It was a sloppy day of action as the indexes closed mixed with small caps lagging.
Breadth was 3,400 gainers to 4,700 decliners, but over 450 stocks hit new 12-month highs. A number of high momentum names -- especially in the cannabis group -- saw some "sell the news" reactions, but there were some good pockets of momentum in SPACs and a few other places.
Biotechnology was weak, and high price-to-earnings growth was soft, but there was a lot of random action and not much change in the overall technical picture. The market has been dealing with overbought conditions, while at the same time there has been some aggressive momentum, and that has produced a higher level of volatility.
There is still a strong appetite for buying and good support, but it is sloppy and choppy as traders try to find better entry points while trying not to miss out on some very good momentum in names like Decarbonization Plus Acquisition Corp III (DCRC) and Gores Guggenheim Inc (GGPI) .
There are quite a few small-cap earnings reports hitting after the close in stocks that are of interest to me, and I'm actively trading them. I've added to IonQ (IONQ) on weakness, and as the numbers I see from Ammo (POWW) .
This is a market for aggressive trading, but not for market timing. It is all about individual stocks and sectors. It isn't easy, and it can be quite consistent, but if you focus on the right names, there is some great movement.
Have a good evening. I'll see you tomorrow.