The Return Of Roaring Kitty, HD Earnings, April CPI Wed Morning
The Roaring Kitty, the man behind the GameStop (GME) frenzy of 2021 returned out of the blue Sunday night tweeting the above meme at 5:00pm PST suggesting that the markets were once again engaging his attention. That has set off a huge replay of the big moves in GME, AMC and other meme stocks reminiscent of three years ago. I think most everyone thought that was behind us – but apparently not. GME shares are up almost 200% on Monday and Tuesday, once again inflicting massive pain on bewildered short sellers who thought they were shorting an also ran video game retailer.
Home Depot (HD) reported unimpressive earnings Tuesday morning. While they did maintain full year gudance, US comps were below expectations at -3.2% resuting in an 8.5% decrease in operating income compared to the year ago period. HD’s 200 DMA is acting as support for now but I would expect that to give out should the fundamental weakness persist.
The big event of the week – the April CPI Report – comes out Wednesday morning at 8:30am EST.
After that are Walmart (WMT) and Deere (DE) earnings on Thursday morning and Applied Materials (AMAT) earnings on Thursday afternoon.
