Hitting for Contact

Although we all desire stock market home runs, especially when we have witnessed the epic moves over the last few years in everything from PENN to GME to AMC to TSLA to, recently, TKAT (and the list goes on and on), the reality is that the current tape has mixed messages and is likely a better spot (in percentage terms) to be what is known in baseball as a "contact hitter." And if a home run comes, then great. 

But if not, then a biotech like FATE, which is housed in both Cathie Wood's ARKK ETF as well as the MOON ETF, seems to be in a decent spot to prosper from a near-term Nasdaq bounce. Being in both ARKK and MOON gives FATE a few chances to rally, provided that rates keep relaxing on the 10-Year and the Nasdaq enjoys a seasonly bullish reprieve after a sloppy previous five weeks. 

Overall, this is certainly a mixed day below the surface, and even on the surface of the indices. However, tech-related plays have my attention for more than a one-day wonder rally.