The indices are mixed and breadth is solidly negative at around 2900 gainers to over 4100 decliners but there is some interesting action under the surface.
Most notably, Gold (GLD) is seeing a significant breakout move over the $165 level. Miners are rampaging higher. My Stock of the Week, which is Pan American Silver (PAAS) , jumped sharply at the open. I'm also long First Majestic Silver (AG) , Kinross Gold (KGC) and Barrick Gold (GOLD) in the precious metals sectors.
The mining sector doesn't always move like other groups when they gain momentum but at the moment the chase is on and I expect to see some follow through.
There also continues to be plenty of action in speculative groups like SPACs. Arya Sciences (ARYA) is hitting new highs and Tortoise Acquisition (SHLL) , which failed to gain momentum after a gap up open on Friday, is seeing increased interest today. Some traders are trying to compare it to Nikola (NKLA) since it is also involved in electric vehicles but it hasn't yet caught the attention to move it to a similar degree.
Workhorse (WKHS) is another electric vehicle play that is seeing good momentum.
Biotechnology is looking weak today as some profit taking is hitting but there is still plenty of underlying support.
The most important issue right now is that the selling is not correlated and there is still good trading action. If we start seeing further declines in breadth it will be cause for concern but right now there is still too many pockets of good momentum to worry much about overall market conditions.