After hedge funds bought stocks for 4 weeks in a row heading into the key CPI print, many were doubtful that the meltup would continue. Well, not only did it continue but we got a nice reminder of just how crazy meme stonk eruptions can be as both GME and AMC exploded and then crashed back down on what appears to have been a beautifully orchestrated pump and dump by Roaring Kitty, which left him much richer and which allowed the two near-insolvent companies to dump stock to gullible retail momentum chasers just as we predicted.
Shifting away from retail to institutional traders, Goldman prop desk writes in its latest Weekly Rundown that while stocks were little changed on Friday they saw a broader rally this week, as relatively benign PPI/CPI/Retail Sales and the tail end of earnings drove several market indices to new ATHs. Bitcoin Sensitive Equities, Most Short, and Copper Miners were among the outperformers on the week, while Infrastructure, Housing, and GLP-1 Exposure stocks underperformed.
