Overall market action is positive but rotation out of 'growth' and into 'value' is continuing. Banks (XLF) are hitting the highest levels since March, while the Nasdaq 100 ETF (QQQ) and the FATMAAN names are trading in a lackluster fashion.
The positive news is that small-caps continue to do well and there is some good trading in smaller names. Breadth is good with around 4600 gainers to 2600 decliners and the number of stocks at new 12-month highs is approaching 400.
One theme I'm watching closely is a resurgence in the SPAC names. This group was a crowd favorite but fell apart due to Nikola (NKLA) and an oversupply of offerings. There now seems to be renewed interest in some of the names as they complete mergers.
Another SPAC name on my radar is Trine Acquisition (TRNE) which is voting on its reverse merger with Desktop Metal currently. Once the symbol change is made to DM, it should clear the way for a better valuation.
I'm impressed with the action in a variety of small-caps on my screens including Big Five Sporting Goods (BGFV) , Personalis (PSNL) , GrowGeneration (GRWG) , Trillium (TRIL) , Westwater Resources (WWR) , and others.
With this sort of action in individual stocks we don't have to worry much about the indices.