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GameStop Corp. Message Board

  • stocktraderjeff stocktraderjeff Sep 26, 2003 2:47 AM Flag

    Surprising Pullback

    I was surprised, even as a professional, that GME pulled back this far. Right now the market is showing some unexpected volatility that I didn't necessarily expect, spurred by the OPEC announcement and some other outstanding issues. I would be very concerned if GME drops below $15.50, in fact if it goes much further I would be concerned. It is not the stock but emotion that has fueled this sell-off. Volume has been much lighter during this sell-off than it was during the run-up a month ago. The problem is with low volume stocks a seller here and there can really cause a huge drop in price, unwarranted by anything but emotion. Anyway, fundamentally this remains one of the best stocks out there and I fully expect to see a rebound tomorrow and I still think that we'll see $22 by December 1st. However, the wind is not at our backs right now and it's going to be tough to get any big momentum behind us without an announcement, and upgrade or something. 3rd quarter earnings will certainly do it but that's a little longer than I'd like to wait. We're looking at the third week of November before that announcement. I thought that the announcement by Nintendo would give GME a boost, but it seemed to do the opposite as Sony reiterated that they currently do not plan any price cuts for the Play station 2. This could still change. But we do need something to get some positive momentum back behind us. Keep up the faith! This is still a great stock and if it was truly valued as the rest of the market it would be around $28. But that is not the case. I'll have more insight on what is happening by Tuesday following the big weekend, especially with Tuesday being the last day for many mutual funds to �straighten out the books� per say. Everybody have a great weekend. GO GME!!

31.32+0.070(+0.22%)Jul 27 4:02 PMEDT