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Just to say something positive for a change – – although gold seems to do little but disappoint me, I at least wanted to mention that the junior miners (symbol GDJX) has a couple of things going for it. One, it tagged the lower bound of is broadening pattern quite nicely, and two, its recent low is a higher low than before, which suggests strength. If it can clear its recent high, maybe we’ve got something substantive going on here.
Since it is agonizingly evident that not a single interesting thing is going to happen to equities until that traitorous twit Jerome Hayden Powell does his little pack of lies on Friday morning at Jackson Hole, I’ll just share an insight about the meme stocks I had this morning.
There was a time only a few years ago when today’s meme stocks were actually traded as normal equities. Yes, all stocks were affected by the grotesque distortions that Fed had foisted upon the capital markets, but until the vomit-inducing Covid bailouts of March 2020, stocks still had some semblance of reality and could be considered a little bit anchored to the moorings of true facts.
AMC, for example, touted itself as the largest owner of cinemas in the world. That’s all well and good, but judging from the performance for the stock over its many years as a public entity, it pretty much sucked out loud as a business. I guess it takes a lot of overpriced popcorn to turn a profit in that industry, but it’s quite clear that the AMC theatre chain was a rotten, rotten business.
(more…)I stumbled upon a post I did in October 2020 called Fastly Overrated (heh). Let’s just say, looking at the updated chart – – down about 92% – – my cute title wasn’t far off the mark! It’s so low, the SlopeCharts watermark actually covers its prices for the past few months.
