The ProShares UltraPro Short QQQ ETF (SQQQ) closed down 3.45% at $28.81 on January 6th, as the NASDAQ-100 Index surged by 1.09% to 21,559.50, driven by a strong rally in riskier tech stocks. Investors flocked to unprofitable technology companies and firms with high short interest, pushing the Goldman Sachs index of non-profitable tech stocks up over 4% by midday. This aggressive risk-on trading, described by Jonestrading's chief market strategist Michael O’Rourke as a short-term phenomenon, has been fueled by post-Christmas election euphoria. The rally in these stocks, which had lagged behind the S&P 500 last year, contributed to the downward pressure on inverse ETFs like SQQQ.