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Assessment: Roaring Kitty, for those who missed it, ended up saying very little and GameStop got crushed pretty good today. Mr. Kitty still showed a screenshot of his account with a balance of roughly $350M in it…$160M in common GME stock and $160M in options with $30M in cash. Not too shabby for a guy who started his GME position with $50,000 and then has been MIA for the last three years. I guess he has done well with the time off.
Otherwise, the markets as a whole did very little today. Volume was actually higher than expected for a Friday, but still well below the averages we saw leading into May.
JP Morgan noted that the Non-Farm Payroll numbers likely indicate that any easing will be pushed into the late part of 2024 at best. If those cuts don’t come by then we could see some market shock as the expectation that everyone is betting on is not met.
Let’s see what next week brings! Have a great weekend!
Good luck in your trades!