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Ok, raise your hand if you had AOC, Ted Cruz, Elon Musk, Ben Shapiro, Jim Cramer, and Mark Cuban all on the same side of an issue on your 2021 bingo card. To say the least, the GME saga has made for an interesting lesson in the machinations of the markets. And it’s no exaggeration to say we’ll be unpacking the events of the last few days for many years to come.
For those of us who choose not to play something that may move $100+ against us in 15 min, there’s been limited options over the past couple of sessions. Wednesday was one of the strongest red candles on the SPY we’ve seen in many weeks, and Thursday’s attempt at a rally was shot down in the last 30 min. We’re deep into earnings season now, and the markets are blowing off a little steam. A brief technical correction is likely overdue, and would potentially have some nice value on the other side. For now, we wait.