Believe it or not, 8 of the 12 best-performing ETFs for the last week were inverse ETFs. Space, quantum computing, and AI stocks were smoked, while a couple of software stocks gapped up after stronger-than-expected earnings.
- CRMG +44%, 2x long CRM. Crushed earnings estimates, gapped up, and boosted the entire software space – NOW, FROG, CRWD, TWLO, etc.
2. QBTZ +35%, 2x short QBTS. It has been in a downtrend for months. All bounces to its declining 50dma were brief and led to more selling and new lows.
3. ASTN +34%, 2x short ASTS. Space stocks have been demolished since SpaceX IPO-ed. This trend continues.
4. IREZ +29%, 2x short IREN. AI stocks have been in a chopfest over the past couple of months. IREN is one of the weakest-performing ones. It bounced to its declining 50dma, then accelerated lower.
5. AAOZ +29%, 2x short AAOI. The AI stocks with the weakest bounce are now leading the downside in the group.
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