Meme stocks are making a comeback as retail fights back against the short sellers. While the overall fundamentals remain weak for BBBY, CVNA, AMC, and GME, this is a retail-led driven rally as the shorts got greedy. 43% of the float in BBBY has been shorted. CVNA is even higher at 52%, while AMC and GME are at 21%.
All eyes will be on CPI data at 8:30 am EDT. If inflation comes in softer than expected, we could see the rally continue as the sectors and stocks that were hit the most by rising rates could climb as the market focuses on the Fed pivot.
We cover more of this in the following video. Stocks covered include SPY, QQQ, BBBY, CVNA, AMC, GME, HEPA, HOWL, EVGO, KERN, XPON, FNGR, and KGKG.
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