Chart of Day: Chewy (CHWY) – 7/1

Keep an eye on Chewy (SYM: CHWY) as a potential short.

After rallying to about $38 a share, it’s now back to $26.09 and dropping. 

Earlier in the day, Roaring Kitty stirred up excitement after posting a picture on X that resembled the pet retailer. While the stock roared higher on speculation he was bullish, CHWY quickly reversed lower on the day.


Unfortunately, it’s another reason why investors should never solely act on the advice of a meme stock trader.  As we’ve seen with other recent picks, after a substantial run higher, they tend to dive once the speculation has died off.

As noted by Forbes, “Meme stocks often lack financial solidity—such as strong revenue growth, profitability, and cash flow—that would justify their soaring market valuations. Instead, their prices are frequently inflated by traders acting on trends or the thrill of the gamble, rather than sound investment principles. When the inevitable market correction occurs and brings prices back in line with their fundamental worth, investors who bought in at the heightened levels can face steep financial losses.”

In short, if you’re even thinking about chasing the latest meme rally, be cautious.

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