GME peaked over $500 this morning. If you liked shorting it at $50 you’ll love shorting it at $500.
Some are saying the market is broken. Wallstreetbets was taken down briefly but is back up now. As much as people want to hate on the retail investors don’t forget what caused this mess.
The driver of this massive squeeze was the fact that institutional players were allowed to short 140% of the company’s stock.
So as much as everyone wants stock prices to be based on earnings they aren’t. Stock prices are set by buyers and sellers. This move wouldn’t be possible without shorting. As long as people continue to bet against GME it has the potential to surge up.
The rest of the market was down yesterday, not sure that anyone noticed. The SPY dropped more than 2.5%, the VIX rose 60% as volatility surged.
I’m bearish this morning unless WSB gets behind it.
*JAN is on watch
*LLIT has resistance at $6.50
*MSN watching for a setup above $2
*BBW is on watch
*APRN has resistance at $12
*AHC is on watch
*CTHR has resistance at $1.70
HDSN watching for a setup above $1.75
BNED has support at $6
NAKD is on watch
AWH has support at $8
RUBY is on watch
RES watching for a setup above $4.50
CLVS has resistance at $9.50
BTU has support at $4.50
CHS is on watch
ZIOP has support at $4
GNUS has support at $2
RIG watching for a setup above $3.60