Blackberry / BB - 'Tis No Bubbling Volcano, But 'Tis a Geyser.I'm not a big fan of the meme stocks and I'm not a big fan of speculating. However, I was scrolling through the charts and I noticed that Blackberry BB had a unique tell in its monthly chart, which I will show inline since I have to make the post on the weekly candles, otherwise it won't display:
Simply put, BB has never broken its pre-meme pump and dump lows from the times it was front ran by the Marxist-Leninist PR brigade on Reddit/WallStreetBets.
It also has three months of relatively equal, subdued prices, before experiencing a small breakout this month.
And this pattern is something of a fractal to what we find in the weekly candles of our good friend BBBY Bed Bath and Beyond, but only on the weekly chart. Note it also never broke its weekly lows:
What's really notable is that Citadel Securities, which is more or less the dark pool market maker that keeps Robinhood, where retail lost $5 billion "Apeing" calls on memestocks during the biggest bull run in stock market history , in business, bought 1.966 million shares of BB, reported in June 30 disclosures.
Citadel also bought 2.265 million shares in BBBY, which was also reported in June 30 disclosures.
I said in my recent BBBY call that the fact that Citadel hasn't unloaded their BBBY bags (yet) is the real thing to watch, while Ryan Cohen's exit was a mere red herring.
All of that is just circumstantial stuff, but Blackberry did break out of its three month consolidation, took out a new high early in the month, and has made a healthy retrace without any particular bearishness:
The July --> August run was like 35%, which is pretty good in anything.
As of now, there's exactly zero chatter on Reddit about BB pumping, except for this one thread titled "BlackBerry is the next play by the apes" from last week, which was downvoted to oblivion and filled with mocking comments such as "Hahaha… how heavy are your bags???" and "People have been saying this since gamestop lol."
I've said repeatedly that social marketing, not social media, venue Reddit will not begin to promote a stock until it has already pumped and you're already paying way too much for options.
You aren't looking at organic posts by fellow college kids, but instead you're looking at a hybrid botnet/public relations firm pretending to be normal people for the purposes of having you inculcate yourself with atheism, leftist Party narratives, pornography, and to come and lose your inheritance to the market makers paying them.
So a lack of social hype, in combination with price action, in combination with Citadel taking a significant position, gives good pause to consider if BB is set for another fat pump and dump style weekly wick that will burn the hands of suckers who buy the tops.
Personally, I think it is, and the target is around $15. I expect it to be the usual lackadaisical long candle with marginal hype and a quick cooling off period that accompanies some other things going moon and then collapsing all at the same time.
So, when you see BB go up, don't chase it. Your "fear of missing out" will turn into an expensive spot on your Roth IRA's shelf.
And my usual reminder: Reddit is partially owned by Tencent, an arm of the Chinese Communist Party. Reddit wasn't your friend before Tencent took a stake, but they're even less anything but a filthy Marxist maelstrom to fall into now that the Evil Party has its hand around several of its ribs.
