IMO, todays action was a result of funds short selling at the $22 range. I am certain there will be diehard longs coming on here to blast me and so be it. However, I have seen this sction before and it shows all the earmarks of institutional shorting.
Low volume (about 50% of normal) and a fairly benign market (at least until the last hour) created only minimal buying or selling interest. However, short funds would not let it move up enough to gain any mo-mo but they would let the pps increase enougfh to enter/add short from what they likely percieve to be an attractive point. Another point I feel is worth mentioning is that the 3DS release was likely backed in the cake already and that is why it had practically no effect today. In the coming sessions GME looks to be set up nicely for a pullback on profit taking and consolidation. If the short funds responsible ofr the 32% short interest are correct then $22 could well be the tipping point where a downtrend begins. If they are wrong then they will likely use any pullback to close their positions and you will see GME rebound quickly from any down days via short covering.
DISCLOSURE: I have no position as of yet in GME. I am waiting to see how this plays out as I feel GME is currently at a crossroads and could just as easily trend in either direction from this point.