What a ride.
GameStop (GME) went from $75 to $483 to $112 and now $335 pre-market and it's like watching a ball bounce around a roulette wheel at the moment except, at least on a roulette wheel – the numbers fall within a particular range. This, on the other hand, IS CRAZY!
But it's also a great lesson in valuation as, clearly, the business of GameStop hasn't changed this week and even the perception of the value of GME hasn't changed this week ($100 is a stretch) but the SENTIMENT has been all over the place, hasn't it?
The GME debacle is nothing more than what goes on every day in the markets but this is a close-up look at what happens in high-speed mode with running commentary from 1,000 analysts trying to dissect every move (I'll be on Bloomberg at 11 am, in fact). What's fascinating about GameStop is that, rather than Wall Street Criminals manipulating the stock, ordinary traders are now doing it. If we allow ordinary traders to manipulate stock prices, how will Goldman Sachs make money? And if "Government Sachs" can't make money – Congress springs into action. When this guy does it, they just yawn:
Let's keep in mind that, for 20 years, Jim Cramer, a self-confessed market manipulator, has gotten on TV and told his army of followers to BUYBUYBUY or SELLSELLSELL stocks every day and, very clearly, they do exactly that at the open the next morning. Not one investigation has ever been launched yet the moment some ordinary traders do the same thing – CONGRESSIONAL INVESTIGATIONS!
That's because Jim Cramer works for the elites, sending the beautiful sheeple into the slaughterhouse for the benefit of his Wall Street buddies but the second the sheep object and try to take matters into their own hands, the Wolves of Wall Street cry FOUL! and beg the SEC to step in and stop the madness. Even our brokers turn against us because we retail invesors are nothing compared to…