It looks like the summer lull is coming to an end as traders are hitting the buy buttons aggressively Monday morning.
Breadth is running very strong, with around 6,200 gainers to 1,650 decliners. Stocks are mostly moving in tandem without much rotational action, which is a nice change, but momentum is still somewhat sedate. There are only around 250 new 12-month highs, and my list of 10% movers is only a couple dozen names long, which is short given the breadth levels.
The best news is that many of the stocks favored by speculative traders are coming on strong. Biotechnology benefits as Pfizer (PFE) agrees to acquire Trillium Therapeutics (TRIL) , cannabis names are off their lows, and even long-suffering names like Xeris Pharmaceuticals (XERS) are doing much better.
What is so unusual about this market lately is that many of the "traditional" Wall Street folks keep talking about extended indices and potential for a top. At the same time, there are many "nontraditional" traders focused on catching bottoms in groups that have been down-trending.
I have some solid action on my screens with names such as urban-gro (UGRO) , Agrify Corp. (AGFY) , TaskUs, Inc. (TASK) , Upstart Holdings (UPST) , Crocs (CROX) , Myovant Sciences (MYOV) , Grayscale Ethereum Trust (ETHE) , Butterfly Network (BFLY) , etc., doing well.