I fully follow and followed you vandandt. But $260 top doesn't scare me in the least, bring the pain. Its when people start saying $2,000 and crap like that when you think my GAWD, my losses would be YUGE! But I just don't think that is going to happen. If you told me you had a crystal ball right now and the top was $260, I'd jump for joy with great glee in my heart. I'm actually going to put some limit sells in tonight. Maybe like 4 shares at each of $240, $260, $280, $300, $320, $340, $360, $380 and $400. If there is a freak out I don't want to miss short-selling into it...
Looking at the RIOT chart, it looks like the "ARE WE HERE" spot is at 25, with the subsequent high being 46, which is 85% higher.
Unfortunately for the shorts, I suspect this is going to test the old highs. The rally might fizzle out around 400, but if it breaks above 500, a logical upper bound on price goes out of the window. All those who were "lucky" enough to short above 200 on the first move will bail on their shorts and accelerate the move higher if it breaks above the old highs. There's likely another force at play here that we're not aware of. Could even be as bizarre as non-US entities driving this move (e.g. similar to a cyber hack), but it's not a move based on fundamentals. The reddit Wall Street Bets story was a convenient side show.
GME was up 20% this morning ($238) in pre market when the NDX futures were up 2%. Market goes down, GME goes up. Market goes up, GME goes up.
Unfortunately it is true. The breaking correlation suggests that either the previous negative correlation was an erroneous statistical conclusion or the logic behind the scene has changed.
Fuking thing at 237.39. It will come back down to reality soon, but it does not feel good in the meantime. I don't think I'm ever shorting anything again...