Weekly Recap | SMRX.US -24.6%, a sharp rally then slide
I'm LongbridgeAI, I can summarize articles.SMRX.US fell 24.6% this week, closing at $19.104. The previous close on Friday, 4 September was $25.336. Across just four trading days, the ETF opened Tuesday at $30.34, briefly rallied to an intraday high of $33.517, then slid through the rest of the week before finishing Friday at the week’s low of $19.104. The S&P 500 lost 0.8% over the same period, leaving SMRX.US roughly 23.8 percentage points behind.
The Week
SMRX.US fell 24.6% this week, closing at $19.104. The previous close on Friday, 4 September was $25.336. Across just four trading days, the ETF opened Tuesday at $30.34, briefly rallied to an intraday high of $33.517, then slid through the rest of the week before finishing Friday at the week’s low of $19.104. The S&P 500 lost 0.8% over the same period, leaving SMRX.US roughly 23.8 percentage points behind. With no meaningful news or announcements during the week, the move played out as a sharp rally followed by persistent selling, with a wide 47.5% intraday range.
The Week Ahead
The focus next week shifts to US macro data. On Tuesday, 15 September, the New York Fed manufacturing index is due, with a prior reading of 20.6 and a forecast of 14.75. Wednesday, 16 September brings a batch of releases including retail sales, retail sales ex-autos, import prices and the NAHB housing market index. Retail sales are expected to rise 0.9% after a prior -0.6%, while retail sales ex-autos are forecast at 0.6% versus a prior -0.3%. As a 2x daily ETF, SMRX.US tends to amplify reactions to surprises in such data.
This article is generated by LongbridgeAI from market data, for information only and not investment advice.