This was up 27% today with earnings in a couple of weeks. Looks like it has room to 250 by the end of the month; see if it can take that out before the ER. This is still holding above the old ATH, which is impressive. Of course, it's more than just the retail traders that are doing this.
Definitely not just retail traders doing it, but you know that no institutions would be in this anywhere near this price if they didn't know there's a retail floor and tons of retail support that they can beat out of this investment at any moment.
I don't think so. There's a nice little 3-day support that's being built here. IMO it would be tons more volatile if the pumps were weakening.
I was thinking about that too. Institutional shorts bled this from $55 to $4 from 2013 to 2019. Now it is $210; it is wide-ranging this year and holding above previous ATH. But I think they could start bleeding it again next year. The actual business isn't 4x greater than what is used to be.
I never dreamed 5 quarters ago that GameStop would still be a thing. This was literally famous for being a dying company. Meanwhile, Nikola is trading at $8.45 and still has plenty of people waving the flag. Nikola has some value but not $8.45. They are a truck assembler who have delivered a few trucks with a market cap of $3.7B. All in, I value them at roughly $80M before liabilities. GameStop and Nikola are why I don't short companies. Reality has gone out of fashion.
This GME experiment keeps working because retail buyers are proving that you can do the same thing the big boys are doing except with memes! Personally Im finding it awesome to watch. This balloon will eventually deflate, hopefully most will get out with some profits before that happens.
I'm retired with the most boring portfolio on the site. The idea of bitcoin, GameStop, Wall Street Bets, are like a back alley crap game to me. But, I have learned more from GME than anything else I can think of in the last two years. It has been a fantastic demonstration of market versus reality. The next time I think, "This thing is a dog. It has to go down." I will dismiss it as a moment of foolishness. Nothing has to do anything.
They're going to bleed this thing all the way back down to $5. They did it once, they'll do it again. Only the bagholders have changed. It used to be people who liked the dividend, now it's the reddit crowd who aren't getting any dividend whatsoever.
Now that $80 is set as a double bottom, the longs are going to be a lot more confident, which can only mean one thing.
