Shorts still have not closed.
Here I thought that this recent action was shorts finally closing. Boy was I wrong. This was an options gamma squeeze. We see now the same things that happened in 2021, we see now that they hit back hard when it breached 80 (320 pre split). We see now that THREE years later CNBC/MarketWatch/InvestorPlace/Bloomberg/etc and Jim Cramer are STILL telling us to sell. They even begged Ryan Cohen/GME to dilute (give them an exit) and our CEO didn't budge one bit. RC's share's were worth nearly $3 Billion at 80. He didn't blink. GME, unlike another CEO of another stock, didn't dilute. Even though he could raise another billion or two without hurting a squeeze.
So my original thesis was correct. These criminals will only close when GME turns a substantial profit every quarter and issues dividends. This will happen soon before their popcorn collateral goes bankrupt.
The reason I know they didn't cover this time around and that they didn't cover in 2021 and have probably been forced to short it even more through options and ETF (XRT) is because completely unrelated, unshorted stocks have also risen many hundreds of percent alongside GME, just like in 2021. If this was a short squeeze, only GME would be rising. And it would not get smacked down at 80, we all know this thing is destined to go far beyond that without crime in this manipulated and rigged market. But manipulation costs money, I would not be surprised to see Citadel in the news very soon because they have to borrow another Billion or two.
I hope it goes to $10 again. That really was Deep Value.
Posted May 15, 2024, 8:41 PM UTC