Here we go again?
The OG meme stonk, Gamestop, has been halted no less than three times in the past 10 minutes…
… having exploded higher more than 30% in just minutes, in a move that is not attributable to any fundamental news…
… and is likely the result of brand new coordinated (or uncoordinated) short squeeze attempt.
It coincides with some actual buying across stocks, so whether or not it persists remains to be seen, but clearly there are those who still haven’t forgotten how to buy.
If indeed this is another attempt at squeezing shorts, it could get interesting fast.
Incidentally for those shorts who just got trampled, this is the kind of reaction one should expect from the entire market, the moment the Fed hints for the first time that its planned 8 or so hikes will never happen in a world in which the UK, EU, China and the US are all on the verge of recession.
UK on verge of recession
EU on verge of recession
China gets more locked down by the week
US is 50% in a technical recession
But the Fed will hike 8 more times in 2022