NEW YORK - Meme stocks are soaring again, delighting fans, frustrating detractors and showing Wall Street that the social media force behind the wild GameStop rally in 2021 is still going strong.
Here is a quick, chart-based look at some of the factors driving the resurgence of the meme stock phenomenon. Short interest in GameStop climbed steadily this year before hitting a 20-month peak of 25% in mid-April, a couple of weeks before the shares started rallying. On Tuesday, GameStop options volume hit 818,843 contracts, the highest since March 2021. For AMC, 1.9 million contracts changed hands, the most in about nine months, according to Trade Alert data.
The stock market is about to see a 10% correction, with further disinflation a 'pipe dream' and Fed rate cuts coming much later, Stifel says
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