Here’s one that isn’t playing around. Check GameStop ($GME) (September 13, 2021)GME
I just want to show you GameStop ( NYSE: GME ) today. I looked at a whole bunch of charts today, as I always do when I come back, and this is actually the most interesting one. I can’t say you’ve got to buy it right now. However, if I just kind of move this out of the way and we use this, last Thursday’s intraday low of 178.00, we use that as a reference for stops, that’s about right there, then this can be a 12 percent, 13 percent stop, which is very, very wide for me. I have taken those losses before and it isn’t fun, not fun at all.
If you want to get this stock you could even be buying it here and then just keep a relatively tighter stop just below Friday’s intraday low, it’s about half the risk and all of the potential reward. The reason that I am looking at this stock is that it just starts to look like, first of all, it had this huge 25 percent move in a day and then it stayed up at those levels. But what it is really looking like to me is that it is starting to form a base. You would put your stop just a little bit below the 50 and then look for this stock to start moving up the right side and potentially break out. They don’t have earnings for a couple of months so that’s not an issue.
Anyway, this is one of the stocks that I am looking at. It is actually the only one that I would have considered buying today. But even then, the first day back, I’m worried about other stuff. I can slip into the market when it’s a little more favorable because right now, frankly, it’s really not. And remember, with respect to me working on Stock Market Mentor, yes, my job is to help you make money. That’s the way I look at it, that’s why I am here. It certainly isn’t for my good looks or my svelte figure.
However, part of helping you make money is, helping you keep from losing money too. And right now this is a little bit of a money-sucking market so I want you to just be careful, trade less not more. Trade smaller, not bigger and you will get through this okay. And be raising some cash, better times are always ahead just like that have been worse times behind.