It has been a rough few weeks for momentum swing traders and anyone trading growth stocks similar to Cathie Wood’s $ARKK fund. Indeed, the hedge funds had it out for Mrs. Wood the past week/month, but the feeling as of last Thursday felt a bit capitulatory. Friday, they let the $ARKK back over $100, but for how long?
The bulls definitely need to show a decisive bounce here or last week’s lows may be in jeopardy. Should we break those lows, expect things to get a little flash crashy as we have heavy volume pockets to fill to the downside:
Should the bulls make a stand and the market regain it’s footing, here are some beat up Wood names that popped up on Friday’s momentum scan:
As you can see from the charts throughout this post, the market has been unforgiving. Here are some deep oversold tickers on my radar from Friday’s scan:
If all else fails and precious metals start to move, specifically silver, watch for the Reddit army to run with $AG. She’s ripe and all over my scans inside Stocklabs:
Have a good weekend all!Comments »