Market Notes:
Futures are drifting sideways, near flat at writing. The VIX is dropping lower, closing in on its lowest point since the pandemic began.
Markets are bullish on all accounts right now as the Presidential transition has entered into a peaceful phase.
Speculation is running wild in the markets. We saw it earlier in the week with the low floats, green energy, and electric vehicle plays. Today is no different. SPACs are the hot topic of the day. Some with connections to hot industries, some with very low floats.
SPAC stands for Special Purpose Acquisition Company. It’s a different way to take a company public. The SPAC sells shares in a traditional IPO without any underlying business. It then uses that money to merge with an existing business. Once the deal closes the newly formed company gets a new ticker and trades like any other stock. SPCE, NKLA, & DKNG all used SPACs to go public in the past year or so.
Today is a half day of trading, markets close at 1 PM eastern. Historically this is a bullish day.
Watchlist: (*SPAC)
LCA* is a low float, watching for a setup above $19
AMCI* is a low float, support at $10.80
ELYS is a low float, support at $2
SRAC* is a low float, support at $11
SOL is a low float, resistance at $5.67
RMG* is a low float, on watch
INAQ* is a lowish float, resistance at $15
BCOV is a lowish float, support at $14
PIC* is a lowish float, resistance at $14
GIK* is a lowish float, watching for a setup above $12
SWIR is a lowish float, support at $14
APTX is a lowish float, on watch
IPV* has support at $10.40
NGA* has support at $12
NNDM has resistance at $6
SIEN has resistance at $5.68
VGAC* is on watch
PGEN has support at $6.75
CAN has support at $6
TOUR has resistance at $4.50
CLNE has resistance at $5.25