One post Monday on the popular "wallstreetbets" Reddit forum said, "IM NOT SELLING THIS UNTIL AT LEAST $1000+ GME." The post quickly drew more than 5,000 comments. Other heavily shorted names, including Bed Bath & Beyond, also jumped higher on Monday amid the retail buying frenzy.
However, GameStop briefly turned negative in midday trading and eventually ended up 18%, way off its session high. Highly speculative action intensified worry that parts of the market had detached from fundamentals and could cause the broader market to take a hit when the mania ends.
“It would not be obscene to see this pull back more,” Jake Wujastyk, chief market analyst at TrendSpider, wrote in a note. “It’s like gravity – if you throw a ball into the air really hard, it will go high but eventually come back to earth.”
