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This could solve the climate crisis and actions would likely still be in a state of emergency. But it’s not. And when it comes to Greenidge Generation Holdings (NASDAQ:GREEN), the GREE action fails to show bulls the type of green associated with the color of silver. Let me explain.

Source: Mark Agnor / Shutterstock.com

The week kicks off and Wall Street commits to September’s historic trend of low price behavior with the broad base S&P 500 nearly 1.70%.

Blame the setback and monthly losses of just over 4% on whatever you want. Two of the favorites for the session are the nervousness of the US debt ceiling and Asian markets mired in the red, challenged by the Chinese real estate market.

And to a small extent, the drag undoubtedly had a negative impact on GREE’s stock.

GREE Stock is facing problems

But GREE has bigger problems as losses totaling more than 22% of the stock on Monday, which cannot be attributed to today’s tougher market conditions.

Greenidge Generation or GREE as a few home gamers or more aptly, the Reddit memes trader monkeys know, is the most heavily shorted current stock in the market.

Short-term interest is approaching 70% and among the highest since GameStop (NYSE:GME) reached its January peak amid a massive, short-lived rally.

And realize these determined shorts are in GREE and looking to profit from a collapse in stocks.

Exceptions to the rule

To be fair, the Memes Trading Bulls gave GameStop or a AMC (NYSE:AMC) new life leases as listed companies.

Yet even in a year when apes have become staple on Wall Street, GME and AMC stocks remain the exception, not the rule.

What monkeys are mostly good at are short-lived monkey deals, which don’t help businesses succeed. Moreover and above all, the Redditors have already had fun.

Before this week, when Support.com rotated 180 degrees to reinvent itself from an online software support store to a Bitcoin (CCC:BTC-USD) minor with its Greenidge merger, the monkeys took advantage of a fairly banana rally to the detriment of the bears.

Support.com shares rose from around $ 9 to nearly $ 60 in just a few days in late August in anticipation of the deal.

Then, in the classic form of meme stocks and similar to the majority of monkey trading systems, the GREE stock quickly turned into a complete stock price collapse in just over two weeks.

So while the stock market could always repeat or rhyme, given the history of SPRT, investors have been clearly warned about GREE.

Graph of weekly GREE share prices

Don’t follow the funny money in the actions of GREE Stock

Source: Charts by TradingView

If it wasn’t obvious, I’m not a fan of GREE and support.com hitting the bandwagon and looking to profit from the crypto market. Also, staying out of GREE has nothing to do with a price chart that remains bearish.

On Monday night, GREE stock was in an extended 30-minute bearish corner. Not that the punitive price action is unique after Monday’s market sell-off.

Yet even if bargain hunting in the wider market emerges Bitcoin stages a rally or for that matter GREE’s downtrend line is broken, I would caution against buying stocks. Sorry.

Some investors promoting a bullish outlook will point to Greenidge as the only publicly traded US Bitcoin mining operation with its own power operations. Great! Others or those same bulls might applaud that GREE’s crypto business is also using greener alternative energy sources! Booyah !!

On the surface, Greenidge is an attractive hook. But is Greenidge Generation saving the manatees? Not until InvestorPlace’s Will Ashworth elaborates.

Final result

Corporate digital mining remains a very dirty and increasingly damaging business. In addition, it could suffocate the bulls of GREE to death.

Ultimately, in its old life as a publicly traded company, Support.com never turned the corner to produce meaningful value for its investors except for a few monkeys.

So what is really different today other than the teleprinter? Not much in my opinion. GREE is a bear disguised as a monkey.

With proven and less suspicious companies being hit this month and the GREE stock also lacks options to hedge exposure – today and until something else, if ever – comes the way. color of money for investors is elsewhere.

As of the publication date, Chris Tyler holds long positions (directly or indirectly) in Grayscale Bitcoin Trust (GBTC) and Marathon Digital Holdings (MARA). The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.

Chris Tyler is a former ground-based derivatives market maker on the US and Pacific stock exchanges. For additional market information and related thoughts, follow Chris on Twitter. @Options_CAT and StockTwits.



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