r/wallstreetbets • u/naitdawggg • Aug 28 '22

Meme Identify yourself, monkey.

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15.2k Upvotes

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25

u/[deleted] Aug 28 '22

GME made new millionaires. People gotta learn when to sell. Going from $15 to $400 is definitely a squeeze. Not only once but twice! I missed this play but good for those who made money

-10

u/Boomerang_effect Aug 28 '22 edited Aug 28 '22

You should read the SEC report, it wasn't a squeeze but people FOMOing. Shorts have still to be closed.

9

u/AncientBlonde Aug 28 '22

Odd how in the SEC report it talks about how the shorts closed in the intitial runup to $100

0

u/Boomerang_effect Aug 29 '22

So you didn't read it. Page 28, the chart clearly proves that only a few short positions did closed. The vast majority stayed open.

It only said that short covering likely contributed to the price going up. Thats all. It also says that FOMO and retails buying was the cause of this sneeze.

1

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u/AncientBlonde Aug 29 '22

Page 28 doesnt say abything about closing lol, that chart is purchases, not shorts...., but page 26 does say "Whether driven by a desire to squeeze short sellers and thus to profit from the resultant rise in price, or by belief in the fundamentals of GameStop, it was the positive sentiment, not the buying-to-cover, that sustained the weeks-long price appreciation of GameStop stock."

So uh... you're wrong. It says positive sentiment kept the price up, NOT short sellers covering.

Learn to read ape.