Retail traders are back at it again — using a signature playbook to push meme stocks and other assets higher.
“The retail is back,” Interactive Brokers chief strategist Steve Sosnick told Yahoo Finance live on Monday.
“The meme stocks I guess are the perfect tell for this. To a certain extent crypto coming back [Bitcoin] (BTC-USD) testing $25,000 is another tell.”
“A lot of people are using the 2020, 2021 playbook over again,” said Sosnick.
“It was a spectacular playbook for that period of time. But the rules of the game seem to be changing.”
Despite Fed concerns, uncertainty out of China, and questioning whether the markets are in a bear market rally, stocks like GameStop (GME), AMC (AMC) and Bed Bath and Beyond (BBBY) have been soaring recently. New names like Chinese tech firm AMTD Digital (HKD) have also surged. HKD and other stocks have acted more like swing trades.
Retail traders poured into names like GameStop and AMC in early 2021. They became the flagship meme…