As 2021 winds down, many stocks are trading well off their year-to-date highs. One such example is MercadoLibre, Inc. (MELI), which as of this writing is down about 40% from its January peak.
There’s a saying on Wall Street: “The trend is your friend until it ends.” The trend is still up for the US stock market, which just rallied for a fifth consecutive week. The S&P 500 index is up 16 of the last 18 days; a rare streak that last occurred in 1990.
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If it were a horror movie, they might call it: “Return of the Killer Meme Stocks.”
Reddit favorites GameStop and AMC Entertainment are soaring again. In May, GameStop rallied 28%, while AMC jumped 160%.
Similar to earlier this year, big returns in meme stocks have brought scary P&L pain to the hedge fund community.
May 29, 2021
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