The first Wall Street trading session of a new week is marked with a strong rally on shares associated with 2021 memestock mania. GameStop rallies over 70% while AMC Entertainment (AMC.US) adds around 20% at press time. Rally was sparked after Roaring Kitty, a trader associated with WallStreetBets stock betting community during early-2021 mania, posted a tweet after three years of inactivity. While the meme did not hint at GameStop, online community rushed to buy company's shares. Magnitude of the move on GameStop suggests that a short squeeze is likely taking place, with short positions being wiped out.
Taking a look at GameStop chart (GME.US), we can see that the move higher at the launch of the session was very rapid, and the stock has erased part of the gains recently. While the stock has moved off the daily highs, it continues to trade over 70% higher on the day. Rally on meme stocks supports small-cap Russell 2000 index, which is the best performing Wall Street index today.
GameStop rallies over 70% today. However, stock was trading over 100% higher at one point of today's session. Source: xStation5
Russell 2000 (US2000) is the best performing Wall Street index today. Index rallies around 1% and erases all the Friday's losses. Bulls are making another attempt at breaking above the 2,090 pts resistance zone. Source: xStation5
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