Dow: -152.68…
Nasdaq: -13.16… S&P: -7.71…
I used to trade based on decades of experience, gut, and psychology of investors. Now I follow Meme stocks, Gifs, YouTube videos, and Twitter posts involving dancing action figures. Do what works but the world has changed, change with it!—-Unknown
That pretty much sums it up right? Down day for the tape but you would not know it if you were trading names like AHT, BBIG, CLNE, and others.
I’ll make another point…these aren’t just retail traders on Reddit and Wall St Bets moving these stocks. Most of these kids couldn’t raise enough money for a ham sandwich. Yeah, I know the multiplier effect and the “strength in numbers” narrative, but you’re missing the story if you think it’s “just” retail.
You don’t think hedge funds aren’t following the conversations on these forums? It’s pretty easy, and now there are services that scrape data and tell you where the action is going.
Last night I highlighted CLNE. It closed yesterday at 9.90. Trading right now at 14.15.
You want another one to watch? A meme stock? Check IVR. It’s getting active on Reddit. Reminds me a lot of AHT which I alerted you to at about 3.50 just a month ago. Volume is gonzo and the chatter is picking up. It’s a cheapy and ripped 24% today, but so was AHT just a short time ago. You know the drill, trade them with caution because it will be a bloody mess when this party ends. Don’t ever let these trades turn into investments if they go the other way.
ROOT and WKHS are also short-squeeze candidates.
Gamestop (GME) reported earnings after the close and beat the estimate (less of a loss). They also appointed two former Amazon execs to be the new CEO and COO.
They also announced a 5 million share at-the-market stock offering.
GME is down in aftermarket so we will see how the “meme” crowd” spins this one tomorrow. There was a huge spike in GME short interest today. This thing could rip again if the bulls put their heads together.