It is lifeless out there Thursday morning. It isn't bad market action with breadth almost dead even, but there is no energy in either direction.
There are more new 12-month lows than highs, and the list of stocks moving up 10% or more is quite short, although there isn't much major weakness either.
From a technical standpoint, this is not negative action. It allows stocks to build some support levels and consolidate a bit. The market went straight up off the March lows so quickly that charts did not have a chance to build great support at higher levels. That takes a little time, and it looks like the process is advancing Wednesday.
I have quite a few stocks on my shopping list that I'd like to add as they find some support, but I don't think that will be today. A few examples are Digital Turbine (APPS) , IonQ (IONQ) , Sensus Healthcare (SRTS) , Myovant Sciences (MYOV) , Ammo, Inc. (POWW) , Alto Ingredients (ALTO) , Kohl's (KSS) , Nio (NIO) , Solid Power (SLDP) , Blade Air Mobility (BLDE) , Redwire (RDW) , and Douglas Elliman (DOUG) .
I have smaller positions in many of these names and will start to add to the positions when the price action improves. I am holding around 60% cash currently and feel well-positioned for whatever happens next.
(Please note that due to factors including low market capitalization and/or insufficient public float, we consider SRTS to be a small-cap stock. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.)
