Is Mullen Automotive about to get the meme-stock treatment?
TOP Financial Group Ltd. joined the list of meme stocks last week when its shares skyrocketed more than 890% before pulling back in Monday trading.
MarketWatch spoke to Major-Access2321, who goes by the name Obi, early Monday. “I think today we’re going to see a low-volume [TOP Financial] trading day, the lowest since this rally in TOP began,” he said. “I think we’re going to see things cooling down soon.”Related: Meme stock TOP Financial Group soars more than 890%, spurred on by the Reddit crowd
Obi, who has over 28,000 subscribers to his Making Easy Money YouTube channel, said that he likes to look for total shortfall backed by a high short-sell ratio. “Any stock that may see a potential short cover, that’s what I go after,” he said, adding that investors should not confuse short cover with short squeeze. “A short squeeze, to me, is something harder to achieve than seeing short cover,” he said.
Also read: Small-cap companies are going after naked short sellers in growing numbers: ‘It’s the biggest risk to the health of today’s public markets’
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