The Trader Bros Are Back!
Reddit “Trader Bros” and Wall Street Money Pros clashing over GameStop Corp. (GME) stock seems like a distant memory…
But the Trader Bros might just have a bit more gas left in their tank!
Earlier last week, GME was trading between $40 and $50.
But everything changed Thursday. Late in the afternoon session, GME stock rocketed up 100%. It doubled again in extended trade!
The rally did eventually fade. But as of Friday morning, GME stock was still sitting on a clean double for the week.
The resurgence might have something to do with the recent congressional hearings involving RobinHood’s CEO and a prominent Reddit user from Wall Street Bets…
It’s tough one to call for now, but it seems like the retail investors are here to stay!
So with all this going on, you’re probably wondering if you should invest in GME to get a piece of this action…
If you are thinking of rolling the dice, just know that the last time this happened the stock was extremely volatile. That said, GME is probably a stock you need to day trade if you want to keep any of your gains…
Remember, it’s not about making money, it’s about taking money!
Stay safe out there…
Bottom line: We might be in for some more market shenanigans before we see the end of GME!
Keep it In the Money,
Trading Tip of the Day: You have to ignore the bulls and bears
The financial media love to present the game of investing as a death match between the bulls and bears. Whenever an analyst pops up on the TV, the hosts will try to pigeonhole him into the bull or bear camp.
But the most successful traders in the world don’t give a damn about bulls or bears. Instead, they’re comfortable adapting to changes in market conditions.
If you’re prepared for anything, you’re less likely to fall victim to any preconceived bias. It’s all too easy to convince yourself that a move higher or lower is a foregone conclusion. Before you know it, you’ll end up trolling for other opinions that match your own. And once you enter this echo chamber, it’s difficult to reverse course.
Adopting a neutral market mindset can be beneficial– especially in this market. If you’re not married to a particular camp, you can quickly react to changes in direction.
Stay nimble and listen to the market. Leave the bull and bear soap opera to the talking heads on TV…
— Greg Guenthner