There’s no question that the Gamestop saga is a populist revolt, and there’s no question the establishment doesn’t like it one bit. The question is what will the establishment do about it. From Tom Luongo at tomluongo.me:
I have to say as revolutions go, this one is hilarious.
Game Stop opened this morning above $330 per share, a sentence I never thought in a million years I’d ever write.
This open nearly ensures that all the attempts yesterday to push the price back down to bail out the hedge funds desperately short have failed spectacularly.
There’s options expiration today which will fundamentally change the way we look at markets if Game Stop closes in this range.
Because it shows that when people act in the aggregate they can overwhelm the attempts by a few central planners to control you.
Your best proof that this is at least a part of what’s going on is the way Wall St. and the regulators in D.C. are reacting. Because they are screaming that this is outrageous, that we need stronger enforcement tools to ‘ensure the integrity of our markets.’
That’s just code for ‘only we’re allowed to game the markets not the little people.’
And with options expiring on Game Stop nearly every week in February and March this game isn’t over by any stretch of the imagination.
Populist is a Four-Letter Work
In fact, It’s the beginning of a new form of populist revolt.
We’ve seen what they think of populist revolts. They have utter disdain for them. They squash them and hope to ignore the consequences.
Vote for Trump? Can’t have that happen again.
Speak out against any facet of the Great Reset? Get censored.
Try to build a new platform not controlled by them? Get deplatformed.
Show up at the Capitol to peacefully assemble? Get caught up in a false flag to justify arresting you and shaming you into submission.
Today’s price action in Game Stop and other stocks heavily-shorted by hedge funds is simply the next iteration of the people finding ways to make their voices heard.