Jim Cramer has some thoughts on the momentum and so-called 'meme' stocks.
"Just when we started hearing about the meme culture and how powerful it was the darned thing peaked, in part because the purveyors on WallStreetBets just became too vile in their tone -- particularly the most misogynist writing I have EVER seen -- and in part because they are beginning to lose a lot of people a lot of money," wrote Cramer in his Real Money column on Monday, June 21.
"Right now, neither seems to matter. But in a couple of weeks that will no longer be the case," he wrote. "In the last two weeks on the Reddit site we have seen recommendations that make even the worst Wall Street firms look like a collection of Warren Buffetts. There was that outrageously weak recommendation of Wendy's (WEN) , a truly awful suggestion to buy Corsair (CRSR) right into a giant mound of insider selling that looked like they were just waiting for the memesters, and a top tick in Cleveland-Cliffs (CLF) that demonstrated how the writers have not one bit of knowledge of how steel works specifically or cyclicals in general."
Recap TheStreet Live: Everything Jim Cramer Is Watching 6/21/21