After some consideration, I bought four shares of GME at $250 each. If I had bought back in December when I first considered it, this would have been closer to a 100 shares. Of course, hindsight is 20/20.
Over the last week, I have grown increasingly disheartened by the way the market is being manipulated by the billionaires and the hedge funds. It's been encouraging to see politicians from both sides of the aisle come out in support of retail investors. It has been astonishing seeing Robinhood go to pieces over their role in the market manipulation. It is sickening to watch billionaires and hedge funds be up in arms when the little man profits from exactly what they have been doing all these years. Two rules - one for the rich and one for the poor. They think their bets count and ours don't?
So, I say: screw them. This feels like a movement - even if it is short lived. I am going to be part of the movement. So, I bought my four shares this morning. I am not sure what is going to happen with the stock. My decision to buy was more emotional than anything else. It'll be a fun ride at the very least. I won't break the bank with this amount invested in the stock. And hopefully I will come out of it with a little bit of Melvin and Citron's cash.
Bought some GME
February 1st, 2021 at 05:32 pm
February 1st, 2021 at 06:45 pm 1612205106
Right now, GME is at about $235 so you're down about $15/share so far. I hope you're at least able to make a little money on the gamble and get out quickly. It's just a matter of time before the stock drops back to its actual value of about $20, which is where it was 2-3 weeks ago.
February 1st, 2021 at 09:08 pm 1612213707
February 2nd, 2021 at 12:17 am 1612225054
Keep in mind that your stop loss order on GME may not fully protect you. With the speed at which things have been moving, the market could blow past your price before your order gets processed. Also, trading could be suspended again at any time if it's going crazy so you may not be able to get out when you want to.
GME closed at $225 and is trading at $190 after hours.
February 2nd, 2021 at 03:53 pm 1612281198
This is very personal for our generation.
The system is rigged. I applaud people shining any light on that. Nothing will happen, because the system is rigged. But it's nice to see the light shining, no matter how briefly.
I am probably a little extra disillusioned, being in the financial industry. I see too much.