Is WallStreetBets Winning the War Against GME Shorts? | Coffee With Markus | Special Episode
So, today, I want to do a follow-up video on GameStop (GME), because this stock is just going absolutely bonkers.
Yesterday, I did a video explaining exactly what’s happening on GME stock.
Check it out if you haven’t already. I’ll include a link in the description below.
And the madness for GME stock isn’t stopping today.
The stock closed yesterday up almost 93% at $147.98, and today, it rose as high as $380!
I’ve seen crazy things in this market, but a Reddit crowd squeezing shorts to this extent? It’s just crazy.
And the WallStreetBets group on Reddit -- the one whose purpose is “making money and being amused by it,” their words, not mine -- is growing by leaps and bounds.
Yesterday, it had 2.3 million users. But look at it today. There are now 3.2 million users!
Even Elon Musk is chiming in.
Last night, Musk, who has clashed with Tesla shorts in the past, tweeted a link to the Reddit thread, saying “Gamestonk!”
And this is causing such crazy trading volume that a bunch of online brokers crashed today.
And TD Ameritrade is actually restricting trading on GME and AMC stocks because of this insane volume!
They said they’re doing this out of an “abundance of caution amid unprecedented market conditions and other factors.”
It will be interesting to see if other online brokers do the same.
And it seems like the Reddit crowd may have won the battle.
I’m seeing lots of headlines today that GameStop’s biggest shorts -- Melvin Capital and Citron -- said they covered most or all of their positions.
And yes, that’s what they said… but did they?
It will be interesting to see when short interest data is updated at the end of the month whether this is true or not.
This Reddit crowd is targeting some other highly shorted stocks, too, so I want to take a quick look at their charts.
First up is AMC (AMC). The stock closed last night at $4.96, and hit a high of $20.36 earlier. It’s now up 229% at $16.27.
Next is Bed Bath & Beyond (BBBY). It traded as high as $53.90 today -- its highest level since 2015! Right now, BBBY is up 24% at $45.79.
And finally, there’s BlackBerry (BB). BB hit a nine-year high of $23.94 earlier, and was last seen up 23.4% at $23.31.
Now, I’m personally not trading any of these stocks, it’s too risky. But I’m certainly watching!
And before we go, I want to make a correction. In my previous video on GameStop, I mentioned that this was a similar situation to Kodak’s (KODK) volatility last summer.
That was not the case. Kodak moved because it was awarded a government contract to make generic drug ingredients. The deal was later halted pending an investigation.
You guys were right, and I was wrong. Thank you for correcting me.
Recommended Videos:
Should I Buy GME Stock Right Now?: https://youtu.be/bvPJYsaX3sQ
The PowerX Strategy Playlist: https://youtube.com/playlist?list=PLBa3sAx-Io2l9ZV4s66J-uNkG6AJvhSPB
The Options Wheel Strategy Playlist: https://www.youtube.com/playlist?list=PLBa3sAx-Io2nosgosERUhIZwzvIgD-3Vq
Options 101 Playlist: https://www.youtube.com/playlist?list=PLBa3sAx-Io2m6vWuLNRz4HHUErjO8H6N8
Options Income Trading Strategies: https://youtube.com/playlist?list=PLBa3sAx-Io2mybLLdWtbjTFqK9-BR5SJb
#GameStop #GME #WallStreetBets
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================================================================================
tastyworks, Inc. (“tastyworks”) has entered into a Marketing Agreement with Rockwell Trading Services, LLC whereby tastyworks pays compensation to Rockwell Trading Services, LLC to recommend tastyworks’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Rockwell Trading Services, LLC by tastyworks and/or any of its affiliated companies. Neither tastyworks nor any of its affiliated companies is responsible for the privacy practices of Rockwell Trading Services, LLC or this website. tastyworks does not warrant the accuracy or content of the products or services offered by Rockwell Trading Services, LLC or this website. Rockwell Trading Services, LLC is independent and is not an affiliate of tastyworks.
So, today, I want to do a follow-up video on GameStop (GME), because this stock is just going absolutely bonkers.
Yesterday, I did a video explaining exactly what’s happening on GME stock.
Check it out if you haven’t already. I’ll include a link in the description below.
And the madness for GME stock isn’t stopping today.
The stock closed yesterday up almost 93% at $147.98, and today, it rose as high as $380!
I’ve seen crazy things in this market, but a Reddit crowd squeezing shorts to this extent? It’s just crazy.
And the WallStreetBets group on Reddit -- the one whose purpose is “making money and being amused by it,” their words, not mine -- is growing by leaps and bounds.
Yesterday, it had 2.3 million users. But look at it today. There are now 3.2 million users!
Even Elon Musk is chiming in.
Last night, Musk, who has clashed with Tesla shorts in the past, tweeted a link to the Reddit thread, saying “Gamestonk!”
And this is causing such crazy trading volume that a bunch of online brokers crashed today.
And TD Ameritrade is actually restricting trading on GME and AMC stocks because of this insane volume!
They said they’re doing this out of an “abundance of caution amid unprecedented market conditions and other factors.”
It will be interesting to see if other online brokers do the same.
And it seems like the Reddit crowd may have won the battle.
I’m seeing lots of headlines today that GameStop’s biggest shorts -- Melvin Capital and Citron -- said they covered most or all of their positions.
And yes, that’s what they said… but did they?
It will be interesting to see when short interest data is updated at the end of the month whether this is true or not.
This Reddit crowd is targeting some other highly shorted stocks, too, so I want to take a quick look at their charts.
First up is AMC (AMC). The stock closed last night at $4.96, and hit a high of $20.36 earlier. It’s now up 229% at $16.27.
Next is Bed Bath & Beyond (BBBY). It traded as high as $53.90 today -- its highest level since 2015! Right now, BBBY is up 24% at $45.79.
And finally, there’s BlackBerry (BB). BB hit a nine-year high of $23.94 earlier, and was last seen up 23.4% at $23.31.
Now, I’m personally not trading any of these stocks, it’s too risky. But I’m certainly watching!
And before we go, I want to make a correction. In my previous video on GameStop, I mentioned that this was a similar situation to Kodak’s (KODK) volatility last summer.
That was not the case. Kodak moved because it was awarded a government contract to make generic drug ingredients. The deal was later halted pending an investigation.
You guys were right, and I was wrong. Thank you for correcting me.
Recommended Videos:
Should I Buy GME Stock Right Now?: https://youtu.be/bvPJYsaX3sQ
The PowerX Strategy Playlist: https://youtube.com/playlist?list=PLBa3sAx-Io2l9ZV4s66J-uNkG6AJvhSPB
The Options Wheel Strategy Playlist: https://www.youtube.com/playlist?list=PLBa3sAx-Io2nosgosERUhIZwzvIgD-3Vq
Options 101 Playlist: https://www.youtube.com/playlist?list=PLBa3sAx-Io2m6vWuLNRz4HHUErjO8H6N8
Options Income Trading Strategies: https://youtube.com/playlist?list=PLBa3sAx-Io2mybLLdWtbjTFqK9-BR5SJb
#GameStop #GME #WallStreetBets
================================================================================
✅ First, subscribe to my channel here so you never miss a new video: https://bit.ly/3aLKLDz
📺 Watch My Daily Trading Routine that takes me less than 15 minutes a day: https://bit.ly/2ICZkgX
📕 Get a FREE Hardback Copy Of My New Book “The PowerX Strategy”: https://bit.ly/2wMQ7zW
💻 Need a broker? We prefer trading using tastyworks! Sign up here: https://bit.ly/3610gsk
📈 TradingView is my favorite charting platform. I use the Pro Version: https://bit.ly/2The5LI
☕️ Start your morning just like me, with the MorningBrew Newsletter: https://bit.ly/32Xs6Uu
================================================================================
tastyworks, Inc. (“tastyworks”) has entered into a Marketing Agreement with Rockwell Trading Services, LLC whereby tastyworks pays compensation to Rockwell Trading Services, LLC to recommend tastyworks’ brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Rockwell Trading Services, LLC by tastyworks and/or any of its affiliated companies. Neither tastyworks nor any of its affiliated companies is responsible for the privacy practices of Rockwell Trading Services, LLC or this website. tastyworks does not warrant the accuracy or content of the products or services offered by Rockwell Trading Services, LLC or this website. Rockwell Trading Services, LLC is independent and is not an affiliate of tastyworks.
