Today, I’m going to say something a bit controversial. Well, it’ll be controversial if you’ve followed the stories the MSM are telling you about the selloff last week. Everyone says that the big selloff on Tuesday and Wednesday was because of inflation worries. But I’ve dug a little deeper, and I think there may be something else there. It’s kind of like a story out of the show “Billions”: I think the biggest effect we saw on the market was a coordinated effort to take down Cathie Woods’s ARK funds. We were in the 10th straight day of net tech short sales on Tuesday. And Cathie was having to liquidate and buy her own ETF to keep it going. It was such a big move. It was on a massive scale. The down pressure was causing other selling and just piling on. It looks like this attack started shortly after Woods started the fund ARKX — I have some followers that jumped on her stuff just after that fund started earlier in the year, and many of her funds have just gotten taken out behind the woodshed. |
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