The NASDAQ Rally Today: A Penny Stock for Your Thoughts?

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There are days in the markets where one thinks that these rallies are all enabled by the CNBC/BBG/FBN and internet cheerleaders who want speculative frenzies.

Then there is reality.

Today’s market rally courtesy of meme stocks and stupidity resulted in a massive volume day on the NASDAQ due to speculation primarily in three penny stocks.

Read that one more time:

3 Penny stocks

To call this a 2001 like speculative bubble top would be offensive to Pets.com and ye old Alta Vista.

So let’s review what stocks comprised 28% of today’s NASDAQ volume.

Number 1:

Symbol: GWAV

Greenwave Technology Solutions is a penny stock which in the past year has traded between 4¢ and $1.12. But thanks to the kitty litter dude, all the speculative bullcrap has traded like Nvidia so here is today’s action.

Uh, ok.

Number 2:

Symbol: CRKN

Crown Electrokinetics is an awesome company bringing back the memories of 2001 with their fiber optics technology and installation in places that should already have it. However, they do not make money either but for some reason, the bubbleheads said, let’s bid this up to because a cat meme freak said “buy shit stocks, don’t worry” and off the idiocy went.

So a company that loses money, installs late 1990’s technology, and has a 52 week range of 4¢ to 12.5¢ suddenly has 360 million shares traded.

But it’s not a bubble!!!!!

Number 3:

Symbol: FFIE

What the hell is Faraday and why did they inspire the terminally stupid to play stock market today?

From their company disclaimer via BusinessWire:

Faraday Future is the pioneer of the Ultimate AI TechLuxury ultra spire market in the intelligent EV era, and the disruptor of the traditional ultra-luxury car civilization epitomized by Ferrari and Maybach. FF is not just an EV company, but also a software-driven intelligent internet company. Ultimately FF aims to become a User Company by offering a shared intelligent mobility ecosystem. FF remains dedicated to advancing electric vehicle technology to meet the evolving needs and preferences of users worldwide, driven by a pursuit of intelligent and AI-driven mobility.

Just WTF.

1.5 billion shares because, uh, why?

BUT IT’S NOT A TOP.

There’s your scream from the financial media. In fact that moron Tom Lee was on CNBC today proclaiming that the meme stock trading was good for the bull market.

Just make it stop.

Folks, we’ve been there done that in 1991, 2001, 2007, 2018, and now. Don’t be a dope, use your brains.

If you do decide to trade in the crap stocks, keep tight stops and get the hell out as the hourly momentum shifts. Do not believe the huckster in a shaky economy and market like the one we are in now.