So on May 14th I listed four stocks I happen to watch as having jumped in price from 20% to 60% for the day. What has happened since?
- GameStop (GME), up 60% that day, has since fallen back to $18/share. Prior to the sudden ramp up, it’s price range was $10 to $15 a share, so while it’s still up 80% off it’s $10/share floor, it’s recent high of nearly $48/share suggests the wind is rapidly leaving its sales. Sails. Whatever.
- MicroCloud Hologram Inc. (HOLO) is showing a price of around $1.60/sh today, which is darn nearly its “normal” price prior to the storm of the meme hitting. Its recent high? Back in February it was at $66/sh. The May 14th jump of 60+% was a little upward jump in an otherwise long, long slide down.
- FuelCell Energy, Inc. (FCEL) was actually recovering from an abnormal low, an observation that can only be made in retrospect, moving from $.70/sh to $.89/share. It’s bounced around since May 14th, but today it’s at $.88/share. The real question, for the investor, is why it hasn’t return to its highs of $1.20/sh in March and April.
- MicroVision, Inc. (MVIS) has a story akin to FuelCell’s; only the numbers change. This also applies to the questions.
So GME and HOLO are probably typical meme stocks, to the extent that there are typicalities for such a new and unworthy category, and while they act like pump ‘n dump schemes, the pumpers are not the typical single entities of my youth, but rather groups of cooperating small investors who don’t understand the market like they should. FCEL and MVIS are really traditional tech & manufacturing firms in which the questions are more along the lines of Who wants your tech? and Is your tech obsolete?
Notice those are what are known to the investing industry as fundamental questions: what are the companies doing? Technical investing is more of a psychological game, and applies to GME and HOLO, although it’s even odder than traditional technical investing.
