The Phenomenon of GME: A Deep Dive into the Original Meme Stock

The Phenomenon of GME: A Deep Dive into the Original Meme Stock

May 14, 2024

Welcome to my latest discussion on trade ideas, focusing on what makes GameStop (GME) such a standout stock. I’m sure many of you recall the whirlwind surrounding GME in January 2021—it was nothing short of a trading sensation. At its peak, GME hit a staggering $480 per share, though that’s forward split-adjusted, equating to about $200 in today’s terms.

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But let’s take a closer look at the current scenario. To get the full picture, you’ve got to include pre-market activities. Here’s a snapshot of my pre-market charting: the tan area indicates the activity before the market opens. And guess what? GME soared up to $80 in the pre-market!

However, it has receded quite a bit. While I’m speaking to you, it’s still up by an impressive 65% from yesterday’s close, which is an incredible gain, although the future trajectory remains uncertain.

Now, if we switch gears and look at AMC, another major player in the meme stock saga, it’s showing a bit of a downturn with a series of red candles indicating losses. But don’t be misled—it’s still up by 41%.

Back to GME, the pioneer of the meme stock craze, it’s fascinating to speculate about its immediate future. A key question I find myself asking is whether GME can hold the $50 mark today. If it does, could this provide a stable base for a potential rebound tomorrow? It’s these possibilities that make the stock market thrilling.

Stay tuned, and I’ll continue to bring you updates and insights into these dynamic stocks. The market is always full of surprises, which keeps us all on our toes. Until next time, keep an eye on the market’s pulse and happy trading!

See you tomorrow for more updates and trade ideas!