From Memes to Millions: GME’s Puppet Master is Back
06/14/2024
Hey Trader,
This month GME has been experiencing some volatility due to the resurfacing of Roaring Kitty (Keith Gill). The stock ripped with his mysterious postings on several platforms, and then turned into chopped liver after he held a live stream last Friday. Kitty said he had a huge bet — to the tune of millions — on GME June 21 calls.
Flow has been showing a huge dump of these options this week, suggesting that Gill is unwinding his position. Gill is known to be the most cryptic yet transparent person on the internet. He posts weird memes that followers try to interpret, yet he is very open about if he's holding or selling when he streams. I can't imagine he'd turn his back and sell without letting his millions of followers know — and if he did, that man is going to have to enter himself in the witness protection program.
The way I look at it, people only buy when he buys. The fact he's just sitting on his position is taking the fun out of it.
I'll be the adult in the room and look at this drama as the professional trader I am. All of this chaos has created a very powerful pattern in the stock. And it looks like it is going to explode higher very soon. Something is telling me he's going to stream and buy more before his position expires. That would be the ultimate catalyst.
The pattern is a STRONG descending triangle that keeps coiling and coiling. These patterns usually explode on their own, but if there is a catalyst, woo!! Look out for the moon! My target for GME is $45. If there is a catalyst, it'll obviously be much higher than that.
Also when it comes to the market this week, I told Closers we would hit record highs after CPI. we absolutely did! After a breakout like that, the market tends to consolidate. This is when I like to offer my volume strategies for day trading.
Closers love this because I tend to know where the market is going to go in days a week and a month. But hours? Minutes? I’ve got that handled too!
This strategy is great because I give Closers a total game plan when to enter and exit before the move even happens. So far we’ve made 100-300% on these trades this week!
Today is the last chance to join the Closers for our discounted annual price of $977/year! So pop on in and learn these strategies today!!
If you sign up, come join us at 3:00 pm ET today.
And in the meantime, catch our latest YouTube video highlight on GME…
Let’s go panthers!
Mark’s up next with his breakdown in bonds and the market…
Market Moves Spotlight
By Mark Sebastian
I believe the bond market is at a crossroads.
On one hand we have had 2 days of pretty nice data on inflation…on the other…the FOMC and every other data point prior to these last two data points.
The TLT is now at its highest point since April:
I have said repeatedly the way we get a sell off is NVDA no longer rallying and the bond market falling apart.
NVDA continues to go up…and the bond market is somewhat strong here.
If that remains the case then the top stocks could continue to ride the backs of the top stocks and the S&P 500 could run to 6000.
That said…all is not well. The equal dollar ETF continues to sink:
This is a sign of market fragmentation and that everyone is running to the perceived safety of MSFT, NVDA, and AAPL.
Always be closing,
Olivia Voz and Mark Sebastian
