The sharp upswing in GameStop shares has mowed down sophisticated traders who had taken short positions on the stock, betting against it. The most stunning recent example is a nearly 700% rise over the past week in shares of GameStop Corp, without any fundamental change in business for the video game retailer that Wall Street had long given up for dead in the age of Amazon and online downloads. Long dismissed as “dumb money,” retail traders in recent months have put enough money into the market to make stocks move in ways that defy fundamental analysis. Retail investors have long discussed stocks on Reddit and other social media forums, but in recent months Wall Street has had to pay attention to what they are saying. There could be a trading opportunity there as well,” said Dick, a proprietary trader at Bright Trading.
The app is popular with retail investors who “might be talking about a stock I own, and it could move.
“I joined it to be able to read it,” he said.
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