|Day Low/High||18.30 / 18.79|
|52 Wk Low/High||10.10 / 27.18|
Jim Cramer advises ringing the register on Golden Nugget Online Gaming -- let's see if the charts agree.
It was one of those days when the indexes didn't do much, but traders gravitated toward stock-picking and found some good action.
A number of gambling stocks are up on word that DraftKings plans to buy Golden Nugget Online Gaming.
One stock I'll be watching is Forum Merger III which is merging with EV maker Electric Last Mile.
There's a chance we'll see earnings in May, so traders should keep that in mind.
There's a problem here for the bulls.
Traders have to move very quickly to stay ahead of the game.
Here's where I'm comfortable increasing equity exposure to this growing business.
The stronger the economy, the better it is for earnings, but more likely it will pressure multiples as interest rates rise.
There is so much going on right now that it is overwhelming.
Some mixed action is favorable as it sets the stage for a more aggressive push higher next week.
The key here is bonds.
What makes GNOG particularly interesting right now is that it has recently called its warrants.
Momentum is nowhere near where it was a few weeks ago, but there are a couple of dozen stocks up more than 10%.
All these names, I believe, have potential positive catalysts, but they all can drift lower in a poor market.
This quiet action is what the market needs after the volatility of the past week
It's premature to predict that a low has been made, but plenty of stocks are quite washed-out already and are starting to find support.
Although the action in the indices today isn't very impressive, the stock picking under the surface is extremely robust.
I'm focused on stock picking and continue to hunt for more sector plays.