After strong moves in both directions, the indices are calming down and trading in mixed fashion. Breadth is running 3,200 gainers to 4,300 decliners, and there are only about 200 stocks hitting new 12-month highs.
The pockets of momentum have slowed with bitcoin attracting interest but very limited theme action.
The gambling group is standing out with some positive action in names like Esports Entertainment Group (GMBL) , Elys Game Technology (ELYS) , Golden Nugget Online Gaming (GNOG) , and a few others, but it is choppy.
I'm making some trades on small moves, but it is just day-trading action for the most part. Ammo, Inc. (POWW) , for example, issued very strong guidance and is trading well. DraganFly (DFLYF) , a small maker of drones that I have discussed previously, has some exciting news about a deal with Steve Wozniak's education company that should move the stock once it reopens for trading.
A new name I put on my radar today is Enthusiast Gaming (ENGMF) . It operates the largest gaming platform in North America and is building a social network for gaming and eSports fans. The company is working toward a full Nasdaq listing which will likely be a strong catalyst for the stock.
This is one of those days where I'm mostly "dinking" around with smaller trades and not making any major moves. I'm looking for new setups, but this is mostly just random and meaningless action, and it is best to be patient and not read anything into it.
We need action like this periodically to digest periods of volatility.