We have some upbeat holiday trading so far this morning. The market is pleased that the fiscal stimulus bill has finally passed and it continues to shrug off the endless stories about how bad the Covid crisis continues to be. There is a positive mood in the market despite the news media's insistence on negativity.
What is most notable this morning is the continuation of the pockets of strong momentum in groups like SPACs, EV charging, batteries, cannabis, and a variety of other mostly small-cap sectors. Names on my screens that are very strong include Flux Power (FLUX) , Beam Global (BEEM) , Lithium Americas (LAC) , and ReneSola (SOL) .
Bitcoin (GBTC) is a good example of the sort of speculative frenzy that has taken hold and is not yet showing many signs of slowing.
My new Shark technical buy this morning was Oncternal Therapeutics (ONCT) .
There continues to be a lot of very strong trading action but we have to watch for bouts of profit-taking. While this week tends to have a positive bias, it is thinner and there is an inclination for some sudden shifts as positioning for the new year takes place. Don't be surprised to see some sudden drops for no apparent reason.