Monday's strong buying continues but some profit-taking is occurring and breadth has slowed a bit with around 4,600 gainers to 2,500 decliners.
Biotechnology ( (IBB) ETF) is up another 1%, although it is running into resistance at the 50-day simple moving average and may need a rest. The Nasdaq 100 ( (QQQ) ETF) is leading with a gain of 1.35% as the "fear of missing out" drives idle cash into FATMAAN stocks, which are the default go-to place when trying to put money to work quickly.
I continue to be impressed by the very good individual stock-picking that I see. There is capital looking for a place to go and it is flowing into the best charts and values. It is refreshing to see action that is driven more by individual stocks rather than by liquidity thrown at stocks in general.
A couple of names I mentioned Monday, Lithium Americas (LAC) and Nio (NIO) , continue to follow through very nicely. Nio is my Stock of the Week and is doing what a Stock of the Week is supposed to do.
A recent favorite, Xeris Pharmaceuticals (XERS) is breaking to a new recent high and has filled a gap on the chart that was created back in June. I continue to like the story here and will be looking to trade it aggressively as it develops further.
I added a new position this morning, Fortress Value Acquisition (FVAC) , a SPAC involved in rare earth mining. The chart is developing well and I'll be watching for a breakout over the $15.25 level.
I also added to Nautilus (NLS) , which is the poor man's Peloton Interactive (PTON) play. I don't think NLS is well understood but it has much of the same promise as PTON.
There are quite a few other stocks on my radar but it is one of those days when there is so much action that it is rather overwhelming. This is a great market for trading, so trade it.
