We have very mixed action in the early going as market players try to deal with the rotational action that has dominated the market this week.
Bank stocks (BKX), which have been leading to the upside during the rotation, gapped higher but were quickly hit with profit-taking. FAANG names, that have been lagging this week, are still struggling but did find support.
Breadth is running almost dead even but the positive sentiment created by reopening the economy is keeping a bid under most stocks. There is rotation back into some of the "work-at-home" plays such as Slack (WORK) (Tim Collins has a Slack trade idea) while names like Disney (DIS) that have run up on reopening are soft.
One group I'm focusing on Thursday morning is precious metals. I've added to positions in Pan American Silver (PAAS) , First Majestic Silver (AG) and Kinross Gold (KGC) . Precious metals can trade randomly and I'm using a longer-term time frame with the group.
My Stock of the Week, GAN, Ltd. (GAN) , blasted higher on news Thursday morning and is now up around 25% since the close on Friday. One technical buy in the biotechnology sector I'm watching is Protagonist Therapeutics (PTGX) , which is moving out of a flag pattern.
The indices are very sloppy and chaotic right now as they deal with the rotational action but stock-picking is working.