It’s a bullish day on Wall Street as the leading U.S. indices sail into uncharted waters. With only a few hours left in the trading day, the DJIA DOW (+375) S&P 500 SPX (+55), and NASDAQ (+215) are all at record levels. However, the story is different for GameStop (-$5.92, -3.10%) as a new stock sale is sending prices south.

On the economic news front, this morning brought another collection of solid U.S. reports. Here’s a quick look at the highlights:

Event                                                                     Actual                 Projected              Previous

ISM Non-Manufacturing PMI (March)                63.7                          59.0                       55.3

ISM Non-Manufacturing Prices (March)            74.0                             NA                       71.8

At this point, the ISM is optimistic about the ongoing COVID-19 economic recovery. March’s Non-Manufacturing reports came in solid, up dramatically from February. While it’s debatable what bearing these figures have on today’s rally, they certainly didn’t hurt sentiment.

This week marks the IMF/World Bank spring meetings, which will take place virtually for the second straight year. The key news release is scheduled to come out Tuesday as the IMF issues its updated 2021 World Economic Outlook. Media outlets are reporting that IMF Managing Director Kristalinea Georgieva has indicated that January’s forecast of 5.5% global economic growth for 2021 is to be revised upward.

For GameStop, not much is checking the negative price action today. Traders are bailing out of the stock amid reports of a pending sale of 3.5 million shares. The timing for GameStop is ominous as skeptics view the move as a blatant cash grab.

GameStop Slumps As Wall Street Surges

The chart below is a look at GameStop stock as of last Friday’s close. Since then, prices opened GAP down and broke from last week’s compressed trading range.

For the foreseeable future, there will be one level on my radar:

• Support(1): Bollinger MP, $101.82

Bottom Line: Today’s news on the GameStop stock sale has the potential to crater share price. If we see things get ugly for GME this month, I’ll be looking to buy from $102.50. With an initial stop loss at $94.75, this short-term position trade produces a $10 per share gain on a bounce from the $100.00 area.