Everything old is new again. GameStop (GME) and AMC Theaters (AMC) the two quintessential tickers from the 2021 meme-stock craze - are soaring again on the “strength” of… Internet buzz.
Nevermind the fact that neither of these stocks are anywhere near their 2021 highs - this is a distraction, pure and simple.
Know what isn’t a distraction? All of the inflation data hitting the street this week. Inflation is very much a force to be reckoned with.
Bonds have more or less held up today after the PPI releases, but tomorrow, when the latest CPI readout arrives, could be a different story.
With all of that said, I’m seeing some strong setups in this market and none of them have anything to do with meme stocks.
Don’t let that distract you from all the solid risk-reward opportunities out there. We’ll talk about those right now…