There's an interesting trade opportunity in the ARK Innovation ETF as the stock market rallies here, according to Rick Bensignor of Bensignor Investment Strategies.
"Last Monday I suggested getting long for the first time in a good while, as there is now solid support from $40 to $37.5," wrote the technical analyst in a recent note, studying a weekly chart of the 'ARKK' ETF.
mountain ARK Innovation fund Cathie Wood's innovation fund was among the hardest hit vehicles out there as higher interest rates hit sentiment for growth and tech assets. Following a 67% drop last year, the fund is up more than 41% this year as artificial intelligence and stable rates raises interest in the overall tech sector again. The fund is also seen as a high beta way to capitalize on market rallies. The fund closed Friday at $44.
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