Strong momentum in big-cap technology stocks continues Monday morning as Apple (AAPL) continues to fly higher and the Nasdaq 100 (QQQ) hits a a new all-time high.<\/p>\n
Breadth is running about four gainers for every three sellers so it is still a narrow market but the strength in the FATMAAN stocks (Facebook (FB) , Apple, Tesla (TSLA) , Microsoft (MSFT) Amazon (AMZN) , Alphabet (GOOGL) , Netflix (NFLX) ) is keeping sentiment very positive and crushing the bears that are fighting it.<\/p>\n
Once again there is no real fundamental reason for the strength. It is a combination of liquidity, fear of missing out, and a short squeeze that is driving the action. The same bearish arguments that have been out there for many weeks still apply and are still being ignored.<\/p>\n
Small-caps are lagging again but are still in positive territory. My list of 10% movers remains relatively short and there is an odd mix of action with no real dominant theme.<\/p>\n
Biotechnology is bouncing back after some recent rough action and precious metals are pulling back due to strength in the dollar.<\/p>\n
One new buy I added Monday morning is Xeris Pharmaceuticals (XERS) , which Dan Rosenblum of Shark Biotechnology points out has seen two weeks of good prescription data. The stock has been trading in a tight range after doing a secondary offering and has a good foundation for upside once the story is more widely understood.<\/p>\n
I've also added a little Grayscale Bitcoin Trust (GBTC) , which continues to see good technical development. Over the weekend, bitcoin suffered a 10% \"flash crash\" but that was largely recouped and is not reflected in GBTC, which only trades during regular market hours.<\/p>\n
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