We have a nervous start Wednesday morning as the idea that we may be due for some corrective action takes hold. There isn't any specific news that is causing the problem. Retail sales were much better than expected, but there is lately more talk about inflation.
What we have here are some nervous people, who after a very robust run, want to protect profits. The social media stock-pickers are used to the normal ebb and flow of trading, and they tend to panic sell quickly when volatility picks up. My list of stocks moving more than 10% was very short initially but has expanded now as the dip buyers are showing more interest.
The best thing that can happen to this market technically are some pullbacks. Charts that have good support levels are better than those that are parabolic if you are looking to put cash to work.
I took a few steps this morning but, overall, I still like the charts that I'm seeing and am not rushing to dump things.
One new buy I added this morning is SPAC name Peridot Acquisition Corp. (PDAC) , which announced a deal to merge with a recycler of lithium batteries. Another stock, Comstock Mining (LODE) , is up 250% on news that it has invested in a recycler of batteries. I'm playing PDAC for sympathy move, especially since it will be the leader in the sector in North America.
I have other names on my shopping list, but I expect that they may not come roaring back immediately. Stocks such as Xeris Pharmaceuticals (XERS) , Alto Ingredients (ALTO) and Aurinia Pharmaceuticals (AUPH) are not seeing much interest right now, but I'm comfortable doing some nibbling.