I know you all have seen the hype surrounding the market this week. The hype is coming from Wallstreetbets and other platforms. They are putting the squeeze on short investors. Some of these platforms are trying to bankrupt hedge funds. While many people are jumping in, should you follow the stock market hype?
Stocks That Are Running Up
The main stock being pumped right now is Game Stop (GME). It ran from $38 on January 21st to as high as $380 on January 27th. Many people got in way before the squeeze, with some people getting in as low as $2.60 a share. The stock ran up 644% today alone. Other stocks that were hyped up today included BB, KOSS, AMC, EXPS, NOX, and others. Many of these stocks rose by double or more. KOSS alone ran up a whopping 480% today. Wild ride!
Did I Get In?
Yes, I got in on some plays. I used some fun money to try a few stocks out. I purchased four shares of NOK at $4. Also, I also purchased a share of AMC for $15 and two shares of Express for right at $5. Not much money in the game, but a few to test the waters. You know, I really wish I got in KOSS this morning, but I missed the boat.
Should You Follow the Stock Market Hype?
It depends, are you in it for fun or throwing in your nest egg? I would not YOLO my life savings on this. It’s a volatile market, and as far as it can go up, it can dump anytime. If you are playing with fun money, go ahead, but if you can’t watch your stock, don’t do it! If you want to play with stocks that violently fluctuate, try a platform that gives you access to all trading hours from 4 am to 8 pm like Webull and TD Ameritrade.
We have seen a bull raid on the market this week. Hopefully, you have made money or at least put a few dollars in to test your luck. Remember, if you’re going to get in, play with fun money but do not risk it all.