As End of the Quarter Pressures Relent, Stock Picking Picks Up

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We have a mild but positive start to the day as some rotational action has finally cooled off, and mark-ups into the first quarter’s close are stepping up. Breadth is healthy with 5300 gainers to 2100 losers, but pockets of momentum are still quite slim, and there are only 160 names hitting new 12-month highs. Stock pickers are able to do their thing as the macro, and rotational action has been put on hold for now.

I’ve been doing a little nibbling in names that have been under pressure recently. I added to AdvisorShares Pure US Cannabis ETF (MSOS) , which is an ETF for multi-state cannabis operators like Cresco Labs (CRLBF) and Green Thumb Industries (GTBIF) . The group has been under severe pressure lately and is starting to lift a bit.

I also added to a Non-fungible Token (NFT) play, CurrencyWorks (CWRK) , which has some interesting news flow. Tim Collins has been following this one very closely and will probably have some insights there. The price action looks appealing to me here, so I’m adding.

A few of my longer-term plays, AMMO (POWW) , Aurinia Pharmaceuticals (AUPH) , and Xeris Pharmaceuticals (XERS) , are looking washed out and have good support. I’ll be looking to add incrementally as they develop further.

A new buy I started yesterday and will be building as it develops is Personalis (PSNL) . This was a big winner for me last year and was a holding in the ARK Genomic Revolution ETF (ARKG) but has come under severe pressure as the ARK ETFs (ARKK) were attacked. It looks to have good support at around $20, and I will make some small buys as it develops.

Many market players are hopeful that the end of the quarter will allow for the return of aggressive stock picking. So far today, that is looking like a possibility.