Dow's Up, but It's Little Comfort
The ARK Innovation fund is down and so is the Russell 2000 fund, and many traders are frustrated.
Although there is some decent bounce action, it is very inconsistent and frustrating traders once again. While 29 of 30 of the stocks on the Dow Jones industrial average are in positive territory, the ARK Innovation exchange-traded fund (ARKK) is trading down more than 3%, and the Russell 2000 ETF (IWM) is at the lows of the day.
Breadth is good at around 5,100 gainers to 2,700 decliners, but there are only about 50 stocks on the new high list and 140 making new lows. The growth and speculative small caps are struggling to hold support levels and are doing so with mixed success. I have to wonder if the ARK funds are driving the weakness in growth names, whether than the other way around. It is such a stark contrast to the rest of the market that it looks like it is driven by attempts at manipulation more than anything else.