It was a brutal week for momentum and growth traders, specifically anything that was in the $ARKK ETF. You could almost feel the hedge funds gunning for Cathy Wood’s positions, exclaiming enough is enough. I watched $TSLA all day on Friday, and there was definitely a panic vibe mid morning as investors/traders regurgitated their shares.
In my opinion, the big snapback we saw intraday Friday was justified for the amount of pain across the market. The indices masked the pain, and the VIX failed to really get moving, but growth stocks were absolutely hammered this week. The big question now becomes, is the selling over?
As for the names that held up best, let’s take a look at the top 50 names within our Exodus trading platform: CLICK HERE FOR CHARTS. Indeed, $XOM leads the way as oil finds it’s way back near $70 on inflation fears.
And, for those playing in the The 14th Annual March Madness Tournament, the brackets have been UPDATED. Congrats to everyone who made it to the next round.
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