The major indices continue their steady climb higher this morning. They have been on quite a run while many secondary stocks have struggled, but the laggards are finally bouncing a bit this morning. The Russell 1000 ETF (IWM) and biotechnology (IBB) , which has been the worst sector lately, are seeing an energetic rebound.
Market players are waiting for the Coinbase (COIN) initial offering to open, but there already is some 'sell the news' action in the sector with Grayscale Bitcoin Trust (GBTC) , Riot (RIOT) , Marathon Digital (MARA) , and a few other names selling off. I reduced some of my GBTC into strength.
I wrote an article yesterday about how to bottom fish which has proved to be timely as most of the names I mentioned are bouncing. I added to one of my favorites this morning, Aurinia Pharmaceuticals (AUPH) , as it seems to have finally found some support.
Another recent favorite, Enthusiast Gaming Holdings (ENGMF) , announced that it has filed for a listing on the Nasdaq exchange. This is very important news for the stock, and I will be trading it aggressively while we wait for the approval to hit.
It is nice to finally see some better stock-picking action in the small-caps, but the question is whether that can continue with the S&P 500 and other major indices becoming unsustainably extended. I'm hoping that we see some more rotational action rather than a broad market correction but there is no way to know how that will play out.
