The indices are mostly negative, but the Russell 2000 ETF (IWM) is leading, and breadth is positive with around 4300 gainers to 3400 decliners. Meme stocks are active again with AMC Entertainment (AMC) , but the problem with this small group of stocks is that they seem to have a negative impact on the rest of the market when they are active. Stock picking in small names is ok, but there aren't the pockets of momentum that usually exist when we have internal action of this sort. The energy flows to AMC, BlackBerry (BB) , GameStop (GME) , and a few others, and the rest of the market can't seem to generate much sustained action.
We do have a fair number of 10% movers. Most of the names look like they're potential additions to the Russell 3000. For example, HyreCar (HYRE) is moving up strongly to a new high after putting out a press release about its likely entry into the Russell 2000. I'll be working on the list of additions and will highlight some of the better technical setups.
My stock of the week is Autolus Therapeutics (AUTL) which is a small biotechnology name developing cancer therapies. It will be releasing some data later this week, and I'm looking for positive anticipation to take hold within a good chart setup.
One of my favorites, Ammo (POWW) , is an addition to the Russell indices, and it sees some positive action like several others.
Overall this is decent action for stock pickers and small stocks, but there is a clear lack of energy, and the meme stocks are negative for much of the market. The lack of more robust action helps to create a 'wall of worry' element that will provide some support.