If there’s one image that captures the pre-opening action this morning, it’s this one.
Just in case you’ve been hiding under a series of rocks, Roaring Kitty has announced a multi-hundred-million-dollar position (mostly in calls) on the otherwise-bankrupt organization Gamestop (GME). I’m not sure when this chap acquired that kind of money (maybe he has a fund now?) but he’s looking at some absolutely crazy gains at the opening bell, as the stock has already doubled from Friday’s close. Again, he’s got freakin’ CALLS. This isn’t a straight-up equity position.
What’s funny is that high as the 40s seem, we were actually in the 80s just a few weeks back when he was poking the market with a stick with just a simple tweet.
This one goofy bit of pop culture has managed to sustain the lunatic last moment’s bounce that took place on Friday. In other words, the steady slippage that took place Tuesday, Wednesday, Thursday, and almost all of Friday has been eradicated.
The newly minted 3-minute pledge is going to get a hearty trial run today, folks.
