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The Memes: Tracking the Overall Market North


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Meme stocks are tracking the overall market higher Tuesday” — Paul Ebeling

Canoo Inc. (NASDAQ:GOEV) jumped more than 30% Monday on unusually heavy volume. Begging the Q are retail investors revving up a short squeeze. The average daily trading volume is around 4-M shares, and about 4.7-M already had traded Tuesday. The stock is trading at 7.48 at press time on 6-M+ shares.

Naked Brand Group Ltd. (NASDAQ:NAKD) stock rose about 10% last Friday, traded mostly flat Monday and was up by more than 14% at Noon Tuesday. Last Friday, the CEO said the company had reached a preliminary agreement on a potential acquisition. The halo is glow.

Robinhood Markets Inc. (NASDAQ:HOOD) got lots of analyst calls Monday, the day the official quiet period on the stock ended. The shares rose by more than 5% on Monday and have moved up by more than that so far Tuesday. Robinhood was up more than 10% to 49.00, in a post-IPO range of 33.25 – 85.00. The average daily trading volume is around 43-M, and about 15-M shares have changed hands so far.

Meme favorite GameStop Corp. (NYSE:GME) had no news. The stock was rising again after putting up a 3.5% gain Monday. Perhaps the overall movement toward equities is driving the price up. At press time the stock is up about 26% at 206.56 on 10-M+ shares.

Have a prosperous day, Keep the Faith!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.