GameStonks

This past year, shares of GameStop sold as low as $2 and change. The CEO from Chewy joined the board of directors. Stock price shot up to the high teens. Even might have tested $20. Then the Reddit WallStreetBets crew got involved. I saw the stock ramp up to over $70. It was time to act.

First I had to sell off some of my Tesla puts to generate cash. Then I loaded up on puts, betting against GameStop. Later the stock went on a rampage. I remember one morning the stock topped $500 in premarket. By the time the market opened, it was over $400 a share. Ouch.

Brokers like Robin Hood and TD Ameritrade restricted trade. They would not let users buy shares of GameStop. That put the brakes on the rise. So the price went down to $350. Next day closed at $250. I think it then went to $150.

Recently it appeared to bottom out at $50. I would have loved to still have my puts then. I sold out when the stock was just above $100. Don't get me wrong. I had a small profit. Maybe 15%. But it could have been 50% or bigger.

I was toying with the idea of going long when the stock was $100. Good thing I did not. Maybe I will wait until it is back to $5. Then I can back the truck up. But it will still be a short term trade. This company is going bankrupt, regardless of the Chewy guy.