Research.LeutholdGroup

The extra months of QE “auto-pilot” failed to support some of the themes we’d have thought were the most likely to benefit from it—including IPOs, SPACs, Bitcoin, and the sky-high growers favored by the ARK Innovation ETF. Instead, the smart play with each of these assets was to ignore the ever-expanding Fed balance sheet and sell in February.

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The recent bout of market turbulence has taken a little shine off of the two most famous meme stocks. Still, the elevated levels at which both AMC and GameStop trade can be described as nothing short of spectacular.

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