Revenge on the New Economy
The big money conservative shorts are out to prove that they were right all along and that the stocks with vision will never see the light of day while the FED carnage on the economy is in play.
I have talked a lot about how the May 11 to June 16 period was one of revelation and the stocks that bottomed there and met the New Economy criteria were where I was going to put my focus.
Today, as the major S&P index failed to take out the 4231 50% bounce level yesterday, which for some technicians would have been a sign that the shorts were in trouble, we see a real crush of bearish sentiment on the stocks the big guys don’t own plus their total disdain for the Inflation Reduction Act.
Here is a little review of the portfolio of stocks that are at this point screened within our New Economy Model Portfolio. The top down organization is roughly:
10% ARKK ETF’s; 30 % EV stocks; 15 % Chip/Software/Robotics stocks, 10 % Tech support stocks; 20 % Biotech stocks; 15 % Long/Short Spec Stocks.
After completion of the portfolio on June 16, we have seen it rise 51 % as of the high yesterday. We lightened up a little bit yesterday, about 15 % in total, all on the Spec ETF side, but in keeping with the title of today’s blog, the majority of the New Economy portfolio is down 4 to 7 % in today’s trade.
So here is the overall portfolio with today’s trade with change in percent:
ARKK ETF’s: ARKK -5.3, ARKG -4.9.
EV Stocks: RIVN -4.1, BLNK -6.9, PLUG -3.2, NIO -4.5, NKLA -8.4, QS -5.9.
Chip/Sofware/Robotics Stocks: MICR +2.0, MSFT +0.5, NVDA -3.9, AMD -4.0, TSM -2.9, SMH -3.8, PATH -6.9.
Tech Support Stocks: CRWD -1.1, SNOW -3.9, CRM -4.0, SQ -3.8, AAPL +0.2, ZM -5.7.
Biotech Stocks; BEAM -7.2, NTLA -4.7, FATE -2.8, SGFY +3.2, TWST -8.8, VCYT -9.0, CRSP -5.1, NTRA -2.2, VIR -4.1, TDOC -7.4, SSYS -4.2.
Long/Short Spec ETF’s; SPXL -1.5, TQQQ -4.3, SPXS +1.5, SQQQ +4.2.
All in all a day to look around and put some of that equity to work that was loosened up yesterday.