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The stock market over the past few months has become a fight between tomorrow’s trading and today’s live offering, and over the past week it has become messy.
Stocks priced on promises of a transformed future have been sold harshly in favor of those poised to thrive in the current economic recovery. Still, after last week’s erratic swings that culminated in Friday’s selling crescendo and powerful upside reversal, could these adversaries be able to coexist more peacefully for some time?
“Disruptive tech” stocks and pre-revenue arrivals and speculative PSPCs with a high story-to-substance ratio have been in high demand since mid-February.
The Starvation Party ARK Invest ETF fixation has been appropriate, compelling and probably now overdone. Flagship fund ARK Innovation (ARKK) at the Friday morning low had lost more than 30% in about three weeks. The fund has been popular enough that stocks are difficult to borrow, and Wall Street offices have been busy creating synthetic versions of the ETF that hedge funds can bet against.
Was this a short-term capitulation in this sub-sector, preceding a 10% rebound in the ARKK from late morning to Friday’s close?
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