YOLO and FOMO are Driving Meme Stock Mania!
πππWhat an exciting start to the week with Meme Stock Mania back! After 3 years of silence, Keith Gill aka Roaring Kitty is back in action! Just a short video on X formerly Twitter kick-start the meme stock craze on Monday.
$GameStop(GME)$ jumped 74% on Monday and those who shorted the stock are in damage control with Short Squeeze in action. A short squeeze is defined as a phenomenon where traders who sold short are forced to close their position due to rising price of the underlying asset. The strong buying pressure squeezes the short sellers out of the markets.
Fundamentally Gamestop was in a slow decline and it has cut back on staff and expenses. Gamestop closed 300 stores since 2023.
Another meme stock $AMC Entertainment(AMC)$
In Pretrading hours on Tuesday, the meme stock mania continues with Gamestop up 118% and AMC jumping 120%. This is despite AMC selling another USD 250 million worth of shares to pay off its massive debts.
Fundamentally both Gamestop and AMC are not strong but the Star power of Roaring Kitty has ignited the meme stocks craze once again.
It is exciting times ahead for followers of Roaring Kitty but like champagne bubbles, Meme stock craze may just fizzle out just as quickly.
As for me I prefer to JOMO or the Joy of Missing Out since I am more of a Buy and Hold kind of investor.
@Daily_Discussion @TigerStars @MillionaireTiger @Tiger_comments @CaptainTiger
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I wonder whoβs paying them and what the pay scale is?
Seriously, but never again for me. π