5/14/2024: Meme Stocks are Back?

Not really...

Meme stocks are making a comeback. Gamestop stock is up 180% in the past two days since Roaring Kitty tweeted the above picture on Mother’s Day! AMC stock is also up 135% in the past two days for mysterious reasons. It surely feels that the stock market sentiment is back to the 2021 level, except this time consumers have depleted their savings, housing is super unaffordable and white collar unemployment rates are rising. My personal opinion is that the Meme stock craze will not last this time because young retail traders don’t have the stimulus check money to gamble on any more. (Plus, COVID lockdowns are over and hopefully people get out of their house and do things IRL.) I am actually a bit worried that the magnificent seven stocks today could end up becoming the IPO/SPAC stocks of 2021 and we are going to see a replay of 2022. But well, what do I really know? My only advice for all of you is please don’t waste money trading crypto or meme stocks. If you want to have some fun, go to Vegas. Staring at a screen trading while eating crappy doordashed junk food and losing thousands of dollars is not the way to live life.