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Are Meme Shares Driving the Inventory Market? By StockNews

© Reuters. Are Meme Shares Driving the Inventory Market?

The S&P 500 (SPY) is lower than 1% away from making new highs. Nonetheless, this is not the story of the day or the week. As a substitute, it is the insane motion in meme shares which have captured the general public and the market’s consideration. I’ve seen an inclination for the indices to have muted worth motion on days when the meme shares are raging and that was true immediately. One other contributing issue is actually the upcoming jobs report on Friday which can seemingly be our subsequent main catalyst. In immediately’s commentary, I’ll focus on current tweaks to our market outlook, why the meme inventory bubble will finish in tears, implications for our portfolio, and updates on a few of our positions. Learn on under to seek out out extra….(Please take pleasure in this up to date model of my weekly commentary from the POWR Progress publication).

The S&P 500 (SPY) has primarily been locked in a spread between 4,200 and 4,050 since early April.

In mid-Could, we examined the decrease finish of the vary and have steadily moved greater and at the moment are consolidating underneath all-time highs set in early Could round 4,230.

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