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Remember Gamestop (GME)? How could any of us forget? It was the king of meme stocks back in the day. The nation was filled in 17 year old “traders” making goofy predictions about how high they could push the price up. Well, it didn’t work out that way. The stock is down over 90%, and it has nothing, and I mean nothing, supporting it at this point. I wouldn’t be surprised to see it delisted in a couple of years.
Even with the absurd government largesse ($90 billion in giveaways, which just happens to match how much Intel has wasted on buying back its own stock) INTC can’t get out of its own way. Let me put it this way: if Intel’s stock can’t thrive in this completely accommodating, corporate welfare queen environment, what’s it going to do when reality manages to push its way back into our lives?
Among the wreckage of Tesla-wanna-be “new green deal” companies out there, each of which is a flaming dumpster fire of cow dung, one particularly bad one is Canoo (which has the oh-so-clever symbol of GOEV – like GO Electric Vehicle……..get it?) It has lost approximately 99.6% of its value, which is an abysmal performance by any standard.
Good morning, and welcome to the first day of the quarter in which we don’t have to endure lame April Fools jokes, especially from companies that think they’re being cute.
It’s a sea of red out there, which is a welcome change from the ridiculous, debt-fueled, and totally unsustainable mega-rally of Q1. I’ve marked in the next three charts the huge surge on Sunday when futures opened, egged one by the fake PCE number which “traders’ hope the Fed will use as an excuse to slash interest rates. here we have the /NQ……
For those on Sunday expecting Q2 would produce nothing but lifetime highs every day the way Q1 did.
