Okay, in celebration of today's huge up day I am selling GME. Well, I would never own this thing so I can't really sell my own inventory so I'll borrow someone else's! It's been a bad stock fundamentally for a while, but that didn't stop Reddit or whomever from pumping it up to astronomical levels. Obviously it's retreated significantly and I think it has considerably farther to go. Mr. Market has been brutal lately on stocks without solid footing and this fits the bill. Today it's up 5% and I think this is a good time to enter.
The MACD has been trending down since the day it short squeezed and I don't think this changes. It was a cute MEME stock when money was easy, but as the screws get tightened down I fully expect things like this to retrace whatever amount of paper money they made during Covid. There is a 20% short float in this thing and while it IS theoretically possible that it could get short squeezed again I seriously doubt that. Still, keep it in the back of your skull that it could happen and don't fall asleep at the wheel so if it jumps your stops you smash that "buy" button to cover.
Sorry GME faithful, this thing is STONKY!
The MACD has been trending down since the day it short squeezed and I don't think this changes. It was a cute MEME stock when money was easy, but as the screws get tightened down I fully expect things like this to retrace whatever amount of paper money they made during Covid. There is a 20% short float in this thing and while it IS theoretically possible that it could get short squeezed again I seriously doubt that. Still, keep it in the back of your skull that it could happen and don't fall asleep at the wheel so if it jumps your stops you smash that "buy" button to cover.
Sorry GME faithful, this thing is STONKY!