I don't like the price action of GME today. I thought it was toppy on Friday, and todays trading confirms my thesis. It is a good time to take profits right now, and you will get a better price in the coming weeks, prior to earnings.
I have no position in GME at this time.
I don't see how selling for profits and buying back at a lower price (if you still love the piece of paper so much) is a bad thing. And I agree that the best way to make money in this market, other than actively trading is by doing some of the more exotic option spreads.
"And Homersby, since my opinion is so uninformed and I am so unintelligent, why don't you explain the action on the PPS of GME today? I would like you to give me a better explanation than what I posted yesterday."
Consumer confidence survey - retail is down across the board in case you haven't noticed.
Anyway any explanation would be better than the one you gave, since you basically gave no explanation at all.
First of all, I do exactly what you described. I trade for a living and not as a professional, however I do manage money for 3 close friends and they have been satisfied with my results now for several years. I have been at this for 25 years. Perhaps I came off a bit too harsh or negative, but my reaction was to the post I have copied and pasted below.
"I don't like the price action of GME today. I thought it was toppy on Friday, and todays trading confirms my thesis. It is a good time to take profits right now, and you will get a better price in the coming weeks, prior to earnings.
I have no position in GME at this time."
It simply sounded a bit arrogant and without much detailed support, not that you owe that to anyone on any board. Opinions here are worth exactly what we pay for them, including my own.
Also, some on this board, Lionel particularly, will probably tell you that I can call this stock as well as anyone, and Lionel can do the same.
At the moment, I own puts on this name due to the fact that the bar is high and as much as I love the company and regularly patronize it, I don't think they will get over it. Also, this stock runs into earnings, which may have just happened, then sells off after the report regardless of how good it may be, and then, if it was good, it recovers the loss and rises to where it should have been on the good report. However, since I am expecting weakness and poor guidance based on the economy, recent report from other companies blaming their shortfalls on video games among other things, no hardware price cuts, and recent big name game delays, I think it sells off and stays there for a while.
Possible upside is the reported (Nielsen) spike in used game sales which is a huge boon to the bottom line here, but it IMO won't be enough to offset the bad news and even though GME is a company that in the VG cycle, or via used sales, can and will have increasing bottom line with flat or even sliding bottom line, the market simply does not accept that performance and the stock still slides. Let's not forget everyone who thinks GME will go out of business later this afternoon due to DLC.
Bottom line, that's my opinion and worth every penny you paid for it and I am sorry if I came off harsh earlier, but I was responding to a post from you that I thought was a bit dictatorial in instructing people to sell and buy back later. My bad and good luck whatever your position.
Also, I do trade many exotic equity/option trades positions. Most of my regular income/cash flow is derived from buy/writes and then I enter many other spreads, straddles, strangles, etc, but once in a while, still go back to the simple leverage of buying the calls or puts and playing Vegas with what is house money from other trades.
I think dementia is setting in. The stock traded down to 22.80 and I did not trade. THEN I realized that I had placed my buy at 22.75 NOT 22.80 and a few minutes later the trade went off. Hey, saved 50 bucks (so far).
I agree Lionelman, except to the part about this stock having no fundamental patter. On a day to day basis, this is one of the more enigmatic stocks I track. On the midterm, it is fairly predictable, although it does occasionally surprise. As for the part about computers/algorithmic trading, that is absolutely happening, and it is at the expense of the long term retail investor, we have all been warned, many of us refuse to look at this evidence because we think we can beat the game, most of us are wrong about that :)
This stock has no fundamental trading pattern. Of course the same could be said about the whole damn market. Its just a game that has been taken over by computer/algorithmic trading. One day is the NEW long term gain period.
Having said that I am tempted to add to MY (trading) holdings today.
I said I move about 50K per day, if that is implying that I am some kind of money manager, then I am sorry that I put off that kind of vibe. I trade for a living, and I make a living doing it. I am far from a professional money manager, the only money I am managing is that of my own.
You can say what you want, but my calls on this stock are rarely wrong. I have always preached to not listen to people on a yahoo message board since a vast majority are bordering on brain dead, and to do your own DD. I commonly post my opinion on this board and a few others, if people want to listen, that is fine, if they don't, it doesn't bother me, its only my opinion.
And Homersby, since my opinion is so uninformed and I am so unintelligent, why don't you explain the action on the PPS of GME today? I would like you to give me a better explanation than what I posted yesterday. I never attacked this stock, I like this company, I like the stock plenty, just not at this price. I simply posted my opinion which is based on plenty of analysis, most of which would be completely wasted posting on a yahoo message board, and my opinion happened to be correct, if you have a counter argument that can somehow break through the fact that this stock has lost 5% in the past 2 days, go ahead and let us hear it.
One of the earliest, simplest, and quite often most accurate rules of anything is that the person who talks about how much they have/move/trade are usually full of it. The quiet ones are the ones with more, in most cases. In any event, no offense to anyone here, including myself and those who I trade intelligent, well reasoned posts with on ocassion, but any of us posting on a Yahoo message board, probably are not at the top of the call list for the high end wealth managers, while we may still have a nice chunk of change and do well for ourselves.