iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,599 Blog Posts

Gamestop Longs Dispatched and Liquidated

Good day

I speak to you today as a victim of a most heinous bear raid on $GME. I can wax poetically about how I crossed the transom this morning into extreme profit, feeling really good, only to succumb later to a session spawned from hades itself. But I won’t.

Let’s just say I got ensnared in shares of $GME several times during the session and took it upon myself to average down every 10% lower. It amuses me that I now have a 3.25% position after starting with just 1% and now have losses of 14% on the whole of it.

It was $GME and the overall hellscape of the market during the Powell testimony that all but wiped out my profits for a moment, as I flirted with breakeven after being up 2%. I did close with gains of 50bps, but they’re in stark contrast to my strategic (long term) account +157bps and my quant +95bps.

The history books will say today was a great session, with both the NASDAQ and Russell up 1.55%. But for those chasing the rally at the apex of it understand how deleterious it really was. The best thing would have been to sell the morning, fuck off, and buy the close.

That was my intent and I did sell all of my stocks at the opening tick for a gain of +198bps; but I was lured back in by this fucking Gamestop and then found myself rooting for it like some Reddit cunt. Diamond handing this thing feels like what jerking off might feel like, but with sandpaper.

I am 100% long into tomorrow and bullish and also stupid for holding $GME. You son of a bitch cunts better rig it higher tomorrow so that I can recoup my losses, otherwise I am going to be very upset and make it a point to harass you for the rest of my life.

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One comment

  1. 2 wheels

    The big gap up days are great if already long, but then they tend to churn sideways, sometimes for a few days. We’ll see what happens but it was kinda nice to get both the CPI and Fed announcement out of the way on the same day!

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