Meme via r/WallStreetBets

The Meme Stock Uprising 

We've got a trade idea where you can join in the meme stock uprising without losing your shirt. More on that below, but first let's look at the big picture of what's happening now. It's fascinating in its own right, but the way the conventional wisdom sets with respect to the meme stock uprising may lead to real consequences. Before you discount that, consider that a veteran of the meme war of 2016 was just indicted by the Department of Justice. 

Power hates mockery. 

Viewed From The Right 

In our last post (GameStopped), we mentioned that the r/WallStreetBets squeezes on GameStop (GME) and other meme stocks such as AMC (AMC) were a revolt against the establishment: 

In a post earlier this month (The Establishment Strikes Back), we wrote about how the capital wing of establishment cracked down on Trump and his supporters. One motivation behind WallStreetBets' short squeeze/gamma squeeze is of course to make money. But another apparently is to strike back at the establishment. One cynical tweeter tied the two points neatly together:

The mass elation caused by GamestopGate should seriously concern the elites. Basically everyone under 40 is now oriented toward enjoying any victory over the elites more than any circus the elites can put in front of them.

— HankHeIl (@HankHeil) January 26, 2021

The Cohen he refers to there is Stephen A. Cohen, whose Point72 Asset Management, along with Citadel, had to pour additional billions into Melvin Capital as Melvin got GameStopped.

As of Wednesday night, some pundits on the center right were making similar points,