On Wednesday, shares of retail trader favorite GameStop (GME) managed to jump triple-digits higher. And the trend continued with a 19 percent rally on Thursday, even as both days saw halts in trading for the stock. Some are pointing out that shares never really got back under $40, and that those with short positions hoping to outwait retail traders have been unable to wait, potentially pushing shares higher.
The move in GME led to other retail names seeing some tremendous volatility both up and down. Once again, it appears that funds short GameStop may have to liquidate other positions, which may explain some of the market’s recent volatility.
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Now here’s the rest of the news:
StoneX: Gold to “Maintain High Prices” on Inflation. Slow Recovery. Low Yields Central bank buying, low interest rates, inflation, and geopolitical turmoil will push gold higher. And StoneX is keeping an eye on one more driver completely unrelated to the pandemic… [Read Here]
February 26, 2020
Good morning. There’s an old Wall Street adage: Stocks take the escalator up, and the elevator down. The past 2 trading days have been an elevator move, with the largest two-day point drop (but not percentage drop) on record. While it may be tempting to give into the fear, remember that stocks had gotten overbought to begin with.
The coronavirus fears have been the biggest movers of the market so far this year, but at some point, it will be in the distant past, like the Ebola scare in 2015… or even the trade war fears that impacted markets throughout the last 2 years.
February 26, 2019
Happy Tuesday to YouTube!
“You BECOME What You #BELIEVE!” — OPRAH’S TEN RULES 🙂