The GameStop/Reddit thing is huge with the young folk

[Horace]

@lufins-dad said in The GameStop/Reddit thing is huge with the young folk:

@horace said in The GameStop/Reddit thing is huge with the young folk:

Currently trading at 178.

@89th should have shorted!

It's taken a beating in after hours trading. It closed at about 220.

[jon-nyc]

@lufins-dad It’s pretty much impossible to borrow

[89th]

@lufins-dad said in The GameStop/Reddit thing is huge with the young folk:

@horace said in The GameStop/Reddit thing is huge with the young folk:

Currently trading at 178.

@89th should have shorted!

Ha! It's one thing to "know" (as we all did) that a stock's price will soon plummet. It's another to put money on the short knowing there is in theory no limit to the losses you could incur if the stock price goes to the moon.

[Axtremus]

Even if you can put up the money and have enough money in reserve to withstand the risk, sometimes there is no stock for you to borrow to “short” the stock. Recall I linked to an article earlier about more than 100% of GameStop stock have been shorted. That’s a pretty good indication that there is none left to be borrowed.

[Loki]

We are likely at peak GameStop. Now it’s gets tough. In heroin lingo it’s called chasing the dragon.

[Horace]

GME price movement must be nearly unprecedented. In the first 2.5 hours of trading today, it's fallen by 50%, then doubled, then fallen again by 25%. And that's all from an opening price of 40% less than the close the day before.

[Copper]

@horace said in The GameStop/Reddit thing is huge with the young folk:

GME price movement must be nearly unprecedented. In the first 2.5 hours of trading today, it's fallen by 50%, then doubled, then fallen again by 25%. And that's all from an opening price of 40% less than the close the day before.

Our ticker symbol was GME for a while in the mid 1980s

When the world was young and ruled by Brooks Brothers suits

[jon-nyc]

EDS? Or Perot Data Systems?

[Copper]

@jon-nyc said in The GameStop/Reddit thing is huge with the young folk:

EDS? Or Perot Data Systems?

General Motors E Class (E for EDS) when GM bought EDS

[jon-nyc]

Ah, that makes sense.

[Loki]

Too early to say for sure but it appears GME had a rapid unscheduled disassembly today.

[George K]

[Axtremus]

I suspect most of them will have capital losses to carryover for years or even decades to come.

[taiwan_girl]

A older friend once told me, "you aren't paying taxes if you aren't making money!" LOL

[Axtremus]

Here we go again?

https://www.cnbc.com/2024/05/14/gamestop-amc-shares-jump-another-40percent-in-premarket-trading-as-meme-stock-craze-returns.html

GameStop, AMC shares jump another 50% in premarket trading as meme stock craze returns

The meme stock phenomenon appears to have been reignited by a recent social media from "Roaring Kitty." The man, whose legal name is Keith Gill, posted a picture on the X platform of a video gamer sitting forward on their chair — a meme used by gamers to indicate they are taking the game seriously.