18Jun11:30 amEST

A Leisurely Grind

The major averages are mostly sloshing around this morning, with bears initially failing to pounce on the airlines and cruse lines, like CCL, displaying early weakness. Overall, the action smacks of the typical stock market early-summer grind, oblivious to pandemics, riots, Michael Bolton, The Fed, and Lord knows what else. On the upside, names like SPOT WORK are acting strongly and offering some energy to hot money traders. 

Still, the sports betting industry seems like a recurring theme which may very well continue to act impressively as a group until every state in the country officially approves sports wagering. At that point, we could get the "sell the news" event with various regulations being an omnipresent headwind. But we are clearly not there yet. 

Thus, DKNG and GAN, two names we have noted, continue to impressive on daily timeframes. 

And Malta-based Esports Entertainment Group Inc. (GMBL) is a more speculative play regarding the e-sports angle. On the GMBL daily chart, below, you can see this morning's strength is consolidating reasonably well. I am watching intraday for a move back over $7 for a push to new session highs. 

Betting on e-sports, on the surface, may seem rather sophomoric (as if betting on regular sports in non-pandemic times is not enough action).

But there is clearly a market for it around the world. And GMBL is in a pretty good position to prosper from this emerging trend. 

Don't Mess with Texas; But i... Stock Market Recap 06/18/20 ...


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