“The trend is your friend” is an old saying on Wall Street. This means that when the market is trending higher, it’s likely to keep doing so. The first sign that an uptrend is about to end is the breaking of a trendline.
Cathie Wood-led Ark Investment Management on Monday shed about 16,621 shares — estimated to be worth about $2.68 million — in Alibaba Group Holding (NYSE: BABA), nearly decimating all of its exposure held in on of its three exchange traded funds.