Stocks Keep Living the Riviera Life

The old timers would say that another round of "meme stonks" like AMC and especially GME blasting off today is a surefire sign of a market top. Of course, many would (and are) counter that we are in a new market, a new world of stocks only going up and any and all dips rendered amazing buying opportunities, where "old timers" are obsolete dinosaurs. 

To be sure, one must appreciate the bravado and carpe diem nature that equities have been displaying for an extended period of time, even as inflation threatens a second wave higher and there are signs many in the economy are finally cracking under the pressure of sticky high prices and other factors.

But to stage this GME/AMC ramp in front of the CPI this week all because an online figure published a single, cryptic tweet for the first time in a good while simply illuminates the disrespect of risk the market has been signaling for many quarters now. 

On that note, to keep this actionable, Reddit (RDDT) actually makes the most sense to run alongside GME/AMC higher given that platform is unique to concocting these types of ideas. 

I will keep my language clean. But, again, the old timers often say that the junk floats to the top just before the market tops.

Make of that what you will as bulls swim in the Riviera without a care in the world.