The Gilmo Report

May 15, 2022

May 13, 2022 11:28 pm ET

When I start getting spam emails from investment websites admonishing me to short the Ark Innovation ETF (ARKK), I start thinking hard about the possibility of a sharp oversold rally. I could start to smell it coming after the Monday and Wednesday selloffs, as I wrote in a blog post on Thursday morning, 39 minutes after the open:

Remember that we are in an extremely pigged out position as most stocks have been hammered. New targets like the fertilizers and the coals are down this morning but stay alert! This is a bear market where I think you will see neck-breaking oversold rallies, and the last thing you want to do is chase things to the downside as you try and short them.

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