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From Meme to Has-Bean

This is a syndicated repost published with the permission of Slope of Hope – Technical Tools for Traders. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

In one of the most bizarre moments of an incredibly bizarre few years, the last gasp of the Covid Cash insanity was experienced with Bed Bath and Beyond (BBBY). Just over three months ago, based on nothing more than the wsb boys saying that they were going to squeeze BBBY to the moon, the stock spiked to $30 on volume of hundreds of millions of shares. As you can see, that was the peak of the counter-trend rally for the market overall (appropriately enough) and the stock is now down 90% (!!!!!!!!!) and trades just about 1% of the volume it did back during the mania.

In other words, BBBY now is the same price it was……THREE DECADES AGO.

People from the future are required to laugh at us. It was all so dumb.

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