Meme Rally 📈

Meme Rally

Ever since March 2020, what do you think has been the most iconic, revolutionary moment in the stock market? Is it the crash itself, or is it the ensuing recovery that benefitted many portfolios? Is it when oil went negative for the first time in history, or insane stocks like Tesla? For me, it was the meme stock revolution that occurred in February as it defined the amount of power retail investors have. Meme stocks have become a norm in the stock market, but it’s always fun to see random rallies happen like the AMC spell during the summer.

On Tuesday, we got to witness another resurgence. Around midday, we saw a rapid increase in buying volume and options volume, and by the market close, we had AMC, GameStop, and its other meme friends up almost 20 percent, and meme ETFs were up a solid amount too. AMC led the market in options activity, and this follows a day of strength where the vaccine approval news sent these stocks up a sizeable amount. This occurred after a period where meme stocks have been very quiet, and volatility has been low. Shorts tried to take advantage of this, and it clearly didn’t work as today’s rally saw short sellers lose nearly 1 billion dollars. If there’s anything retail investors are talented at, it’s destroying days and even legacies of people short on stocks. Analysts don’t expect this to stop here, with options prices implying that these stocks still have room to run. What do you think about this meme rally? 

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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