|Day Low/High||125.76 / 133.46|
|52 Wk Low/High||22.61 / 69.48|
Let's look at setups in Upstart Holdings, Palantir and Zoom.
It's tough to have much confidence in this market, but a few things are working.
UPST looks like it can retest its May low in the weeks ahead.
We're going to see some random action in front of the weekend.
This action is not at all 'frothy,' which is a common contrary indicator that the bears embrace.
I expect the trading action to remain choppy but there should be some dip buying interest on pullbacks.
Stocks with good charts, good fundamentals, and good stories are attracting buyers.
This is one of those situations where you just have to wait until the news is out and is digested.
It's fun to watch the wild action, but it's not healthy for the overall market.
There's one name I've added to today.
The ARK Innovation fund is down and so is the Russell 2000 fund, and many traders are frustrated.
The most oversold stocks are seeing the best bounces.
It is very easy to find yourself stuck in a 'good' stock that just isn't doing anything right now.
It is premature to declare the rotation back into small-cap stocks is dead.
UPST's sharp pullback in April mirrors the sharp pullback in February and March.
The issue now is whether stocks and indices can find support before giving back too much of yesterday's gains.
What will really make a difference is if the strength holds, and there is a strong close.
Traders should be patient after the recent surge in the shares of the digital lending platform.
Keep this newly public company on your shopping list for the first quarter of 2021.