Over the last week, financial media has exhaustively covered GameStop’s wild ride from roughly $77 on January 25th to $70 — where it trades as I type — roundtripping a move as high $483 per share in between. As we all know, a social media fueled trading frenzy sent the share price surging in the most extreme short squeeze I have personally ever witnessed. But all that juice looks to have been squeezed by now.
Over the past few days, I have been captivated by this violent market whipsaw, with shares moving 100 percent to 200 percent day in and day out. Many have portrayed this story as a band of merry men going after the big bad hedge funds of Sherwood Forest. It’s a classic David versus Goliath story, and everyone loves rooting for the underdog, particularly when it’s against the fat cats of Wall Street.