Can you not see the amount of BS being posted on the WSB subreddit? People who have no experience trading (and admit it) are being upvoted to top comment. This is like the sheep leading the sheep, the same way the bitcoin subreddit was at 20k, all the while miners were dumping on their faces. (Source: CQ data)
Retail traders have weak hands. Smart money uses retail traders to exit their position at current prices. Retail sells the bottom and buys the tops. This never changes. On the GME reddit you see traders bragging about their 200s entry price, their 300s entry price.
Reminder that each time people buy something it creates a potential seller. Lots of buying into an ask wall and price dumps = traders get stopped out, they get margin called, their options become worthless, etc. It always ends badly.
Retail traders do not have infinite money. GME down = hands get weaker.
Short term I think there is a bounce but price will be unable to get past 415. If you are long GME, make your own choices but gamble responsibly.
FEEL FREE TO ARGUE WITH ME IN THE COMMENTS but keep things respectful.
Trade closed: target reached
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~70-90 was the goal.
Anyways, this won't go down without some pumps. In the end it will probably hold a decent price, higher than what it would have without these pumps.
if everyone of the 8 million people on reddit buy for $50 and set and forget, they will blow up the hedge funds. Could work!
TradeOgre
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@Allec, makes me wonder how many of the 8 million are actually invested in GME and how many are watching from the sidelines?
jcebul98
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@TradeOgre, That is exactly the problem. The sub gained roughly 5-6 million members in a couple of weeks if that. How many of them did nothing but watch? How many bought fractional shares? How many are paper hands who bought at $350 and sold at $400? The problem is morale is weak and people's short attention spans are losing the game. Of course, external factors pose a large problem like RH limiting 1 share of GME to buyers, blatant market manipulation, paper hands, etc. This is a messed up situation that is nothing more than a gamble at this point. The shorts have covered most of their positions during ladder attacks and I am willing to bet short interest has halved since last week.
Good luck
TradeOgre
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@jcebul98, Good luck to you too. No matter what happens there is always losers in a squeeze. This time I think retail actually flip the script overall.
The millions that jumped into WSB based on hype will probably be the bag holders at this point. Most WSB vets got out at 400.....even DFV took some profits ($14 million) understandably.
Emotions got involved when it became a movement, but the reality is retail investors mostly have paper hands because true diamond hands requires DD CONFIDENCE, NOT CARING or BEING WEALTHY.
Hedgies have lots of money so they can play the long game if need be.....I am not a fan of short sellers that get greedy, just stating my useless 2 cents.
deliciouspodo
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This stock is proof that stock markets are as scammy as crypto markets
TradeOgre
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I know many that support their efforts. I had family and friends that never invested asking me how they can support this GME movement.
My advice was simple...
Never invest what you can afford to lose.
Keep your emotions out of the market.
Take DD seriously.
Most of them said they will put money in to show support and help drive up the price -- $20 here, $50 there....it added up to a heart felt show of support.
The reality is at the end of the day people need to have a exit strategy.
8 million individuals tend to make decisions as individuals when the pressure ramps up.
Nobody wants to get stuck holding the bag.
"I got a bad feeling about this..." - Han Solo :)
josn89
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Oh man, i invested at 480$ because of fomo and think i will never see my money back again.
TradeOgre
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@josn89, FOMO is a killer, but most have experienced. Maybe things will play out in your favor still. Just remember some people have posted $40,000 in Feb 5th options at 800C.
Good luck to you!
wgraves
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I bought in initally at 4.32/Share at 500 Shares, then picked up an additional 1000 Shares at 1.34/Share, I am still holding GME because frankly anything past what I paid initally is a profit. I've been trading since I was 21 dropped out of college, went to culinary school traveled the world cooking and now I'm a sucessful business owner.
I bought GME before the trend but I don't think it's the blind leading the blind here. I think we need to give credit where credit is due, there are so many GME investors who caught the trend early bought early and made a magnificent profit and I'm not mad at them, I'm currently sitting on GME and it's pure gains for me at this point.
I don't think we can say retail investors bought at the top because that isn't the case what we need to do is look at how the hedgies can manp. the prices by shorting such massive amounts. So I'll hold because the trends tell me that it's only gonna go up from here, I mean look at the intra volume and the volume on trades yesterday 95% or so where buying the other 5% where the hedgies and other traders horse trading sacks of shit because they know that they are in the saddle here and the horse isn't tame yet.
I mean we saw $800 calls being leveraged, I personally think that the hedgies are building synth long postions to cover their asses because they know that they've lost the shorts... I mean I could be wrong... I'm just one of those not so intelligent Retail Investors so I'm going to continue to hold b
TradeOgre
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@wgraves, You got it at a great time! You have a point, GME was a long play that ended in a short squeeze, but a lot of the mob that blew up WSB subs (8+ million now) have no clue about half of your points. They are learning on the fly and maybe they will become rich, but if they lose their investments they will have learned an equally valuable lesson about risk & DD.
Hard to say for sure where things will land....hope you make it to the moon or at least a few earth orbits. Good luck!