What has felt like an eternity in the red, stocks that have been beaten up to no end have finally gone green, and massively so. SPAC’s, Miners, High tech growth very much all going green today as investors begin to dip their toes back into the waters after what has been an extremely aggressive decline over the past few weeks.
This good news comes off the back of some really strange irrationality in the market. While the S&P 500 moved higher and higher and with that the FED and other central banks continued to print more and more money, the stocks that benefit highly from these actions were being trodden on.
It’s still very much undecided as to what was causing such downward pressure on these particular stocks but it’s great to see that finally some rationality has been found. Companies such as GIK and SKLZ are doing unbelievably well today, up 14.4% and 25.5% respectively. It’s no surprise to me that some investors find value in SKLZ, I still think it has some great technology even if there are still some doubts about the management’s execution.
Meanwhile, Argo Blockchain which is my favourite Bitcoin miner out of the bunch is also doing as well, now up 26% in just one day. It’s no surprise that people have come back round to buying Argo, so long as bitcoin remains where it is, this company is undervalued big time!
Hopefully this new found love for these beaten down stocks will carry over for the next few days. There are some fantastic businesses behind those ticker symbols that investors will love to own.
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