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It was a nice bounce for SPY and QQQ at the end of the trading day. Overall it was a choppy day, but if the major indices keep showing strength a lot more set ups will trigger for short term plays. As was referenced yesterday, QQQ bounced off of the 50 day MA and Nasdaq futures are pointing up at the time of writing.
My TSLA and GEVO are down which is not a very big surprise since most high growth and innovation stocks are selling off. GEVO is also back to support. A few days ago it was trading for more than $7.40. I will keep holding these; there are more than a few growth stocks looking like this right now.
Most notably Cathie Wood's ARK Invest ETFs. The only two that are doing OK are ARKQ and ARKX. I will see how the last day of the week goes before making a decision to roll or not to roll. Sometimes the best thing to do is take a loss in order to reallocate your capital into something else that is moving upwards. More so, it is overdue for me to rebalance my portfolio after the past 12 months of gains.
If I were to re-allocate some capital, I have 3 ETFs that are performing excellently this year!
UDOW- One of my favorite leveraged 3X ETFs. Just like the ticker indicates, this is a 3X Dow Jones Industrial Average ETF. It has been one of my best performers this year so far. Since the end of February when money from growth and tech started transitioning into cyclicals and industrials the Dow Jones has done well. It has not really dipped but keeps pushing all time highs. If tech and the Nasdaq is down, usually this year Dow is up. If tech keeps getting killed this year, I would say that UDOW is an excellent use of capital for a type of economical re-opening play.
FAS- This is an ETF that tracks the financial sector and is leveraged by 3X. Some top holdings are Berkshire Hathaway, JPMorgan, Goldman Sachs, Bank of America, etc. This is a banking ETF essentially. Bank stocks have done exceedingly well this year so far. With all the money printing, low interest rates, rising bond yields and, like the UDOW, declining tech have all made a perfect storm for bullish financial sector.
NAIL- This is a 3X leveraged ETF that seeks 300% of the performance of the Dow Jones U.S. select home construction index. With skyrocketing house prices, highly inflated lumber prices, short supply in major urban areas, this ETF should do very well in the coming years. There is a race to build houses right now, especially in Texas, Washington, Colorado and other major markets where many people are moving towards. Recently I've seen houses sell 40% over ASKING price in only 3 days on market. If you have some extra money, throwing it in this leveraged ETF could be a smart move if you can afford to keep it for a year or two.
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