Although the DJIA and S&P 500 are trading flattish there is some good stock-picking driving the Nasdaq and Russell 2000 ETF (IWM) . Breadth is 4-3 gainers to losers but it is the pockets of speculative trading that continue to provide upbeat sentiment.
There are about 200 stocks at new 12-month highs, although most of the strength is not coming from new highs but rather from bounce plays.
Precious metals are bouncing, which is due in part to Warren Buffett's initial buy of Barrick Gold (GOLD) and also in part due to weakness in the dollar.
The SPAC and EV sector continues to attract interest with Tortoise Acquisition (SHLL) leading the way and Spartan Energy Acquisition (SPAQ) teasing some traders that have been pursuing it for a while.
There are a number of "junk" names on my radar such as CLPS Inc. (CLPS) , Flux Power Holdings (FLUX) and Akers Biosciences (AKER) . I also started a very small position in Rackspace Technology (RXT) on reports that Amazon (AMZN) is interested in some sort of investment.
What impresses me most about this market is the trading in individual stocks. It is very upbeat and there are many opportunities. If you are focusing on the indices not only does the action look slow, but you are missing some good opportunities.
This is a market for stock-picking traders and it's a good one.
