arch_8ngel | 1,597 Posted January 25, 2021 Share Posted January 25, 2021 1 hour ago, jonebone said: Gamestop over $100 in premarket. Thinking about playing it today if I get an entry around Friday's prices. Just be in and out. Long term this thing has to correct but near term the price action on Friday tells me there are way too many shorts out there and stock still has to go up. Basically, everyone and their mother hated this stock and thought it was going bankrupt (read some comments in this thread even). So vast majority were short. I'd say from the $3 to $10 range most of the casual shorts probably got out. Yet big money shorts started piling in as this stock reaches new highs. You see comments in this thread "When do we short?", and that's why you don't. It's created this do loop of people who thought the stock was way overvalued at $30, $40, $50, etc. and want to play the short side. Well the answer it is overvalued but there are so many short positions that vastly outnumber the shares being traded. So it's going to keep running until the volume starts to finally taper off. You'll even get that mentality today. "Price is $100? It's a no brainer to short!" Sure, until it's $150 tomorrow. Volume is way too high now that there will be absolutely monstrous swing trades to be made if you play it right. Yeah -- this is truly incredible to watch unfold. After the "gamma squeeze" happened on Friday, I read as much as I could to understand it, and there certainly seems to be a strong case that it will happen again this week (where ALL call options finish ITM and force market makers to buy stock to hedge the calls). This is WITHOUT the actual "short squeeze" taking place -- and before Friday was something I didn't even know could happen So I dipped put my previous GME-swing profits back in at $60 late afternoon on Friday with limit sells set at what I thought were pretty high -- I think one of them might trigger today if I don't change it. In all seriousness, though -- aside from the genuine MANIA going on right now around this thing -- we should all, yourself included, feel a bit silly for not buying in when it was in the $2-range (given the fundamentals that encouraged you to buy in the first place). Hindsight is 20:20, and I'm trying to genuinely reflect on what would have held me off from it at that price (though I am certain I would have sold much sooner on the way up before the true mania kicked in) -- but all I can think of was I was busy trying to buy other worthwhile stuff at a "discount" (along with a few notable bankruptcies looming in the news -- even though GME had enough cash to make zero revenue for quite awhile). Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted January 25, 2021 Share Posted January 25, 2021 Just now, jonebone said: Yes, I explained above. The volume and squeezing is absolutely insane and volume is still picking up each trading day. It still could run quite aways. Doubling every day (or losing 50%) is possible until the volume thins out. This isn't even the short squeeze, though. Friday was a gamma squeeze, where because ALL calls, including some that started the week WAY out of the money were ending in the money it forced the market maker responsible for GME to hedge those calls by buying the stock. Given that the highest call generated last Friday was for something like $117 -- it certainly looks like it could happen again this week. At SOME POINT this is going to start causing margin calls on the shorts (where short interest has held steady at > 100% despite the increased volume) There is going to be a textbook written about this later, it is just that crazy. Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted January 25, 2021 Share Posted January 25, 2021 (edited) And, interestingly, I think there was at least one major case of "ticker confusion" last Friday as GMEV (some microcap) also rocketed up 58% EDIT: and it looks like my excuses for not using recently acquired Paypal funds to dabble in Bitcoin last year turned out to be moot -- Paypal generated a 1099K for 58 transactions and only $1500 in sales Now I have to figure out whether they've included what were ultimately passed-through shipping costs, etc. (along with having some paperwork together for original MSRP on all that stuff as an original owner :P) Edited January 25, 2021 by arch_8ngel Link to comment Share on other sites More sharing options...
jonebone | 1,307 Posted January 25, 2021 Share Posted January 25, 2021 Eh, can't look at hindsight because that is an emotionally charged discussion. You have to leave emotions out of it. I knew bankruptcy risk was 0 in near term and once I was about 5 figures into a position I told myself I wasn't buying anymore. It has nothing to do with not believing in the company around $3, it was just I had reached as much as I was willing to risk on the stock. I have no regrets about any of the decisions. In terms of the next play... really love the setup on AMC. Almost the same exact story as GME in terms of chart. Double bottomed and finally breaking out on news of securing debt to stave off bankruptcy risk. Look at what GME and BlackBerry (BB) have done lately, all of that is setting up on AMC too. My strategy is to only play companies I'm comfortable holding though (don't believe in BB) and AMC is one I'd believe in. Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted January 25, 2021 Share Posted January 25, 2021 (edited) 15 minutes ago, jonebone said: Eh, can't look at hindsight because that is an emotionally charged discussion. You have to leave emotions out of it. I knew bankruptcy risk was 0 in near term and once I was about 5 figures into a position I told myself I wasn't buying anymore. It has nothing to do with not believing in the company around $3, it was just I had reached as much as I was willing to risk on the stock. I have no regrets about any of the decisions. In terms of the next play... really love the setup on AMC. Almost the same exact story as GME in terms of chart. Double bottomed and finally breaking out on news of securing debt to stave off bankruptcy risk. Look at what GME and BlackBerry (BB) have done lately, all of that is setting up on AMC too. My strategy is to only play companies I'm comfortable holding though (don't believe in BB) and AMC is one I'd believe in. That's all fair -- just would have expected you, out of anybody I knew, to be willing to go in for a little more that those ridiculously low levels And if I'm being completely honest -- you NOT buying more at those levels I took as a pretty bearish signal, given your previous enthusiasm! I'll have to do some more reading on AMC, because I haven't kept up beyond the headlines a couple months back about how soon they were running out of money. BB is supposedly the next meme-stock for the WSB crowd -- and some of them are going to be really flush with cash from the GME craziness. I don't personally believe in either one of them (though my mind might change on AMC) -- but GME, my participation has been purely from the standpoint of seeing huge buyers make their commitments based on what was going to happen related to the impending squeeze. EDIT: at least a cursory look at AMC doesn't give me a lot of hope for where it could go relative to anything else I might buy. They may not be going bankrupt now -- but they weren't exactly doing all that well BEFORE the pandemic, and with HUGE TVs being so cheap and plentiful, coupled with studious pushing releases out on streaming platformers, it is hard to see how the theater experience comes back anytime soon. EVENTUALLY people will be comfortable enough again to pack a theater. But even with everyone vaccinated -- I'm willing to bet there is enough residual collective trauma that it will take awhile. I'd be interested to hear your thoughts on when you think they'd actually become profitable again. Edited January 25, 2021 by arch_8ngel Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted January 25, 2021 Share Posted January 25, 2021 (edited) Holy shiz GME is insane. It went from 136% ahead to a hundred in seconds, before halting. Edited January 25, 2021 by Californication Link to comment Share on other sites More sharing options...
RH | 4,906 Posted January 25, 2021 Share Posted January 25, 2021 Well my question now is as an executive in GameStop, what do you do now? You can't control price but this isn't good publicity for your stock and if I were CEO holding 1m shares, I'd like to dump some and buy back in when it's closer to real value and targets. Legally, of course. Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted January 25, 2021 Share Posted January 25, 2021 (edited) Halted again - lol I swear to god, the U.S. system of govt. is such a f!$@# joke. Not gme specifically, just this whole stock market built on zero earnings and fed money and artifically low interest rates. It's a little sick. Sry. Respect to anyone that has been able to get in and shave a small piece off for themselves instead of leaving it all for the fat cats. Edited January 25, 2021 by Californication Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted January 25, 2021 Share Posted January 25, 2021 (edited) OMG - a third time. Edit: And a fourth. Is this a dip to buy? I mean how many of the stop losses were burned and people stuck? I can't tell if the market cap is current. Is says it is current 4.5B does that mean that 7B or something breiefly before the drop? Edited January 25, 2021 by Californication Link to comment Share on other sites More sharing options...
tbone3969 | 304 Posted January 25, 2021 Share Posted January 25, 2021 (edited) This is too much. Edited January 25, 2021 by tbone3969 Link to comment Share on other sites More sharing options...
jonebone | 1,307 Posted January 25, 2021 Share Posted January 25, 2021 Here's your "infinity squeeze" on Volk in 2008. Hard to say when the party is over here, but when it is, you'll know. Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted January 25, 2021 Share Posted January 25, 2021 I tried to go for it and lost like 12%. I just dropped in again and went up 20% before the halt. Link to comment Share on other sites More sharing options...
RH | 4,906 Posted January 25, 2021 Share Posted January 25, 2021 1 hour ago, jonebone said: Here's your "infinity squeeze" on Volk in 2008. Hard to say when the party is over here, but when it is, you'll know. You know, I almost jokingly posted earlier: Say whatever you will, but I'm shorting at $1,000/share. Link to comment Share on other sites More sharing options...
DoctorEncore | 3,691 Posted January 25, 2021 Share Posted January 25, 2021 This Gamestop saga is a perfect illustration of why I don't day trade. Hahaha. Insanity! Link to comment Share on other sites More sharing options...
Hammerfestus | 3,847 Posted January 26, 2021 Share Posted January 26, 2021 I saw the WSB bros chattering about this last week. This is definitely not my area of expertise in that I don’t understand most of the words they’re using but my one thought was, “GameStop weren’t they going out of business? Jone must be a happy camper right about now”. Definite wow factor. Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted January 26, 2021 Share Posted January 26, 2021 (edited) Anyone else in GME? Ingrabbed some before close yest. and sold a chunk today for +30% on that piece. Edited January 26, 2021 by Californication Link to comment Share on other sites More sharing options...
DoctorEncore | 3,691 Posted January 26, 2021 Share Posted January 26, 2021 27 minutes ago, Californication said: Anyone else in GME? Ingrabbed some before close yest. and sold a chunk today for +30% on that piece. I'm just along for the ride. No money on the table for me (unless one of my mutual funds has a stake). Link to comment Share on other sites More sharing options...
Gloves | 11,783 Administrator · Posted January 26, 2021 Share Posted January 26, 2021 2 minutes ago, DoctorEncore said: I'm just along for the ride. No money on the table for me (unless one of my mutual funds has a stake). I wouldn't even know where to start with this stuff, so same - I just read along. Link to comment Share on other sites More sharing options...
Kguillemette | 1,544 Posted January 26, 2021 Share Posted January 26, 2021 28 minutes ago, Californication said: Anyone else in GME? Ingrabbed some before close yest. and sold a chunk today for +30% on that piece. I don't really have an interest in gme for anything real. I'd rather drive to foxwoods and put down on some blackjack, to be honest. Good for you on coming out ahead, though! Im thinking about playing maybe two shares for fun, though. On a side note, I started a long in LAC yesterday. After doing some research, I agree that EVs are the future. We're going to need some serious lithium to keep up with demand. See you in 10 years unless something crazy happens! 1 Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted January 26, 2021 Share Posted January 26, 2021 In that case, you all can root for me. I have 44 shares left. If there is a big dip I'm going to grab another piece. The thing is since the stock is going up the shorts are an even worse position than they were yest. or fri. and their short position is still 140% they are refusing to take that loss. But they do have tools at their disposal to be nasty. Holy. It was down to 5% ahead and i was going to buy some and it jumped like 17% before being halted. 1 Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted January 26, 2021 Share Posted January 26, 2021 (edited) Damn. In a meeting and I sold at 102.5. This piece was more expensive so it was 30% again. Edited January 26, 2021 by Californication Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted January 26, 2021 Share Posted January 26, 2021 4 hours ago, Californication said: Anyone else in GME? Ingrabbed some before close yest. and sold a chunk today for +30% on that piece. I have a little I picked back up on Friday that I'm letting go in small lots at a few set points as they surge. Not a particularly bold commitment on my part, but it is keeping me abreast of the action Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted January 26, 2021 Share Posted January 26, 2021 (edited) 18 minutes ago, arch_8ngel said: I have a little I picked back up on Friday that I'm letting go in small lots at a few set points as they surge. Not a particularly bold commitment on my part, but it is keeping me abreast of the action When they day started I set a sell limit at $120 for one piece and $130 for the other. I just got scared while it was consolidating and thought I would have a chance to buy back in. Now I am afraid to get the top. I don't understand at what point the bounce comes from short sellers having to buy stock. Was that the last run? Edited January 26, 2021 by Californication Link to comment Share on other sites More sharing options...
arch_8ngel | 1,597 Posted January 26, 2021 Share Posted January 26, 2021 (edited) 5 minutes ago, Californication said: When they day started I set a sell limit at $120 for one piece and $130 for the other. I just got scared while it was consolidating and thought I would have a chance to buy back in. Now I am afraid to get the top. It is going to be interesting to watch this unfold, for sure. It isn't close to over yet. There is a genuine war going on, with a hedge fund that was heavily short needing to borrow billions of dollars to cover losses, so far. There is way more at stake than the WSB guys may have originally appreciated, and it is wild to see it all first-hand. But if the WSB guys "lose" to the shorters, it will get ugly quick -- very exciting. EDIT: from what I'm reading, since monthly calls expire on Friday, and the highest monthly calls were written at $115 -- another major gamma squeeze is on the table, the closer we get to friday with the price above $115 (since those calls were outrageously out of the money when they were written, so had minimal hedging at the time). Edited January 26, 2021 by arch_8ngel Link to comment Share on other sites More sharing options...
Californication | 1,477 Posted January 26, 2021 Share Posted January 26, 2021 (edited) 11 minutes ago, arch_8ngel said: It is going to be interesting to watch this unfold, for sure. It isn't close to over yet. If it closes like half of what it has increased today the couple billion that company borrowed is gone. I mean they have an untenable position. Their only hope is that money managers are worried about being the last one in today. You would thibk they could been accumlating today and try and sell off near end of day to trigger limit sales. Edited January 26, 2021 by Californication Link to comment Share on other sites More sharing options...
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