I really do appreciate the advice, but it was simple as needing to park $20k in profits somewhere and I chose to dump $5k here. Those are looking quite nice in after hours and has lots of legs to run.
Here we go today boys. Look at the volume in this thing, already volume way exceeding the number of shares with about 30% short (supposedly). You're not going to get GME type hype here but man this is a BEAUTIFUL setup. Since I'll be playing with house money I may get really aggressive depending what type of re entry point I can get. 1100 some shares around $4.75, a few March 19 $5 calls already. You see overhead reistance around $14, $16, and $20 so I'm hoping we get a bit of a pullback shake out this AM. If you can get an entry around $10 I would absolutely be THRILLED. Easy potential here to run.
I agree it is/was a huge gamble. But the risk/reward is different than a normal trade, simply because of the environment of the last two weeks. This one carried "less risk" in my opinion because there was actually some merit to it being more than simply a WSB play. There was the $1B money raised to help stave off bankruptcy while waiting for the economy to re-open, and plans announced by the current administration to get out vaccines quicker. Re-opening the economy and getting COVID under control is going to happen sooner than everyone thought. All this lowered the potential risk. The reward was a 200-300% gain by EOY as people started getting back to the movies, the economy opened back up completely, etc. Then you add in potential rewards from the WSB crew. That's not to say I think the theatre business is going to ever return to it's glory days, but nobody would have been shocked to know it recovered to say 25% of it's high last year after knowing they avoided bankruptcy.
I didn't see it as a huge gamble, I saw it as low risk. I agree here too, I like the chart (relative to prior highs) and the company (movie theaters aren't going anywhere) much more than other meme stocks like BBBY and BB. This one has real legs.
Yeah I bought more today around high $15s and then mid $13s. Will look to keep expanding this position. Two simpliest things on a stock are price and volume. And price looks good on historical chart and volume pouring into this stock is way above number of shares available. I hate to say it but I really don't think the party is even started yet. It surely has no chance of going sub $10 and $12.50 is the absolute perfect entry. No coincidence it bounced there today. I expect a big move after hours.
The trend has been that the meme stocks gap up overnight, then repeat. It works until it doesnt, which may be soon!
For me it was fun while it lasted. Pulled out that wagon today at PM. That and GEVO were a pretty good start for 2021. I will hardly repeat these numbers following months.
I don't know how long I'll hold this extremely significant position (in terms of my portfolio). It has been the trend the last few trading days for this stock to trade way up after hours, dip a bit during the day, recover the last 2 trading hours to new daily highs, then rinse and repeat.
The volume is insane, its just continued churn! I can imagine Robinhood is making a killing here too.
