Roaring Kitty's posts are for his 'best interest': Strategist
The meme trade phenomenon might be staging a comeback. Shares of GameStop (GME) are climbing higher Monday, propelled by a post from Roaring Kitty. The meme trade influencer uploaded a screenshot to Reddit revealing his purported $175 million position in GameStop's stock. Interactive Brokers Chief Markets Strategist Steve Sosnick joins the Morning Brief to share his perspective on this development. Sosnick suggests that meme stocks are "a sign of the froth" present in the market. While acknowledging that Keith Gill's (Roaring Kitty) accounts cannot be independently verified, he notes, "It doesn't take much to get the faithful excited in this stock, and they are excited once again." However, Sosnick remains skeptical of the meme stock rally — saying he prefers to focus on "more value-oriented types of names rather than just pure speculation." "At some point, is whoever's controlling this account doing this in your best interest or their best interest? And really, you should think that one through because to me, it's pretty obvious whose interest it's in," Sosnick tells Yahoo Finance. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Angel Smith
