Trading ym futures how to find if a stock is undervalued or overvalued

This is what I mean when I say that measuring performance without simultaneously measuring valuation is a job half. Furthermore, I get very tired of the litany of discussion especially in social media about how this President is better than that President - or vice versa. However, investors can assess the premiums associated with the options tied to the Dow ETF to gauge the current view of the anticipated volatility in the market. Once the major indexes began to reach levels near the past all-time highs, capital began seeking out undervalued sectors and technical traders began rotating into these sectors expecting a moderate price rally to occur. Where are the price levels where buyers have historically stepped in and pushed valuations higher? However, experienced traders will use index futures to speculate on the direction of an index. If it moves above this level and closes above this level, then we have confirmation of a potential upside technical indicators of stocks oversold cci indicator buy signal trend and bullish trending may continue for nk stock for a swing trade forex trading on nadex youtube bit longer. US Markets. To carry this thought further, you can also say that logically there are most likely way above-average companies, way below-average companies - and everything in. Other than these masters, there are few support groups to help. Since we are only viewing the asset in terms of its price activity, we have added information that will allow us to see things from a less biased perspective. The initial margin deposit is used to protect against any losses that might be incurred during the life of the position. That said, there are a host of strategies that you can use that are superior to the strategies touted by most financial advisors. Lower interest rates are almost always a negative for any currency, so it would not be surprising in that type of scenario to see a majority of futures traders to start selling that currency short. Your Money. Volatility is often too extreme to be sensible. One way of overcoming this is to use best trading course in singapore list of all penny stocks, which is an effective way of maximizing your positions and increasing the potential gains that can be captured in a trade. However, from the below graph, we discover that Simon performed well as an operating entity in various interest rate and political environments. Are oil companies refining more oil?

Index Futures

Once again, defying conventional wisdom. This is the value that would, in theory, be paid out to shareholders if the asset was liquidated. In contrast, technical analysis relies on trends and price patterns found in charts as a means for constructing a position outlook. Technical and fundamental analysis tend to be the broadest ways of defining the strategies that futures traders generally take, but there are many individual subsets within those two categories that will need to be considered at some stage. Additionally, the markets' valuation was very high in,followed by a sharp drop in These are the observations and conclusions I draw from trading introduction course etrade lifetime ban I am seeing. But with no real trend in place, how could futures traders have positioned within this market? US Markets. More commonly traded are the companies that fall into the large cap stock category. Breakout Structure To get a sense of the basic structure, lets consider what a bullish breakout might look like on a price chart: Note that the initial trading range has been broken trading ym futures how to find if a stock is undervalued or overvalued the topside, as more buyers than sellers have entered into the market. Do give it a try! Take advantage of our 14 day free trial and see how we can help you identify the most attractive blue-chip dividend growth stocks for your portfolios. How to day trade stocks online deutsche bank binary options Your Knowledge. The exact reason for why something like this might occur will generally depend on the type of asset being traded. In another article, we explained that an uptrend requires a series of higher highs and higher lows, fxcm cfd rollover binary options expiry times a downtrend involves a series of lower higher and lower lows. Therefore, in response to the question should you care that the market's overvalued - my simple answer is no. Related Articles. Those trading currency futures generally watch factors like inflation, jobs numbers, manufacturing reports, and the central bank outlook in order to get an indication of where prices are headed. Warren Buffett has lamented " For some reason people take their cues from price action, rather than from values.

And frankly, one of the factors that determines a great business over a mediocre business is a skilled, honest and competent management team. So pay attention to your own strengths, interests, and trading goals when you chose the approach that is likely to work best for you. Get Free Trial. But most importantly, we also see several examples of how valuation was more relevant than politics or interest rates as it relates to shareholder returns and success. Here, the underlying asset type has no meaning and is not taken into consideration. Portfolio managers will often buy equity index futures as a hedge against potential losses. Is the majority outlook positive or negative? Instead, I mind my owned businesses. Frankly, I contend that people fail to understand that the private sector, businesses large and small, coupled with serving the consumer, are what ultimately drives our economies and our markets. A scenario like this could also be used as a basis for defining a negative outlook in a commodity like oil, and then to sell that market short. This can be found using the futures symbol TF. You may find this research article very informative as we push forward into the Summer months of this election hear. But the main disadvantage in the trend following approach is that traders must wait until a good portion of the trend is already over before positions are opened. When analyzing the performance of the Dow, it is important to keep in mind that it is considered by some to be a volatile index. It's a Market Of Stocks Not A Stock Market The primary message that I am attempting to convey with this article is to suggest that investors pay close attention to what they specifically own, and less attention to generalities such as the stock market. And of course, the famous Ben Graham, teacher to them all, offers his priceless metaphor, " In the short run the market is a voting machine, but in the long run it's a weighing machine. Your Money. For those more focused on the fundamental side of things, news trading is definitely a strategy that has proven itself over time and has been successfully implemented for as long as futures markets have been around.

Understanding and Playing the Dow Jones Industrial Average

Basic economics tells us that this the is formula that leads to higher prices. Don't miss a thing! Once again, conventional wisdom suggests that REITs are very sensitive to interest rates. Index futures speculation is a high-risk undertaking Unforeseen factors may cause the index to move opposite from the desired direction. However, these strategies also require a change in philosophy, from the simple buy-and-hold mentality to strategies that have a much shorter time horizon. Some traders feel intimidated when trying to understand these tools at. In comparison, most companies that make up an index are weighted according to their market capitalization. In the following video, I provide specific evidence of the assertions I presented with this article. In 'One Up On Wall Street' Peter Lynch said " What makes stocks valuable in google data feed for ninjatrader range bound market trading strategies long run isn't the market, it's the profitability of the shares in the companies you. Where are the price levels where sellers have stepped in and pushed valuations lower? Should the opposite be true, the buyer suffers a loss, and the seller makes a profit. However, investors can assess the premiums associated with the options tied to the Dow ETF to gauge the current view of the anticipated volatility in the market. I hope you found this informative, and if you would like to get a pre-market video every day before the opening bell, along with my trade alerts. However, fresenius stock dividend fidelity trade close I find most interesting is that the market truly did generally "climb a wall of worry" for the most part regardless of which party was in control. Economic News. US Markets. However, experienced traders will use index futures to speculate on the direction of an index. Options On Futures Definition An option on futures gives the holder the right, but not the obligation, to buy or sell a futures contract at a specific price, on or before its expiration. For example, if in the above scenario, the portfolio manager shorts the index futures and the market rises, the index futures would decline in value.

Once you understand the basics elements of a futures trade, the next step is to start defining your strategy. Previous post Futures Advanced. This increases the available supply of that asset and decreases demand. Breakout traders do not have to worry about this, as they are generally able to spot new trends in their earliest stages. For example, if the Dow were to close at 16, at the end of September, the holder who bought a September future contact one year earlier at 15, would have a profit. Maintenance margin sets the minimum amount of funds an account must have to satisfy any future claims. Higher interest rates mean that it will be more expensive for consumers to buy items on credit and this generally leads to weaker sales figures overall. But it is still useful to get some sense of where your strengths and weaknesses are — as this is the best way to structure repeatable positioning that will allow you to profit over time. As you can assume, there would be a significant difference in the weighting of the companies in the Dow if the index committee used market capitalization instead of stock price to structure the index proxy. That said, there is really nothing that makes a price-weighted index inferior to a market cap-weighted index , or even an equally-weighted index or a revenue-weighted index. Valuation in conjunction with earnings growth was once again the primary driver of return. However, we also see that valuation played a significant role on shareholder returns. Take advantage of our 14 day free trial and see how we can help you identify the most attractive blue-chip dividend growth stocks for your portfolios. Expectation Vs. Additionally, futures traders should remember to watch the histogram the grey bars. Do give it a try! In comparison, most companies that make up an index are weighted according to their market capitalization. In other words, I strive to invest in companies where I believe management will be able to successfully navigate the many business challenges that the company will inevitably face. There are generally two different approaches that futures traders take when defining their outlook: technical analysis and fundamental analysis.

Futures Intermediate

Technical indicators might seem intimidating if we try to understand the mathematical formulas used when constructing. The chart above shows gold, which is one of the most commonly traded commodities. Those that swear by this approach will often argue that technical analysis is useful in determining exact exit and entry levels for a specific trade. To answer this, we will need to know if the underlying fundamentals support decreasing supply and rising demand. These areas are marked by the green and red arrows in whats taking my etf trades so long to place trade finance course geneva chart. During this period, the average seen in the ratio is only one tick higher at 2. US Markets. Are you willing to read news articles and economic reports that will give you a better idea of the relative strength or weakness likely to be seen in an asset? Futures Intermediate — How To Value Stocks Best free day trading website do stock broker deal with mutual funds order to take an active position on a stock market futures contract, you will need some way of determining whether the current price is undervalued or overvalued. Would you try to spot for this opportunity to purchase stocks when they are cheap? Introduction My personal investing strategy is based on the simple logic and reality that great businesses are, by definition, better than average. Your Money. By their nature, stock index futures operate differently than futures contracts for more tangible securities such as cotton, soybeans, or crude oil. When dealing with market trends, futures traders ultimately need to decide whether or not they are interested in siding with the majority of the market.

This can be found using the futures symbol TF. Index futures speculation is a high-risk undertaking Unforeseen factors may cause the index to move opposite from the desired direction. Would you try to spot for this opportunity to purchase stocks when they are cheap? So it is a good id to have some understanding of how these different stock types perform before choosing which assets to buy or sell in a futures contract. In this example, prices ran progressively lower without any substantive rallies, creating three lower highs and lower lows in the process. Pros Portfolio managers use index futures to hedge declines in similar holdings. So these types of positions should not be entered without sufficient planning. In currencies, macro economic factors tend to control where prices are headed. If the losses continue, and your account falls below this level, you will receive a margin call and you will need to add funds until your margin is brought back to the appropriate level. So the range price level that is broken is the support line. Equity index futures are cash settled meaning there's no delivery of the underlying asset at the end of the contract. Should the opposite be true, the buyer suffers a loss, and the seller makes a profit. I believe the evidence as presented is clear in that regard. Alternatively, futures traders are able to gain access to these indices using mini futures contracts. Once you understand the basics elements of a futures trade, the next step is to start defining your strategy. In these cases, you would be able to buy in at relatively low prices or sell at relatively high prices. If we deconstruct market activity to its component parts, we start to realize that valuations can only move in three directions: up, down, and sideways.

News & Insights

In 'One Up On Wall Street' Peter Lynch said " What makes stocks valuable in the long run isn't the market, it's the profitability of the shares in the companies you. Futures Intermediate — Using Leverage To Maximize Positions Many traders that enter the futures market with a acorn movies app blue chip reit stocks account size find it difficult to make significant gains. Futures Intermediate — News Trading note: For this article, I recommend that the site has its own economic calendar. The reason for this is because we are not confident that the underlying global economic fundamentals support the current price trends and activities. Since these stocks are more commonly bought and sold, the higher trading volumes tend to produce lower volatility levels stable trends. But perhaps, most importantly, as I will develop further in a minute, valuation trumped. The central idea is that fixed income becomes more competitive to equities when interest rates are high, and less competitive when interest rates are low. Are oil companies refining more oil? Under the Obama administration, we start out with attractive valuation and good earnings growth through But not all stocks are created equal. However, we also get rich on nadex binary options trading applications that valuation played a significant role on shareholder returns. Trade With A Regulated Broker. In other words, quit worrying about the overall market average, and place your attention on the companies stocks that you specifically. This would look something like the activity seen in the graphic below: But once one of these support or resistance levels is broken, that range is no longer valid and should not be traded. Watch for the YM to move to levels near or above 25, and watch how it reacts to this key resistance level. The sideways environment that preceded no longer applies, and this shift in the dynamic is likely to continue, given the momentum forces that are needed create such a breakout event. Visually, the MACD looks very different.

When the market has a negative outlook on an asset, there are going to be more people selling that asset. Just like any other market; grocery stores, drug stores, clothing stores, etc. Short Selling. To me this only makes sense if you specifically own the "stock market" i. So pay attention to your own strengths, interests, and trading goals when you chose the approach that is likely to work best for you. Consequently, because of my commonsense strategy, I rarely worry too much about the level of the markets in general. In this example, prices ran progressively lower without any substantive rallies, creating three lower highs and lower lows in the process. I never really worry about what the market is likely to do, what the Federal Reserve is likely to do, who's the President or which political party is in charge - or any other broad macro concept. Futures Intermediate — How To Value Stocks In order to take an active position on a stock market futures contract, you will need some way of determining whether the current price is undervalued or overvalued. If you are able to establish your trades early enough, significant profits can be captured if a new trend develops. Related Posts Futures Basics 4 0. Some traders feel intimidated when trying to understand these tools at first. Therefore, when you think about it, you realize that each of these types of companies exist in all market and economic environments. But perhaps, most importantly, good above-average businesses thrive under all political and interest rate environments. The sideways environment that preceded no longer applies, and this shift in the dynamic is likely to continue, given the momentum forces that are needed create such a breakout event. For short positions, many of the same elements are in place — only in reverse. But perhaps, most importantly, as I will develop further in a minute, valuation trumped everything. As I pointed out in the introduction, the market is made up of above-average, average and below-average companies. Since we are only viewing the asset in terms of its price activity, we have added information that will allow us to see things from a less biased perspective.

Do give it a try! But the signals sent to traders attempt to show the same types of events. Expand Your Knowledge See All. Instead, I mind my owned businesses. Therefore, when you think about it, you realize that each of these types of companies exist in all market and economic environments. Negative Commodity Prices — Causes and Effects. So it is a good id to have some understanding of how these different stock types perform before choosing which assets to buy or sell in a futures contract. Tags: futures intermediate. Some traders feel intimidated when trying to understand these tools at first. Equity index futures are cash settled meaning there's no delivery of the underlying asset at the end of the contract. Broad-Based Index A broad-based index is designed to reflect the movement of the entire market; one example of a broad-based index is the Dow Jones Industrial Average.

With this next screenshot, I am also looking at the relationship between price earnings ratios and interest rates over each of the last four sitting Presidents. Speculation is an advanced trading strategy that is not suited for many investors. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This is generally viewed as a signal to sell the asset because it means that prices have risen too high, too fast. The initial margin deposit is used to protect against any losses that might be incurred during the life of the position. Alternatively, futures traders are able to gain access to these indices using mini futures contracts. In order to take an active position on a stock market futures contract, you will need some way of determining whether the current price is undervalued or overvalued. Entering Trades On Margin The initial margin deposit is used to protect against any losses that might be incurred during the life of the position. Most important here is their potential for growth. So pay attention to your own strengths, interests, and trading goals when you chose the approach that is likely to work best for you. Nevertheless, if we go back and examine the valuation of Simon over this time frame, we discover that this high-quality REIT was generally ninjatrader license comparison futures trading platform software. In the previous articlewe showed a high correlation between stock and bond prices. This strategy will clorox stock dividend top marijuana stocks to watch investopedia top-marijuana-stocks if the Dow remains relatively flat, and does not exceed the strike price of the call options sold.

Macro Hub. In some cases, these margin percentage requirements will be increased during times of heightened market volatility. Expectation Vs. Instead of staying on the sidelines and sacrificing potential profits , it would have made a good deal of sense to start playing the range. Instead of avoiding the trendless markets, futures traders could have bought gold as prices fell to support and then taken profits on those positions once prices rose back to resistance. Futures traders would then be looking for evidence of a total bearish reversal, or for evidence that a trading range is starting to develop. Those that are already watching the price activity in the initial range will be able to capitalize on the new price movements earlier than many in the market. Overview of Futures Products. This strategy has generally produced favorable results over time. These are all terms that will be covered further in future articles.

Essentially, the faster RSI sends more trading signals, so if you are looking to enter into a larger number of trades, it is usually very easy to adjust your setting and accommodate this need. Additionally, thinkorswim klinger oscilator ninjatrader 8 supertrend adaptive traders should remember to watch the histogram the grey bars. I believe the evidence as presented is clear in that regard. Stock Markets. Finally, investors can generate a modest premium on top of a long Dow ETF position by implementing stop limit order etf melody marijuana stocks covered call strategy. But which tools are available for those that look to trade futures from the fundamental side of things? For those trading stocks, most of the attention is focused on corporate earnings. Futures Intermediate — Small Caps Vs. When these prices increase with enough momentum and sustainability, an uptrend is in place. One is that it allows futures traders to be active when there is no real trend in place. World 19, Confirmed. Those that swear by this approach will often argue that technical analysis is useful in best world stock dividend how to buy silver etf with 401k exact exit and entry levels for a specific trade.

Equity index futures are cash settled meaning there's no delivery of the underlying asset at the end of the contract. However, experienced traders will use index futures to speculate on the direction of an index. What is useful is to determine which type of approach works best for you. Moreover, as I also stated in my first sentence, I am most interested in above-average companies when I can purchase them at sound or attractive valuations. Index Divisor Definition An index divisor is a number chosen at inception of the index which is applied to the index to create a more manageable index value. How Bond Futures Work Bond futures oblige the contract holder to purchase a bond on a specified date at a predetermined price. However, from the below graph, we discover that Simon performed well as an operating entity in various interest rate and political environments. Related Posts Futures Basics 4 0. Therefore, in response to the question should you care that the market's overvalued - my simple answer is no. These simple to follow ETF swing trades have our trading accounts sitting at new high water marks yet again this week, not many traders can say that this year. But it is still useful to get some sense of where your strengths and weaknesses are — as this is the best way to structure repeatable positioning that will allow you to profit over time. All of these are factors that should be considered by futures traders that are looking to establish positions based on information contained in economic reports and news releases. Otherwise, only what you specifically own should be of any concern to you. In another article, we explained that an uptrend requires a series of higher highs and higher lows, while a downtrend involves a series of lower higher and lower lows. Most Popular. The so-called "stock market" is only the store at which I shop to buy what I want to own.

Portfolio managers use index futures rsi macd trading strategy ema trading indicator hedge their equity positions against a loss in stocks. This increases the available supply of that asset and decreases demand. The main benefit of this type of approach is that there is already a substantial amount of market momentum in place to support your position. When prices decline with enough momentum and sustainability, an downtrend is in place. Maintenance margin sets the minimum amount of funds an account must have to satisfy any future claims. From the graph above, musiek jama neurology intraday variability cash intraday margin can see the periods when stocks are expensive the areas marked green relative to bonds, and when they are cheap the areas marked red. These are all terms that will be covered further in future articles. Fundamental analysis has a much longer history and looks to make sense of the underlying economic factors that support a bullish or bearish position. Commodities markets tend to work in the same way, as higher interest rate costs tend to limit demand. Ride my coattails as I navigate these financial markets and build wealth while others lose nearly everything they own during the next financial crisis. Traders use these products to exchange various instruments including equities, commodities, and currencies. Therefore, when you think about it, you realize that each of these types of companies exist in all market and economic environments.

Interestingly, interest rates have fallen thus far inwhile valuations appear to be following suit. I will also provide greater insights into the relevance of politics and interest rates in comparison to operating results and valuation. In these cases, futures traders actually have an edge on the rest of the market because there are no limitations placed on the time availability for trading. Related Terms Quadruple Witching Quadruple witching refers to a date that entails the simultaneous expiry of stock index futures, stock index options, stock options, and single stock futures. That said, there are a host of strategies that you can use that are superior to the strategies touted by most financial advisors. Another is that it is interactive brokers esignal api brokerage vs investment account easy to identify trade entries, stop losses, and profit targets. I never really worry about what the market is likely to do, what the Federal Reserve is likely to do, who's the President or which political party is in charge - or any other broad macro concept. Based on these strategies alone, it should be clear that derivative instruments are not "weapons of financial mass destruction" — at least not if they are used appropriately by competent investors. In the previous articlewe showed a high correlation between stock and bond prices. In 'One Up On Wall Street' Peter Lynch said " What makes stocks valuable in the long run isn't the market, martin pringle pringle on price action how much money do i need to day trade futures the profitability of the shares in the companies you. Consequently, the benefit of falling interest rates was counteracted by the excessive valuation the REIT was trading at over this time frame. Partner Links. Only has an older history.

Since this area has already been defined by the market as an important price level, it is likely that prices will rise above the resistance point, and then fall back to retest that level. Overall, this approach should be taken once market momentum starts to slow, and fundamental indecision is what characterizes the stance for most futures traders. Moreover, it is also important to make sure that you are purchasing great businesses only when their valuation is sound, or better yet - low based on fundamentals. As I have said before - the reality of running with the herd is that your ultimate destination is the slaughterhouse. Therefore, investors have scant resources that calculate intrinsic value. Is it now, or later? Economic events that are closely watched by the majority will lead to the greatest price volatility in either direction once released. Instead, I am simply suggesting that they each are, but one of many other factors that investors need to consider. Unless the contract is unwound before the expiration through an offsetting trade, the trader is obligated to deliver the cash value on the expiry. Under the Obama administration, we start out with attractive valuation and good earnings growth through In some cases, these margin percentage requirements will be increased during times of heightened market volatility. However, we should also note that market valuations were rational following the orange line during that time frame. Permanent impairment of capital occurs when the fundamental values of a business are dissipated with the consequent long-term adverse consequences. If you consider yourself ready to start taking active positions in the futures markets, make sure you know the difference between a long position and a short position. If not, the stock is almost certainly going to be heavily sold-off so that the market can account for the new outlook in the company. For example, it is relatively rare to see a quick bankruptcy in a large cap company. Popular Courses.

Any of these scenarios could make it difficult for the market to take a definitive stance, and drive prices significantly higher or lower. For example, those looking to sell short the market in currency futures might wait for evidence of declining inflation. But not all stocks are created equal. There are generally two different approaches that futures traders take when defining their outlook: technical analysis and fundamental analysis. When these results come in higher than the initial analyst estimates, the environment is much better suited for new long positions. Next post Futures Basics. Therefore, by definition, "average" is simply a middle number. World 19,, Confirmed. It also frustrates me when people attempt to give too much credit or blame to a sitting President, Senate or Congress for that matter. Business use commodity futures to lock in commodity prices. Prices of index futures can fluctuate significantly until the contract expires. This strategy has generally produced favorable results over time. Alternatively, futures traders can look to enter into positions in the tech-heavy NASDAQ , which also tracks the performance of many small caps. Where are the price levels where sellers have stepped in and pushed valuations lower? This means that each company is assigned a weighting based on its stock price. But which tools are available for those that look to trade futures from the fundamental side of things? In the previous article , we showed a high correlation between stock and bond prices. Get Widget. How will this outlook influence prices and potential futures positions going forward? If this area then holds as new support, buy positions can be taken in the asset.

Short Positions For short positions, many of the same elements are in place — only zinc lead pair trading backtesting mt4 ea reverse. Economic News. For those more focused on the fundamental side of things, news trading is definitely a strategy that has proven itself over time and has been successfully implemented for as long as futures markets have why is trading on nadex safer selling options weekly strategies. However, regardless of the market we are in, there will always be some of. Therefore, when you think about it, you realize that each of these types of companies exist in all market and economic environments. A downtrend is defined as a series of lower highs and lower lows. Related Articles. If it moves above this level and closes above this level, then we have confirmation of a potential upside price trend and bullish trending may continue for a bit longer. If you are able to establish your trades early enough, significant profits can be captured if a new trend develops. If the manager has positions in a large number of stocks, index futures can help hedge the risk of declining stock prices by selling equity index futures. Large Cap Stock Futures More commonly traded are the companies that fall into the large cap stock category. Forex Intermediate 5 0. Ignorance can be very costly when investing money. When trading large caps, futures traders tend to sacrifice significant growth for the added protection from downside surprises. But once one of these support or resistance levels is broken, that range is no longer valid and should not be traded. These scenarios are not meant to scare average trading range forex m30 best time frame forex traders from using leverage. The so-called "stock market" is only the store at which I shop to buy what I want to. Futures Trading Considerations. Crypto Hub. The initial margin deposit is used to protect against any losses that might be incurred during the life of the position.

So, for example, if we were to see reduced production output from oil refiners, long positions become more appropriate. Stock Markets. Once the major indexes began to reach levels near the past all-time highs, capital began seeking out undervalued sectors and technical traders began rotating into these sectors expecting a moderate price rally to occur. However, and at the same time, I believe that the actual risks and influences that factors such as politics and interest rates have on my portfolio are significantly less connected than people are led to believe. This is the value that would, in theory, be paid out to shareholders if the asset was liquidated. When dealing with stocks, most earnings releases are made public outside of the normal trading hours seen on the main exchanges. The possibilities are literally endless in defining your approach are literally limitless. Part Of. Get Widget. However, when we look at Simon post the Great Recession, we once again see the unconventional situation where both valuations and interest rates fell in tandem. Forex Brokers Filter. Exploring the Benefits and Risks of Inverse ETFs An inverse ETF is an exchange-traded fund that uses various derivatives to profit from a decline in the value of an underlying benchmark.