|Day Low/High||21.36 / 25.42|
|52 Wk Low/High||9.40 / 24.00|
Despite negative volatility, at this point it looks like a pause in the uptrend and not a major top.
The action in the SPAC names is classic 'hot sector' trading.
While a bearish narrative is attractive, I don't see this strong stock picking going away any time soon.
I see no reason to be bearish at this point.
I find that I'm much more likely to stay with a strong trade longer if I make some smaller sales along the way.
For now I'm pushing and trying to stick with strength the best I can.
The primary focus is on the price action in individual stocks rather than macro-arguments or the technical condition of the indices.
I'm trying to put more money to work but also staying selective.
This sudden shift in momentum isn't too much of a surprise. It's the nature of the small-cap stocks at times.
It favors aggressive stock picking right now.
There are pockets of strong momentum.
The stock picking is exceptionally strong and has little correlation with the indices.
This action tells us much more about the health and sentiment of this market than the S&P 500 which is trading flat.
The positive news is that small-caps continue to do well and there's some good trading in smaller names.
Here are two plays on special purpose acquisition companies I'm watching right now.
These 3 SPACs are very active in today's trading. This is where the action is.
There still are no major warning signs that a turn is about to occur.