Bitcoin Miners Are Moving Amid Rotational and Choppy Trading

I am digging for some interesting setups.
Stocks quotes in this article: HUT, MARA, RIOT, ZIM, SBLK

We have very choppy action to start this week as some rotational action hits. Breadth is running around 3,450 gainers to 4,400 decliners, and there aren't any significant numbers of new highs or lows. Pockets of momentum are very sedate, with just around 20 names up more than 10%.

Oil, fertilizers, and other commodity names are weak largely due to concerns that Covid shutdowns in China may slow demand. Nothing new is developing in Ukraine right now, so that is likely to drag out and keep support under oil.

Bitcoin is strong, and that is moving the miners such as Hut 8 Mining Corp. (HUT) , Marathon Digital Holdings (MARA) , and Riot Blockchain (RIOT) . Shippers are also seeing some rebound with Zim Integrated Shipping Services (ZIM) and Star Bulk Carriers (SBLK) leading.

Many stocks need rest and consolidation, and that is taking place through some rotational action. I am doing very little but am digging for some interesting setups. So far, there isn't much on my screens and I see no reason to press.

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At the time of publication, Rev Shark was long ZIM and HUT.

TAGS: Bitcoin | Markets | Oil | Small Cap | Trading | U.S. Equity | Cryptocurrency

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