ARKK, SNAP, CVNA, etc all rallied in double digits over the last few days, some on Friday I think.
Is it more or less short covering that make these type of stocks rally further than other stocks during upswings?
Anyways I'm thinking it's a good trade for a small portion of a portfolio to have some ARKK CARVANA or whatever to make a quick buck and then sell, especially if you're in the red this year as there won't be any gains.
Is there an etf other than ARKK that contains these types of stocks?
I'm thinking maybe IGY or Invescos extended tech etf, but I don't think it contains any weight in stuff like snap, cvna, amc, pton, etc.
I find it interesting that all these “crap” companies rallied like 14% the other day!
Must be short covering?
Why would shorts cover? Why do people rush back in to the no earning, risky stuff?
I've heard though that the long dated, no earnings assets are usually the first and fastest to recover.
Why?
For example, CVNA went up 35% this week! Could you imagine if you had a large amount in that?! Whoa!
MSFT and AAPL didn't go up 35% this week that's for sure!
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