The major indices may not have moved much by the close, but it was another wild day for stocks. Interestingly, the smallest stocks in the market are attempting a major breakout.
The S&P 500 came within a fraction of a new all-time high. The Nasdaq hit a one-month high as it closes in on another major breakout. And then there is the iShares Micro-Cap ETF (NYSEARCA:IWC) that is a few ticks from its own record high.
In today’s new episode of MoneyLine, we’ll kick things off talking about the market’s strength and what it means.
Then we’ll jump into special purpose acquisition companies (SPACs), which are especially interesting right now when investors are looking past them. I highlight several special purpose acquisition companies that have pulled back after rallying following their initial acquisition announcements. The list is diverse, but all of them have one thing in common — they are worth considering for your watch list right now.
Of course, not all SPACs are created equal. And there have absolutely been announcements of bad deals. But as long as you’re willing to think outside the box, there are plenty of long-term opportunities to be found.
Then … get ready. I take some time to discuss the crazy “meme stocks” … otherwise known as the Reddit stocks. The insanity that is AMC Entertainment (NYSE:AMC) cannot be ignored.
And today, another meme stock took over the headlines — Clover Health Investments (NASDAQ:CLOV). It more than doubled at one point in today’s early trading, but anyone who bought at the high (around 10:30 a.m. ET) found themselves down more than 30% less than one hour later.
My public service announcement (PSA) on the meme stock fad cannot be ignored.
Tune in to MoneyLine now to get my view. Some of you may not like what I have to say … but what you’re getting is my honest and professional opinion. And it’s one I believe all investors need to hear.
On the date of publication, Matthew McCall did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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