End of Day Wrap Up 01/27/2021
Early Morning Storm and Power Outage
Today was a crazy day, and it started with multiple power outages due to a storm and high winds knocking out the power. I had to hotspot from my cell phone and trade on my laptop instead of my desktop. This is not an ideal situation, but I made it work for a few hours. I had to access 9 different accounts all at the same time, so having to do it from my phones made everything extremely slow.
Today many of my long swing positions exploded, but many of my new setups are extremely red due to everyone selling off and buying GME, AMC, and NOK. Premarket started strong, and then everything took a nosedive.
As many of you may have heard, there was drama surrounding Melvin Capital Hedge Fund, who short companies, were forced to cover and close out their positions for GameStop (GME) at an astronomical loss. GameStop rallied to an all time high of $385 during Premarket hours. AMC rallied to $25.80 Premarket, and NOK rallied to $9.79 during market hours. Wall Street doesn’t like us “little” people making a ton of money, so everything began spiraling.
Many brokerages would not allow access to their trading platforms, apps, etc. I was locked out for approximately 45 minutes at the opening bell. It was absolutely frustrating, but luckily my average was low enough that I didn’t care if it dropped significantly since I set my position up early. However, my concern was for those who bought high, and were now left holding bags all because of a ‘system error.’ I couldn’t buy or sell when I wanted. They halted the system, so of course, new traders began to panic sell. It was a complete mess. As soon as I was able to log back into my accounts and trading platform, a pop up message appeared:
Top 10 Green Positions (1/27/21):
Top 10 Red Positions (1/27/21):