraging. The sector has sucked up a huge amount of liquidity. Some movement there would help to get speculation running a bit again.

One SPAC that I've discussed that is perking up Friday is Soaring Eagle Acquisition (SRNGU). Bloomberg has reported a rumor that they are talking with Ginkgo Bioworks about a possible deal. SRNGU warrants start to trade next week, which will create some additional action there as well.

SRNGU has been one of those SPACs that is trading near its NAV and has limited risk. I discussed this in an article on TheStreet on March 22.

My game plan continues to be to make some incremental buys of names I favor that have some support. They may require some patience, but the downside appears limited at this point.

Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.

At the time of publication, Rev Shark was long SRNGU, XERS, PSNL, AUPH, MYOV and OCUL.

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

More from Stocks

Specific Stocks Appear Solid but Upward Momentum Can't Yet Be Trusted

James "Rev Shark" DePorre
May 19, 2022 4:29 PM EDT

I remain convinced that we can't begin to talk about a bottom in the indexes until the S&P 500 is in a technical bear market.

Is This the Time to Buy Costco?

Bruce Kamich
May 19, 2022 3:05 PM EDT

Buy a falling knife? No, but this one's intriguing.

TJX Cos. Is Ignoring the Market's Downdraft

Bruce Kamich
May 19, 2022 1:25 PM EDT

Does this strength have staying power?

These ETFs Will Meet You in the After-Hours Club

Mark Abssy
May 19, 2022 12:30 PM EDT

Let's check three funds that are set to buy the close and sell the open.

After Wednesday's Bloodbath, a Battle Is Brewing in the Market

James "Rev Shark" DePorre
May 19, 2022 11:56 AM EDT

We see traders hunting for an oversold bounce, while investors are dashing for the exits. Here's my take on the wild action so far -- and whether we're in a recession yet.

Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation. If you have questions, please contact us here.

Email

CANCEL
SUBMIT

Email sent

Thank you, your email to has been sent successfully.

DONE

Oops!

We're sorry. There was a problem trying to send your email to .
Please contact customer support to let us know.

DONE

Please Join or Log In to Email Our Authors.

Email Real Money's Wall Street Pros for further analysis and insight

Already a Subscriber? Login

Columnist Conversation

  • 01:44 PM EDT STEPHEN GUILFOYLE

    Stocks Under $10 Portfolio

    We're making a series of trades here.
  • 03:07 PM EDT PAUL PRICE

    Why Is Walmart Down Big Today?

    Besides its poor earnings report Walmart was way...
  • 07:14 PM EDT PAUL PRICE

    A New, Very Scary Movie

  • See More

COLUMNIST TWEETS

  • A Twitter List by realmoney
About Privacy Terms of Use

© 1996-2022 TheStreet, Inc., 225 Liberty Street, 27th Floor, New York, NY 10281

Need Help? Contact Customer Service

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data & Company fundamental data provided by FactSet. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by FactSet Digital Solutions Group.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

FactSet calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.

Compare Brokers

Please Join or Log In to manage and receive alerts.

Follow Real Money's Wall Street Pros to receive real-time investing alerts

Already a Subscriber? Login