They say money flows to where it’s treated best in financial markets. So despite all the recession fears and noise in the world, traders will find something to speculate on. 🧭
And for the latter half of this week, retail traders have shifted their focus to low-float Chinese companies again.
Leading the charge was Hong Kong-based broker TOP Financial Group Ltd., which went public last year. The stock initially shot up yesterday on no news and continued sharply higher today, with many speculating the WallStreetBets crowd on Reddit was behind the move. 📝
The bullish fervor spread to several other names, including $MEGL, $HUDI, $HKD, $CJJD, $WETG, $PBTS, and others.
We’ve seen many of these names catch fire briefly in the past, but their rallies are often short-lived. Whether or not that’ll be the case is anyone’s guess. But what’s clear is that speculation is alive and well…as it always is. 🤑