$ARKK - Thoughts On The 3-Month High Breakout
$ARK Innovation ETF(ARKK)$ - Thoughts On The 3-Month High Breakout (Intraday)
I've been tracking the setup on ARKK for the past two months, even experiencing a failed stop-loss attempt on 9/27 after a two-month high didn't hold.
Currently (as of writing), ARKK is trading at a three-month high, with $Invesco QQQ(QQQ)$ and $Technology Select Sector SPDR Fund(XLK)$ also gaining. My first instinct is to review the latest holdings breakdown, particularly to see how significant $Tesla Motors(TSLA)$ contributes to the current move.
While TSLA makes up a significant 13% of the fund, I'm refrain from taking action due to the upcoming earnings reports for $Roku Inc(ROKU)$ and $Coinbase Global, Inc.(COIN)$ , the fund's second and third largest holdings, which present immediate risk events next week.
Always look for reasons to hold off on taking action—unless there's a compelling case otherwise.
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