GME

GME Game stop Made Huge Gains Today, But It’s Still Not A Buy Unless

Today, May 13, 2024, the Gamestop GME token grew BIG. In fact, it rose overnight to $26.34 per share from $17.40 yesterday. of. From there, it proceeded to rally all the way up to $38.20 before the big boy shorts were able to knock the price back down to as low as 24.77. Buyers were then able to push it back to a range of $32-$29 per share, ending at $30.45.

According to a couple of sources, it was due to Roaring Kitty aka Keith Gill serving up a post on X formerly known as Twitter for the first time since June 2021. His post was a video gamer meme that leaned forward and seemed to take the game pretty seriously. Roaring Kitty was one of the biggest people behind the crazy rally in GME shares during the pandemic. His new post has reportedly received over 81,000 likes and 9,000 comments. of.

The big question is GME stock now a buy? The easy answer to that is a big fat No in my opinion unless, and this is a big unless. Unless you're a very experienced day trader with good technical analysis, or you have crazy inside information that pretty much guarantees you know where this stock is headed..

GME stock should not be considered a long-term investment or even a swing trade. However, I think this can be a one day trade where you pay close attention to buy and sell levels, changing hourly trends and closing positions on the same day or probably at the same time.

I would never hold this stock overnight for a swing trade or any kind of long term investment. The buying pressure is pretty strong right now, but if it eases a bit, the big guys are shorting this stock knock the price right back down into the teens where it was trading during yesterday’s close. The big guys like the banks and institutions have enough money to really move the stock. So, if they want to short it, I wouldn’t try to go against them.

There is also the risk of gaps or dips in overnight trades, which can cause problems depending on which side of the trade you are on. If you’re going long on this stock, a gap down could be devastating. If you’re going short, a gap-up could be devastating.

I think this stock is just too unpredictable to be seen as anything other than a really short term daytrade where you can really monitor the buying and selling pressure and possibly get in and out of one of the many short trends that occur during intraday trading hours. That’s just my humble opinion. I know you will do what you want anyways. Just thought I'd give you a heads up. Good luck.