On Friday, Gamestop had rocketed to the 70s and closed the week more modestly. I decided to fomo in; if the millennial traders were going to yeet the rich, I had better join them in case I end up against the wall some day.
Plus I need to practice waking up in the middle of the night, so I set my alarm for pre-market open, only to find the price had surged to $90. I gave it a second thought, but with calls that went all the way up to $115, my absolute worst day would be $9500 less a few thousand from a call. I got in around $95 and when the market opened, I caught some part of the downslope back to $70 writing a $115 weekly for around $2000.
Share price languished in the $70s and I wondered if the brief $130 spike was it. But then GME climbed in after hours and looked like maybe it wasn't done.
Then Tuesday came and we went to $150. Then Elon tweeted near market close and GME blasted through $200.
Meanwhile the WSB memes were split between cheering on GME and cheering on themselves for ostensibly making Melvin ask for daddy's credit card. In the now-crowded megathreads, there are a few major sentiments that include class warfare.
Of course, it's not market manipulation if highly-upvoted posts claim to simply be interested in the stock. Or:
It's the Wall Street Bets people. And they have ganged up - and arguably it's allowed by free speech purposes - to center on a few stocks... It's concerted, but maybe it's protected by free speech.
The Wall Street Bets people are looking at what the high short interest is. Whether it be the short interest in Gamestop, the short interest in Bed Bath & Beyond, the short interest in AMC. What they're saying is there's no way that people can cover the 67% that's short... they are being very specific to break the shorts.
Boomer financial news
And while Cramer seems to embrace the potential audience from WSB, it seems like the other talking heads are clutching their pearls over this "taking out a couple of hedge funds". I think this only emboldens the retail traders.
BB has hovered around $20. We'll see if it gets the limelight when GME finally drills. When is that? Earnings maybe, or if there's quiet period on insiders selling shares. I can't see this being a Tesla scenario.
Nearly 20% of renters are behind on rent. I didn't look at this critically (what's normal, is this sensationalist) since I already believe we're due for a correction.