After a powerful four-day run and the drama of the election, many market participants could use a rest but the market refuses to cooperate. It is holding up quite well so far. Breadth is running slightly negative with around 3550 gainers to 3700 decliners and the number of new 12-month highs has contracted to around 350, but there is no rush for the exits and many pockets of momentum.
My list of stocks moving up more than 10% on the day is quite long with cannabis names grabbing the top spot but also some good movers on earnings like Peronalis (PSNL) and, my Stock of the Week, Ocular (OCUL) .
I've been a net seller after a very big week mainly because I feel the need to reset a little bit mentally even if the market stays strong. Sometimes the way you are feeling is more important than the price action.
The last time the market has a similar four-day run like we have seen this week, it reversed on the fifth day and some stubborn corrective action took hold. Conditions are much different now Long PSNL, OCUL, SNAP, FUTUand even with the Covid crisis likely to see more attention again, there is hope that a stimulus bill will still be done despite the election drama.
I've not done any big buying this morning but a couple of names I may add are Snap (SNAP) and Futu Holdings (FUTU) . We'll see how things look at the close but I may wait until next week before I do anything significant.
At the time of publication, James "Rev Shark' DePorre was Long PSNL, OCUL, SNAP, FUTU.