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They gotcha, didn’t they? Just like they got me last time. Here we were, a bunch of Slopers, scurrying around, shrieking, doing each other’s hair, and in general acting all willy-nilly, about yet another Tradeable Bottom “the ES is gonna gap up 50 points” embarrassment. And, hey, you weren’t far off. You got yer fifty points.
Even before the GOOGL/AMD earnings came out Tuesday night, the tide had turned against the bears fiercely in recent days. In the span of a single week, the world went from we’re-all-going-to-die to happy-days-are-here-again. The icing on the cake, for the bulls, was the GOOGL news, an important component of which was the high-tech breakthrough of announcing a 20-for-1 stock split.
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(more…)Below is a chart of Cathie’s fabled fund ARKK up to its mid-February 2021 peak. Take note of the volume. Interesting how more and more people kept jumping into this thing, right as it was ready to collapse by 60%, isn’t it?
OK, that’s the end of the so-called weekend for me. Time to rest of for an insane week-long battle!
As most of you know, leveraged fund tend to degrade over time, unless there is a persistent trend in the desired direction of the fund. If the S&P goes up, let’s say, 10% in a given year, the double-bearish fund against the S&P doesn’t go down 20%. It may be down 50% (possibly) depending on how crazy the ride was. I think one of the craziest ones of all is UVXY, which is the ultrashort against voatility.
