The indices are solidly in the green with the Nasdaq and Nasdaq 100 ETF (QQQ) leading, while small-caps (IWM) are lagging. Breadth is running around 3900 gainers to 3150 decliners and there are only a little over 100 stocks hitting new 12-month highs.
There is some interesting rotational action taking place as precious metals and bitcoin (GBTC) are attracting interest. There are some pockets of strength in social media related names like Snap (SNAP) , Pinterest (PINS) , and Facebook (FB) . However, I'm seeing an inclination to sell into strength in small-caps and my list of 10% plus movers only contains around 18 names. The small group of bigger cap movers is providing a more positive picture than exists under the surface.
There seems to be some hesitancy to chase good news but most of my favorites such as Nautilus NLS, Trulieve Cannabis (TCNNF) , Xeris (XERS) , Ocular (OCUL) , Big Five (BGFV) , GameStop (GME) , GrowGeneration (GRWG) , and Walmart (WMT) are still in positive territory.
I'm primarily just managing positions at this point and am not doing any major buying. I expect the indices will jump around again soon on news about fiscal stimulus, but I do not expect any great clarity there for a while.
I'll be looking for new entries but don't expect to find much right now.