Top Meme Stocks of The Month - May 2023

Swaggy’s Top Stonks. We compile and analyze data from multiple sources bringing you the top trending tickers from around the internet. If you haven’t subscribed already, please do so below.

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Who’s ready for unusual options activity? You asked for it, and we’re bringing it back. Today’s letter will start with a new segment being introduced into the premium newsletter only, and that’s unusual options volume/trade activity.

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Today's Letter

• Unusual Options Volume

• Social Sentiment - Overheating

• Top Trending Meme Stocks - May

• Top Trending General Stocks - May

Unusual Options Volume

Notes

Palantir (PLTR): PUT options seeing highest volume of 26,000 contracts traded at the $14 strike (current price $14.50). These could be put options sold OR bought, but with PLTR stock price up nearly 100% in the last month after reporting a great earnings quarter. Are traders betting on a reversal or that the stock will continue higher?

XLF - a financial sector ETF: Most banks are down 15-20% YTD. 20,500 CALL contracts were traded in XLF at the $35 strike, roughly 8% out of the money. Traders may be positioning for banks to run to the upside on any upcoming interest rate news.

Qualcomm (QCOM): Is a semi-conductor company that has been riding the AI wave, and is -6% YTD, but up 15% in the last month. Call buyers may be betting that momentum in AI stocks continues for the time being.

QQQ - Nasdaq/Tech ETF: QQQ up 10% with single names up even more in the double digits. These short-term puts may be a signal that the market needs to cool off a bit before the next move in any direction.

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Social Sentiment - Overheating?

A few names have been heating up after strong performances the last several weeks. Mainly the companies that revolve around anything AI, which include NVDA, AAPL, PLTR, and by default lifting up the QQQ. Let’s take a look at their social sentiments.

Nvidia (NVDA)

QQQ

Lots of other companies have similar social grades when looking at the “bullishness” of retail traders. The verdict?

• Unpredictable sentiment in choppy market action.

• Overly bullish in times of euphoria as we’ve just seen.

Both charts above have shifted the skew to positive sentiment as of early May, when this bull run began. Are we going into “WallStreetBets Effect” territory, where we cool off after a period of being HOT? It’s possible as RSI indicators are also starting to hit over-bought levels.

Top Trending Meme Stocks of The Month - May

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Top Trending “General Stocks” List of the Month - May

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