The recent market trends continue this morning as strong pockets of momentum attract aggressive small-cap traders. Breadth is very good at around 5550 gainers to 1800 decliners but what is most impressive is nearly 900 stocks are hitting new 12-month highs and a huge number of stocks that are up more than 10%.
A good example of the sort of speculative frenzy is the number of stocks that are moving on news that the mighty ARK Fund has filed for an ETF dedicated to 'space'. There are a couple of dozen names moving strongly on the potential they will be included. Some of the biggest movers are Virgin Galactic (SPCE) , New Providence Acquisition (NPA) , Gogo (GOGO) , Loral Space (LORL) , etc.
In addition, SPACs remain very hot with names like Northern Genesis (NGA) and Churchill Capital (CCIV) hitting new highs. There is so much action in the sector that it is overwhelming and hard to track.
I have a number of stocks that I've discussed that are making new highs. Some of the bigger positions are Village Farms (VFF) , AquaBounty (AQB) , Elys Game Technology (ELYS) , Gamida Cell (GMDA) , bitcoin in the form of Grayscale Bitcoin (GBTC) , Bragg Gaming (BRGGF) , etc.
I'm finding it a little harder to chase momentum today and am taking more partial profits, but the trend is your friend, and this one has been extremely friendly for a while now.
