It's Not a Meme Stock, But it Might Start Trading Like One

The general malaise of today's tape, so far, reminds me of the market back last winter during the initial meme stock rallies in AMC and GME, and the like. Back then, the sheer momentum and fast gains captured the attention of just about everyone, be it speculators, pundits, and financial news, to boot. This, in turn, seemed to drain the broad market temporarily of its energy. However, once the meme stocks cooled off, money rotated back into the broad market. 

This time around, we have a similar dynamic with the Trump-related socks, namely DWAC PHUN and a bunch of others. 

In addition, the senior indices are pushing up against their prior highs, be it the Dow, S&P, or Nasdaq--Small caps are resting after a generally solid week. 

With such focus on a new batch of "meme" types of stocks, it can be easy to overlook the impressive week silver has had. As I wrote earlier this week, I am long silver and looking to get longer. And other commodities, like wheat, below on the wheat fund daily chart, also seem ripe to break higher as The Fed still appears to be way behind the inflation curve with no real urgency to catch up. 

Headed into the cold winter months, I would not be surprised to see some supply shocks generate from the soft commodities, such as wheat. It may not be thought of anything close to a meme stock now, but that can indeed change in this economic climate.