There are a lot of people of the current generation who have never seen the movie starring Paul Newman and Robert Redford.
Allow me to present, since posting movie scenes is all the rage on social media now, the ultimate scene from The Sting.
One doesn’t have to watch past the 2:00 minute mark unless they wish to get the full idea of what MAY have just happened in the internet meme stock market.
In no way is this author accusing anyone of engaging in illegal activities or violating SEC regulations nor engaging in market manipulation.
That is up to the authorities and my readers to decide.
However, this is does appear to be the ultimate retail sucker play and the main stream financial media, along with social media fell for it like an Irish gangster in 1920’s Chicago.
Let’s start with the original posting which triggered the insanity.
That particular posting on a Sunday evening, with no context, no stocks named, no hints, triggered the following results in $GME (GameStop) a loser company which is best considered the BlockBuster Video of gamers:
Impressive. On May 13th, here is what this account posted for an example of many movie excerpts:
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
Entertaining, yes. A reckoning is coming, as almost if he was calling out the long time short sellers even though some were squeezed out from the $10 price level already, up to $17.46 where it opened on Monday, May 13th.
@UnusualWhales on X (Twitter) has been tracking the unusual options activity since April 24th, and right before this big move posted the following:
GameStop, $GME, is having tons of options activity.
— unusual_whales (@unusual_whales) May 9, 2024
The top chains for $GME today by volume:$GME $20 call expiring Fri$GME $18 call expiring Fri$GME $17 call expiring Fri
Look at net premium spiking in the final minutes.
Every push in price caused by heavy options first. pic.twitter.com/PWmw59kOX6
Normal rational markets, right?
$GME 12c 5/17 whale just closed.. 4/24 @ .36 -> 5/15 @ 21.84
— unusualwhales.com Snorlax (๑❛ ڡ ❛๑) (@snorlax_uw) May 15, 2024
$908K -> $44Mhttps://t.co/05UfeHvYnC pic.twitter.com/kWxZ5fFNTX
Nothing to see here. Move along.
On May 14th, the following move was even more shocking with $GME gapping up in thin overnight trading 39% and before the open by over 70%!
It became an almost teenager like GenZ/Millennial quest to prove to the big bad stock shorts and houses that retail was still alive and deserved its moment of freedom and power.
— Roaring Kitty (@TheRoaringKitty) May 14, 2024
Needless to say, the cult followed suit:
Hoo boy.
GameStop gapped up at the open to $64.83 and closed the day at $48.75 on over 206 million shares traded; almost 13 times its normal daily volume.
So if whomever was behind this, their strike prices were hit, they sold and made millions of dollars on Tuesday alone. On Wednesday however, the meme parade dropped more hints.
This video should say it all for those that do not follow this adventure:
— Roaring Kitty (@TheRoaringKitty) May 15, 2024
If one is not paying attention, there is one scene which sums it all up.
There’s your sign. He or she is bragging to the world that he’s making money on a “meme” stock.
Few got it.
The HODLer crowd just watched all the fast paced gaming and movie clips and thought “yeah, this is it, GME to $500 and AMC to $100!!!! And yes, there were OTM call options with strike prices for GME at $100 so someone could be in some severe pain by the end of today if the stock price languishes in the $20 range.
On Wednesday, May 15th, GameStop closed down to $39.55 per share on 131 million plus shares traded.
This brings us to tonight’s adventure in meme land.
The videos posted tonight took a darker turn and a much more informative one as to where and what he told his HODLer followers.
— Roaring Kitty (@TheRoaringKitty) May 16, 2024
One more time, review this scene from The Big Lebowski in his X posting:
At first, I thought this was the poster trying to stick it to the financial media, you know, “the man” and lead a retail revolution online. If anyone has traded stocks more than 20 years in their lives, they would know this was unadulterated horseshit.
Then he posted this video and I’m going to not go out too far, but out on a limb 99% to say the kitty was telling his followers something like “God you people are dumb asses to think I’m leading a revolution, I’m here to make money!”
— Roaring Kitty (@TheRoaringKitty) May 17, 2024
Everyone listens to the words. Everyone watches the car chases. No one apparently reads the closed captions the Roaring Kitty adds.
Then this excerpt:
It ends with this classic movie scene of someone just disappearing into the crowd.
The problem with gamers, memers, and those in pursuit of the quick buck is that they don’t want to watch something, rewind, interpret then think. Like a stock chart.
Here is GameStop at the close today:
If today, or tomorrow is the grand finale, bravo, well done sir.
Whoever this is killed the shorts, made a fortune and proved that once again that Wall Street is a grand casino and that every now and then, the little guy can beat the man and sucker many others to help him into believing that there is a revolution underway.
Instead of something like this which is closer to Wall Street reality:
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