GME is up 125% pre market today after going up 74% yesterday. To say I know what’s happening would be incorrect. My layman understanding is the stock has a 20% short position and when the stock jumps like this, they need to cover, which means buying it back, which pops the stock. Now, how it can go up like this, I don’t understand the market dynamics and the billions of dollars in play that make this happen. The bottom line is that $1.2 billion was lost yesterday by the shorts, and a shit ton more today.
For a stock to move like this, the hedge fund billionaires are taking it on the chin and the people, like yours truly, are celebrating a little victory. With the market set up the way it is, we rarely win like this. I don’t think GME is worth whatever level we’re going to see it hit as this is a wild exaggeration to smart money. I own a few hundred shares and will try to sell a bit to make sure I don’t get holding the bag. It feels good though to get a win for the little guy and for the rich assholes to get stuck by their greed every once in a while.
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