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The Next GME! RoaringKitty’s Latest Pump …

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Written by Timothy Sykes
Updated 7/1/2024 6 min read

The meme volatility is alive and well!

Keith Gill is a busy bee in 2024.

Since he resurfaced in May, he pumped and unloaded his GameStop Corporation (NYSE: GME) shares. Now there’s a new stock in his sites.

The price spiked $10 after Gill posted a cryptic message to his RoaringKitty account on X.

And according to an SEC filing dated June 24, Gill holds roughly $300 million worth of this stock … After the SEC, the price spiked $8.

I traded the stock for a small profit.

But this is just the beginning for Gill’s newest pump and dump. And there’s still time to find a profitable setup!

This is everything you need to know about the market’s newest GME:

Chewy Inc. (NYSE: CHWY)

First of all … When it comes to these meme stocks, the fundamentals don’t matter. We’re playing hype and volatility.

With that said, from a degenerate trader’s perspective, a massive gamble on CHWY could be more attractive than a position on GME.

For the simple fact that CHWY is a profitable e-commerce pet-goods supplier. And GME is a flailing brick-and-mortar used video-game retailer …

See the image below describing CHWY’s earnings from June 1 this year:


The chart was already in an uptrend for the month of June due to a rosy earnings outlook.

But the real momentum came when Gill posted a photo of a cartoon dog on his social media.

See the post below from June 27:


All of my students had an opportunity to trade this spike, we got an  alert from Breaking News right when Gill posted!!!

See the trade alert overlaid on the chart below:

CHWY chart intraday, 1-minute candles Source: StocksToTrade

Get the next Breaking News alert!

And on July 1 the market learned the true extent of Gill’s position in CHWY. See my post on X below with the SEC filing:

Now, for the chart …

CHWY spiked 35% after Gill’s post on X. The price spiked 25% after we learned of Gill’s multi-million dollar position.

On the chart below every candle represents one trading minute:

CHWY chart multi-day, 1-minute candles Source: StocksToTrade

Now, the spikes are fast and the chart is currently trading below pre-spike levels.

But there’s a key reason I’m still watching this stock.

The CHWY Play

First of all, I already traded this stock for a small profit in July.

I played a panic-dip-buy pattern as the price was falling. We can play both sides of the spike using my tested trading framework.

My trade notes are below:

Source: Profitly

It didn’t go as well as I wanted it to, but I still got out with a small gain. That’s a win in my book!

Plus, there’s still a chance to profit on this runner. I’m ready to get back in.

That brings me to my second point … CHWY is still above key support. And the last time Keith Gill played a stock (GME) he held shares for YEARS.

The price doesn’t have to break out today, or tomorrow, or next week. One of Gill’s greatest strengths is the absurd amount of time he holds his meme-stock positions.

Take a look at the CHWY chart below, every candle represents one trading day:

CHWY chart multi-month, 1-day candles Source: StocksToTrade

Please excuse the clutter on that chart … Hopefully you understand what I’m getting at:

CHWY is still above support set by bullish earnings from early in June. And it could use that level to surge toward new highs in July.

The legendary spike from GME started similarly, slowly moving above support until a massive breakout.

See the multi-month chart below, every candle represents one trading day:

GME chart multi-month, 1-day candles Source: StocksToTrade

This hype can build. Whether it’s GME or CHWY

Day to day. Week to week. And month to month.

Set an alert in StocksToTrade and get ready for some more insane price action! We’ve seen crazier things happen in this market, LOL.



*Past performance does not indicate future results

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Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”