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Best Stocks, Cryptocurrency, and ETFs to Watch — Bitcoin, GameStop, Costco, and SPY in the Spotlight
The options market may go crazy ahead of the GameStop report, with the most extreme negative wagers of 2021.
Bitcoin
Bitcoin fell to a two-month low around 42,000 over the weekend before rallying back above 49,000 ahead of the new trading week. The selloff follows a period of ‘de-risking’ in other volatile assets, as well as a flight to safety, as traders and investors speculate on the consequences of the Omicron version. In November, the senior cryptocurrency failed to break above the April peak above 65,000, with selling pressure since then strengthening the likelihood of a long-term double top reversal.
GameStop
In terms of risk-aversion, the 2020 meme monster GameStop Inc. (GME) publishes earnings for the third quarter of 2021 after the market closes on Wednesday, with analysts expecting a loss of $0.52 per share on $1.29 billion in revenue. If reached, earnings-per-share (EPS) will be somewhat higher than the $0.53 loss in the same period previous year. The options market might go crazy ahead of the report, with the most extreme negative bets of 2021, fuelled by meme cousin AMC Entertainment Holdings Inc.’s 23 percent drop last week (AMC).
