Well, the meme stock boys are back in force. Here we see GameStop (GME) which, in four days, has doubled in price based on the stampede of youngsters-in-basements getting their mojo back, having been obliterated for many, many months past.
This sub-culture takes itself very seriously, but, oddly, by celebrating their ignorance. The entire “ape strong” thing defines both literally and figuratively the animal spirits of this bunch.
Looking at the long-term chart of GME, though, I think these boys are playing with fire.
The aforementioned animal spirits have bled over to the world of AMC as well, another junk stock with a rabid following of lunatics.
The rationale, if we dare use such a term, is the same.
On a wholly separate note, I got stopped out of my small TSLA short for a few hundred bucks loss, and I’m just watching it soar. I’ve tweaked my trendline, and my guess at this point is that the rally will carry it to around $1075.
