The bust in GME continues as it slumps 28% to $65

The party is over

All that's left now is to sort through the wreckage of GME.

All the pumping in the world at GME wasn't enough to overcome the pain of losing money. Ultimately, price action drives narrative, not vice-versa. Besides, buying a stock to 'stick it to Wall Street' is a bizarre premise under any circumstances.

Shares opened about flat today but it's been a steady bleed lower down to $65. Technically there is some support at $60, which is where the boom really kicked off so we could see a bounce. For the life of me, I can't understand why the company didn't do a secondary.

The bigger question is: What's next for WallStreetBets? The comments on the front page are almost entirely still-dominated by GME but in time they'll move to something else. Some penny stocks are getting large bids today but pump-and-dumps in that category are an age-old phenomenon.

Here's a great interview with the founder of WallStreetBets.