The S&P 500 and Dow Jones are at new highs once again, but the rotational action that is taking place under the surface continues to shift. Small caps -- as seen in the Russell 2000 fund (IWM) -- are lagging today as breadth is running 3,350 to 4,450 negative, pockets of momentum are muted, and high price-to-earnings growth names -- as seen in the ARK funds (ARKK) -- are rolling over.
We have seen almost daily shifts recently in trading. The narrowness and the choppiness are making it quite challenging, but there are a few things that are working if you are quick.
One name I added today was Elys Game Technology (ELYS) , which has earnings on Monday afternoon. Canada just announced it is going to allow single-game sports betting, and that should be a positive for ELYS, which supplies sports betting infrastructure.
Another name I'm buying today is Fisker (FSR) , which spiked sharply higher on a great recommendation from Morgan Stanley and a target price of $40 but has sold off sharply after it immediately made a substantial debt offering. The stock is back where it started, and I'm looking to find some support in the mid-$14s.
There isn't a whole lot going on right now. The poor cannabis stocks have had some great reports and are unable to move. One of my favorites is Cresco Labs (CRLBF) . The company had great numbers and increased revenue guidance to $1 billion from around $850 million, yet it is trading flat. If a stock in another sector had similar numbers and was not stuck on the OTC exchange, it would like to be trading much higher. One of these days, the market will start anticipating the SAFE Banking ACT, and this sector is going to fly, but that isn't today.
We'll see what develops this afternoon, but I can't blame traders that are heading out to start the weekend early.