Reeeeeeeeecap of today and recent market driving news (Jan 14, 2021)
* 76% of WSB who's still in GME collectively orgasmed yesterday as GME pushed to the stratosphere with the stock soaring as high as 90% during intraday high. Profit taking and volatile swings brought the shares down to a modest close of "only" up 57% at $31.40. u/DeepFuckingValue, who has titanium alloy diamond hands (now known as DFV hands) posted an update and to the surprise of no one, is still holding his 1,000 contracts of Jan 15 $20c on Wednesday afternoon. (Note: He took gains on the contracts today though I'm not sure at what point in the day while keeping his April $12c).
* The pump action resumed for GME this Thursday morning with premarket pushing the underlying back to $38 once again and commenced to another wild session of large movements. Initially trading around $34 to $36 in morning, GME started to rip once again when noon struck and ran as high as $43 for the day. GME closed the day up 27% to $40. If you're STILL not in GME, these back-to-back days have pushed IV to new highs and even OTM contracts months out will be commanding large premium (~160%+ IV for April and 140%+ for July). Proceed with caution (who am I kidding just go all in).
* Morning economic numbers: jobless claims continues its dismal trend, with first-time claims hitting 965k last week vs the consensus of 800k (oof). Last week's total was 784k. As with before, market did not react to the numbers cuz its PrIcEd iN. Import prices rose 0.9 in Dec vs 0.6 expected.
* Jpow spoke at 12:30 PM today in a Princeton Uni session and reaffirmed what everyone has largely expected: rates will continue to be low and while the Feds will raise rate eventually, Jpow says that its "no time soon" given economic situation.
* Are they big tech or big cuck? The market reversed course and big tech continues their sell off, with MSFT, AAPL, NFLX, and AMZN all retreating more than -1% as yet another sector rotation commenced. Payment providers got an extra dose of sell-off with V closing at -3.43% and MA closing at -5.25%, despite both having positive PT from Deutsche Bank today with V having a PT increase of $270 from $220 and MA PT increase of $420 from $383.
* Small caps performed strongly today as money flow throughout the day into "value" grabs. RUT/IWM closed the day up 2%. Notable underlyings beyond GME are BBBY (up 18.77%), MIK (up 9.6%), M (up 5%), WSM (up 4%), and KIRK (up 9.58%).
* In WSB meme stock land MT continues in its channel, gaining 2.95% today to close at $24.81 PLTR got hit with another downgrade, this time via Citi as the analysts believes the stock is vulnerable to a few upcoming catalyst, including lockup expiry and an deceleration in growth. PT for Citi is $15 (don't worry tho surely WSB is "in control" with this stock too). PLUG drilled more than -5.74% during intraday low as JPM initiated with a neutral rating and downgraded sector competitor FCEL. PLUG closed the day down -4.26% to $64.63 while FCEL closed the day down -8% to $17.60, fending off intraday low of more than -12%. ICLN, the clean tech ETF continues its range bound trading and will likely require a clear catalyst in terms of what the $2 tril stimulus actually entails to move further. Buckle up, loser.
* Despite being green most of the day, major indexes retreated to red as power hour neared. Indexes went red and lost all its morning gains as the sell-off accelerated into closing hours. DOW closed the day down -0.22% or -69 pts, IXIC closed down -0.12% or -16 pts, SPX closed -0.38% or -14 pts, and RUT closed up 2% or 43 pts. While the retreat was modest compare to yesterday's close, the intraday reversal was quite jarring esp if you're trading FDs (and let's face it, you definitely were loading up on those Jan 1/15 calls).
* Earning season will soon be upon us and the first wave are starting later this week. Tomorrow morning financials kick things off as WFC, JPM, and C are all reporting before market opens. If banks shat the bed, expect a pounding for the Dow given how large of a component they are still to the stupid index. Expectations are fairly high as JPM has had a flurry of upgrades in the past few days with PT of $150 from Piper Sandler, $152 from Jefferies, and an upgrade to buy from neutral at BofA.
* Biden will unveil his $2 tril stimulus package/plan in a speech later tonight at 7:15 PM ET. Please pump those green tech cuz I have an embarrassing amount in SPAC/EVs.
(Yesterday's recap: none cuz I was lazy and enjoying gains. You can read last Friday's recap [here](https://www.reddit.com/r/wallstreetbets/comments/ktbvv1/reeeeeeeeecap_of_recent_market_driving_news_jan_8/).)