The indexes are diverging as the Dow Jones loses momentum mainly because of financial stocks like JPMorgan Chase (JPM) , while the Nasdaq gains some traction as money shifts back into the FATMAAN and some growth names.
Breadth has been slipping and is now running about 3,300 gainers to 4,500 losers. The bright spot is that there is still a fair amount of movement in individual stocks with a good supply of 10%-plus movers. We even have about 15 names up more than 20%.
Some of this action is due to "summer trader." Every year the action slows in the summer months, but this year the impact is likely greater as more people than usual are anxious to leave the confines of their computers and enjoy a change of scenery.
Slow trading isn't necessarily a negative. There actually is a good supply of strong stocks Monday, despite the indexes. What happens is that traders tend to gravitate toward a smaller group of names, and those names move better. The bitcoin names are benefiting from that sort of action today.
A few interesting names on my screen today are DermTech (DMTK) , Zedge (ZDGE) , LazyDays (LAZY) , Emcore (EMKR) , Apollo Endosurgery (APEN) , Ammo Inc (POWW) , Personalis (PSNL) , HyreCar (HYRE) , and Gan (GAN) . I'm holding most of these and just letting them run but will consider some additions as we wind down.