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  1. Home
  2. / Investing
  3. / Stocks

Stock Picking Is Key After This Gap-Up Open

Bitcoin names are hot while Cannabis stocks are jumping back. It is a stock picker's market, right now.
By JAMES "REV SHARK" DEPORRE
Feb 16, 2021 | 11:12 AM EST
Stocks quotes in this article: GBTC, MARA, CAN, BTBT, XNET, RIOT, GRNQ, TCNNF, MSOS, VFF, HYRE

Traders are active following another gap-up open. It is all about the stock-picking again, with breadth running 4850 gainers to 2725 decliners. Over 1400 names are hitting new 12-month highs, and the list of stocks moving more than 10% is a couple of pages long.

The key to this market continues to be to find the hot sectors. Bitcoin and Bitcoin-related names are hot, with Grayscale Bitcoin Trust (GBTC) , Marathon Patent Group, Inc. (MARA) , Canaan Inc. (CAN) , Bit Digital, Inc. (BTBT) , Xunlei Limited (XNET) , Riot Blockchain, Inc. (RIOT)  and Greenpro Capital Corp. (GRNQ) jumping. Some of the cannabis names, like Village Farms International, Inc. (VFF) , AdvisorShares Pure US Cannabis ETF (MSOS)  and Trulieve Cannabis Corp. (TCNNF) , are jumping back.

There is a mishmash of other names attracting attention, and their primary attributes tend to be lower price and a good story. The chatrooms are working hard on trying to create movement.

My Stock of the Week is HyreCar (HYRE) , allowing car owners to rent their cars to ridesharing and food delivery services. This trend, called "mobility as a service," should continue to expand.

I continue to hunt for ways to put more capital to work. I do plenty of flipping into strength, so I have a good amount of cash to work, but it takes plenty of work to find new names.

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At the time of publication, Rev Shark was long GBTC, MARA, CAN, BTBT, GRNQ, VFF, MSOS, TCNNF and HYRE.

TAGS: Bitcoin | Investing | Markets | Stocks | Trading | U.S. Equity | Cannabis

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Given the rotation away from tech and growth, look for the market to at least make an effort at a breakout push here, taking PM with it.

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