is Cathie Wood’s fund in trouble?

Is that support or a submerged iceberg the leaky ARKK touched today?

 

Considering it's down 2x as much as QQQ for the month it's not surprising that it's up about 2.25x as much as QQQ today on a big bounce.

 

Baytex ( BTE.TO ) massive earnings beat 0.98 net income in quarter vs $5 stock price. Debt reduction program ahead of schedule so share buy backs coming. This is stock that peaked at $50-60 in the last energy bull but bottomed at 0.29 in 2020. Enerplus ( ERF.TO ), Whitecap ( WCP.TO ) solid quarters beat estimate.

 

If Cathie Woods was an atheist, she certainly isnt one any more.

 

I will say this, if you're in SARK you should probably take your money and run. The timing of it being launched was incredible. It probably influenced a lot of selling off in those positions. It literally broke down on $125 resistance from that day. However, the downside is way bigger than the reward holding onto it at this point. Very likely the ETF is also helping create a short squeeze which will bring it back to lows.

 

That is quite a bullish view.

You might be early on that call.

 

The million dollar question is... Did Michael Burry cover his short position yet?

 

I'm not saying go long ARKK. I'm saying you should be risk-off. The upside as to where SARK goes from here is clearly limited. Remember that long-term these bear market ETFs are all 0's. You're much better off taking the money and investing in something you think got cheap.

 

Trend is clearly down. A 1 or a 2 day bounce doesn't change that currently. I agree with Overnight, you might early. Risk atm is with longs.

 

I'm probably early, but I don't try to pick tops or bottoms. Her fund already went down over 60%. The upside to holding on isn't worth it. Best to take the meat of the move to something more lucrative. It's a short of companies that aren't going bankrupt anytime soon. This winner can only run so much.