Not a pretty chart in meme stock land | Forexlive
The 2021 year started with meme-stock mania in Gamestop and AMC shares but it looks like the year will end with the opposite.
Shares of both companies are down around 15% today and AMC is at the lowest since early in the frenzy. AMC shares took a leg down last week when the CEO and CFO of the company sold a large number of shares.
GME is near some critical support levels and has broken the May 2020 bottom.
For broader markets, the question is whether this is symptomatic of declines that have already happened in risk trades and in momentum trades like the Nasdaq (excluding the largest companies), or if this is a sign of a potential further fall in risk trades into year end.
I worry it’s a sign that the market is now fearful of inflation and the Fed.