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Newegg

$NEGG - Looking like a memeNEGG is currently at $1.65 or a 600 mil market cap. To be fair, with the amount of competition out there selling computer parts and NewEgg's fall from grace with people like Steve from Gaming Nexus calling them out on cheap-o practices when it comes to their customer return policies about items that were already damaged before the customer accepted, it's a not completely unfounded price. On top of this, gaming hardware is easier to get from anywhere else other than NEGG these days. People even prefer GameStop rather than NewEgg which is a new trend. So, what reason is there go try out NEGG? Nothing other than the fact that it's setup e.g price, market cap and sector are similar to those of GME and other meme stocks during the great meme stock war of 2021. With the banks pricing in the next rate hike to another 50 basis points and a SPY target of $425-$450 meaning there will be a slight price pump even for less loved stocks like this one, a price target of $2 isn't completely impossible. My Idea People are always looking for the next meme stock pile in for a profit. Most bystanders were wishing they bought in when the price was stupidly low e.g like NEGG being $1.6. NEGG already has the attention of WSB and generally reddit due to it's attractive price and i think it's only a matter of time until WSB, reddit and the internet in general picks up on NEGG's setup and the usual meme snowball with NEGG starts. I've taken a look at NEGG's price behavior (and nothing else), and i've noticed that it loves doing a double tap on the lower RSI level before lifting off. If you look at the chart where i've circled the previous NEGG "runs", there's always a decent dump on the first time the RSI is touched. When the RSI is touched on the second time, it's time for liftoff very soon after. This has occurred 2 times in the past few quarters and it looks like we're on time for the next occurence of this. I'll bet you that WSB and reddit becomes interested in NEGG just around that time tha would leave people in awe of such a "coincidence" in timing. This is the whole "thesis". I've not looked at NEGG swaps, other cyclical signals. The only thing that differentiates NEGG from the likes of GME and AMC and generally the rest of the meme bunch is that it is oddly profitable, just barely so, but profitable otherwise. I think NEGG is screwed long term and will be eaten up by wallstreet and hedge funds wanting to take it into bankruptcy. The way their business is not very likeable to the likes of Steve from Gamer Nexus who strangely keeps picking on Newegg. Steve may be one of us from the generation where Newegg was THE place to go to for people looking for hardware in the US and may still just be shopping from there simply for the reason that it's his preferred shop. I don't think Gamer Nexus steve is part of any elaborate scheme to make NEGG look bad in order to move the stock down as his reasons for being angry at NEGG are valid although perhaps a bit overblown in presentation of. Finally So yes, i think NEGG will do one of it's usual weird pumps to a stupidly high price like it has a few times in the past and that this is coming within the next 2-3 months max. I've bought 50 NEGG calls expiring in May 2023 at the $2 strike for 0.35 each. On the offchance that this stock does do what it normally does, a dumb price like $26 isn't out of the question, especially if the likes of memers on WSB eventually start piling in onto this opportunity. The idea here is to be ahead of the meme curve by being proactive and not to yolo when IV's and prices are stupidly high. Good luck to you if you decide to try this one out. I've invested first and plan to do the research later on this one.
NASDAQ:NEGGLong
by leenixusu
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