iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,495 Blog Posts

Meme Stock Traps

A cursory look at the market and you will find many “meme stocks” lifting off. Stocks like $AMC, $KOSS, $GME, $BYON, $VFS and $RDDT are all up double digits. The market is littered with stocks flying off the shelves, juxtaposed against the former boring tape of last week with many conservative tech stocks trading lower.

Shares of $NVDA are +0.38% today.

I just tried to bag a trade in $OKLO and quickly saw myself down 6.5%, ending up selling for a loss of 3.5%. When day trading, those sort of drawdowns all but ruin a day. I was up 59bps before that stupid fucking trade and am now clinging onto gains of 30bps. I am 87% cash.

My issue with stepping back into the tape with most of my money is the fact that people seem to have lost their fucking minds, collectively bidding up stocks because Roaring Kitty is tweeting again. While I respect him and loved the era he presided over, this is not a reason to chase $LMND up double digits, or buy $GME up 70% for the day.

All things considered, if this wakes people up and creates a tidal wave of risk, I will be appreciative. But for now, these seem more like traps and opportunities to build some wealth.

If you enjoy the content at iBankCoin, please follow us on Twitter

2 comments

  1. zusch

    r u gay ?

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. txchick57

    + 950 basis points today. Mostly due to AMC. Ribald gains indded.

    • 0
    • 0
    • 0 Deem this to be "Fake News"