I’ve been watching $GME like a hawk all week and the correlation between volume and price for the past week is incredible and to me seems very, very bullish. Check it out:
August 26th at open: Spikes on high volume (889k shares in first hour, goes up $10). It waffles for a bit as volume declines and hits its daily peak at $217 on 851k shares. Volume drops like a rock for the rest of the day and it sinks back down to $203.80 at close.
August 27th: Jumps from $207 to $213 at open, volume goes down then back up over the course of the day and the price kinda waffles. This one doesn’t follow the trend so well. The next day does, however
August 30th: Jumps from $206 to $215 in the first hour on high volume (547k shares). Volume declines for the rest of the day and it drops again
August 31st: Jumps about $6 in the first 2 hours on high volume (315k first hour, 729k second).
Sept 1st (Today): Jumps to hit its weekly peak of $231 at open on its **highest one-hour volume all week**, with 1.09M shares traded in the first hour. It then spends the rest of the day tanking on decreasing volume.
Is it just me or does this seem incredibly bullish? It seems if we had a sustained high volume event we could see this stock rocket. Fortunately we probably do, as Sept 6-8th are the 3 days before earnings. Once this thing hits WSB and news outlets consistently we could easily be riding the rocket. Also because you’re all brain damaged, this isn’t financial advice.
[crayon lines & arrows for our special readers](https://preview.redd.it/9y9o5d5sgzk71.png?width=1913&format=png&auto=webp&s=7912e178518b335e0a07490fce23d79aaf7a63cf)
As a side note: comparing this to $AMC is pretty funny. It literally tanks on some of its recent volume spikes. Biggest P&D of this week and stands no chance to keep going up.
Positions: 3x $GME 10/15 690c @ 2.90(?) cost basis, probably buying one last one tomorrow.