There is a ton to talk about, most especially the fact that the PPI came in super-white-hot and yet the market seemed to care for about three seconds. It’s actually jaw-dropping that PPI is VERY hot and people are shrugging their shoulders.
However, I’m going to set that aside and point out the collective insanity going on in meme-land, like it’s early 2021 all over again. Here we have GameStop (NYSE:GME), blasting 400% higher in the span of just over one trading day.
Its counterpart in lunacy is AMC (NYSE:AMC), which is up 340% in, again, just over a single trading day.
AMC and GME didn’t just announce they cured all forms of cancer together. This is a raw, pop culture stock squeeze. Kind of like, oh, VinFast (NASDAQ:VFS), which went roaring higher last August by hundreds of percent in a matter of days.
Only to see it lose almost 100% of its value once sanity kicked back in. The psychosis has even bled over to VFS, though, as you can see from yesterday’s bonkers price bar.
There are very few guarantees in life, but I can pretty much assure you that GME and AMC will be much lower in a month (and maybe even a week, or a day…….or a few hours!). This is, in a word, unhinged.