What I totally forgot to mention is that the ''Meme stock of the year'' award goes to MicroStrategy, holy crap, what the heck is going on? Last week it was up about $500 (from $900 to $1400) and today it's up almost $200 again, I totally missed out on this. This is a software company with a yearly revenue (2023) of about $400 million and a net income of about $40 million, so nothing special. But they bought a lot of bitcoins which apparently justifies the ridiculously high stockprice? How is this even posisble, shouldn't this stuff be regulated by the SEC? I mean bitcoin is not their main business. I believe Musk also tried this with Tesla years ago, but then he had to sell all of the bitcoins, because Tesla is all about clean energy. But Wall Street truly is a casino which barely makes any sense LOL. https://finance.yahoo.com/quote/MSTR/
Congrats with Robinhood, I saw it touched $19 last week. But you see what I mean with pump and dump? Bitcoin took a massive nosedive (-$5000) and I hope Coinbase won't do the same coming week. MicroStrategy is still out of control, apparently they now sit on bitcoins worth $5 billion, and they keep buying it with lent money, now what can go possibly wrong?
BTW, Coinbase came with incredible figures last week (Q1 2024 net profit of $1.6 billion) yet it wasn't rewarded on Wall Street, strangely enough. I'm guessing it will rise again the next few weeks, same goes for the bitcoin, who also strangely enough crashed after the halving event, I guess it was a case of pump and dump and sell on the news.
COIN did quite well post last earnings on results as well as the announcement of the BTC ETF's and rose from ~140 to 280 (missed it myself to my dismay!). Since it has dropped a bit as the initial bloom has come off the rose. But it currently is above a short term downtrend line and as long as it stays above $200 it should be a good longer term hold. But speaking of stocks (and AI), Palantir, whose stock I've owed since $16 has earnings on the 6th (tomorrow). Although they have been primarily bulked out in Federal contracts they have been pushing AI for regular Organizations with their Boot Camp dog and pony shows. These are rather impressive (was invited to one), showing how specific AI tasks can be custom buildt. Reminded me of custom coding a complex application without any knowledge of Code (ie- Python for those who think it is nothing but a Big Snake).
Yes I have a feeling that Coinbase will go back to $280 which is its 52 week high. Of course Bitcoin will have to go back to $70.000 also. MicroStrategy is up 100 bucks at the moment to $1330. To be honest, I try to stay away from stocks if I don't fully understand what companies exactly do. I do follow stuff like Datadog, Snowflake and Rubrik which recently launched its IPO. BTW, Robinhood is also coming up with Q1 2024 figures on wednesday (after hours), I'm guessing numbers will be good because of crypto.
It's very weird what's going on at the moment. Bictoin is crashing and so is Coinbase. I thought that Palantir's numbers were pretty good. But the stock market in general is behaving very weird, it's unstable, even when companies come up with good results, they still get hammered. Just look at Super Micro and I'm a bit scared for Nvidia, I bet pretty big on them, I bought 30 shares on $870. Seems like short shellers are manipulating the markets to go lower and lower. Of course short sellers make money on declining stock prices, for the people who didn't know.
There was a run on Palantit prior to earnings, so the pullback wasn't a surprise (probably should have waited to buy Jan26 LEAPS at 20, but such is life). Still am keeping the actual stock as I strongly feel the Boot Camps will bear fruit (eventually). I noted this morning that Roaring Kitty is back after 3 years. Picked up some AMC at 3.50 with a 3 stop with a hopeful expectation that the Meme stock craze will rear up its head again. We'll see...
This meme stock madness needs to stop, it makes the stock market look bad. GameStop is now up $40, which is a 125% gain, AMC is up $7 which is a 135% gain. Of course Reddit is also up, not to forget about crap like VinFast Auto. While companies who actually make money like Nvidia, Tesla and Coinbase are struggling. Wall Street doesn't make any sense.
I hope not soon! I decided to roll along with Roaring Kitty with 5K of AMC. As it's over11 now in pre-market I'll change my stop to 10 but otherwise let it run. As long as I'm not the Last Fool I'm happy (plus it's already paid for my Winter wardrobe).
Yes, it's fun of course as long as you're making money. But out of principle (if this is correct English) I refuse to partake in trading meme stocks. The money that flows into this crap, should have been invested into quality stocks. Even Robinhood is making money nowadays, but the stock barely moves. BTW, that movie about GameStop (Dumb Money) was crap too. https://www.imdb.com/title/tt13957560/
HOOD should get a nice pop as their retail numbers have really popped the last few quarters. Although I totally understand your dislike of the Meme's, sometimes it can be wise to purchase a ticket on the Crazy Train as long as you know the proper Stop to depart.
Yes I know what you mean. But I rather not mess around with this stuff, I have to admit I actually lost 500 bucks in 2021 when this whole GameStop nonsense started. In fact, some analysts said that GameStop is currently on its way to bankruptcy LOL. And I wouldn't be surprised if their revenue and profit/loss numbers are forged. But anyway, the strange thing is that bitcoin is crashing, I thought it would go to $80.000 after this halving stuff?
About BTC, everyone thought that it would spike big time after the Halfing Date which was why that spike existed in February. The pullback from the highs isn't surprising as the To-The-Moon crowd sobered up (reality tends to do so). As long as BTC finds support ~50,000 all long term should be fine, and the current bouncing around 60,000 is just noise. Also. departed the AMC Crazy train earlier as I got stopped out at 10.75.
I'm so glad that those crappy meme stock like GameStop and AMC got hammered. Hopefully Reddit and Trump Media will also soon drop. Luckily Bitcoin is rising again, but strangely enough Coinbase is still stuck in a certain trading range. Also, check out this article (first link), according to certain analysts, Bitcoin might drop in the coming weeks. So I'm thinking about selling my Coinbase stocks (bought 20 at $215), I have had enough of this crypto currency nonsense. Not to forget, the lawsuit against Coinbase will soon start, and I would't be surprised if the SEC will win it. https://finance.yahoo.com/news/bitcoin-could-see-wave-forced-121710419.html https://www.theverge.com/2024/3/27/24113472/sec-coinbase-crypto-lawsuit-unregistered-securities
May not be a bad idea to sell some COIN. As I posted above on May 6, as long as it held 200 it was fine, which it did. But at the current 237 it seems too toppy to hold. And speaking of concerning technicals, I dumped my HOOD at a tad below 21, hoping to re-enter it it breaks down to ~18. The background stuff for the BTX related stocks seems to be increasing while BTC continues the churning noise in the mid-6000's. Even if we do have closes above 7000, I only see a 75000 top before the churning begins again. As to the MEME thingies. I personally view stock trading like relationships. Some are good enough for a period of commitment, some for a Short Term Fling, and some are just One Night Stands (enjoyable but ephemeral) such was AMC for me (as a triple overnight was more than adequate).
Congrats with Robinhood, and yeah I sold my Coinbase at $235, I'm getting tired of this crypto nonsense. I thought approval of Ether ETFs would bring some action, but it barely did. The problem is that unlike with normal stock trading, where you can analyze companies, it's hard to predict where stuff like Bitcoin will go, because it's pretty much based on nothing. BTW, I got lucky with Nvidia, I made €5000. I will soon buy them back, because I suppose they might go higher because of the upcoming stocksplit. It's ridiculous how much money they are making with those AI chips. Sadly enough, Super Micro didn't join the party, but this week Dell and HP will report, so I expect some action. I have 20 shares for $900. https://www.coindesk.com/markets/20...ools-following-us-ether-etf-listing-approval/ https://finance.yahoo.com/quote/SMCI/
