Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 14:45:56 GMT
A delicious story. Can't wait for the Netflix Series. "GameStop has been a red-hot target in the WallStreetBets Reddit chat room where an army of at-home retail investors came together in pushing shares higher and squeezing out short-selling hedge funds. The forum, which now has more than four million members, briefly went private Wednesday night as the moderators said they were "unable to ensure Reddit's content policy." One trending post Thursday said "don't be scared of the drop in $GME $BB. Hedge funds trade after hours to scare y'all...KEEP BUYING AND HOLDING." The post quickly drew more than 1,000 comments in an hour. Another top post in the community said "buy high, sell never," featuring a photo of GameStop. Some of the passionate Reddit users have been sharing screenshots of their brokerage accounts, showing monstrous returns from trading in GameStop and other names. "The action in GameStop's stock is a game of musical chairs and my advice for investors is to sell before the music stops," said David Trainer, CEO of New Constructs. "As fickle as the trading mob has been to select GameStop as one of their favorite stocks, they could be just as fickle as to when to let the stock drop." The Reddit crowd started targeting other heavily shorted names including Bed Bath & Beyond and AMC Entertainment. AMC skyrocketed 300% on Wednesday alone, bringing its weekly rally to over 450%. In the previous session, more than one billion shares changed hands in AMC, marking its highest volume day ever. Bed Bath & Beyond has also surged 75% this week. The duo dipped slightly in premarket trading on Thursday." www.cnbc.com/2021/01/28/gamestop-reverses-losses-and-surges-another-30percent-in-the-premarket-to-450-as-mania-continues.htmlFinally, Redditors using all that time to a good purpose. Hedge fund boys be mad. They don't like when Redditors treat Wall Street like a Casino. Only THEY'RE ALLOWED to do that.
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 14:48:22 GMT
""I do think this is a seminal moment. I don't think we go back to a world before this because these communities, they're a byproduct of the connected internet," Ohanian said in a "Squawk Box" interview. "Whether it's one platform or another, this is the new normal." Ohanian said the GameStop short squeeze, which has fueled the video game retailer's stock up nearly 2,000% this month alone, shows the disruptive nature of the internet. "We've watched the internet now, over the last 10, 15 years thanks to the rise of social media and all this infrastructure, bring a bottom-up revolution to so many industries," said Ohanian, who co-founded Reddit in 2005 alongside current CEO Steve Huffman. "We've seen this across media, we've seen this across so many sectors, and now it's happening to finance." The massive rally in GameStop shares has put financial pressure on the hedge funds that had shorted the stock. It's an investment strategy in which people or institutions sell borrowed shares in hopes of buying them back lower in the future. They return the borrowed number of shares and pocket the price difference. Some high-profile short sellers have indicated they had retreated from their positions in recent days. Ohanian said he believes there's another layer to the short squeeze beyond just making money for users of online forums such as Reddit's WallStreetBets. "Just looking at the comments around the internet, it's something that's very personal for a lot of people and a chance for Joe and Jane America, the sort of retail buyers of stock, to flex back and push back on these hedge funds," he said." www.cnbc.com/2021/01/28/reddit-co-founder-alexis-ohanian-calls-gamestop-frenzy-a-bottom-up-revolution.htmlWe've got the numbers on our side. If only we'd use them MORE for GOOD! Stanning.
|
|
|
Post by busy on Jan 28, 2021 14:56:45 GMT
I appreciate the ingenuity and David vs Goliath nature of the story, but many platforms have stopped trading on these stocks. Those who were late to the game and jumped in after all the publicity started are probably going to get screwed, and that sucks.
|
|
|
Post by Darcy Collins on Jan 28, 2021 14:59:11 GMT
I appreciate the ingenuity and David vs Goliath nature of the story, but many platforms have stopped trading on these stocks. Those who were late to the game and jumped in after all the publicity started are probably going to get screwed, and that sucks. Exactly - a ton of these little guys are going to take a bath.
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 14:59:43 GMT
I appreciate the ingenuity and David vs Goliath nature of the story, but many platforms have stopped trading on these stocks. Those who were late to the game and jumped in after all the publicity started are probably going to get screwed, and that sucks. For sure. But it's certainly nice to see the little guys lead around the hedge fund guys by the nose - instead of the other way around.
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 15:03:07 GMT
Going long via call options is a brilliant way to ride this. Then he gave the money to charity.
|
|
|
Post by peasapie on Jan 28, 2021 15:03:10 GMT
I've been watching this on the news. There is a new generation of investors who get together en masse to affect the prices of stocks. I've been thinking about the positives and potential negatives. I guess time will tell!
|
|
|
Post by busy on Jan 28, 2021 15:05:13 GMT
I appreciate the ingenuity and David vs Goliath nature of the story, but many platforms have stopped trading on these stocks. Those who were late to the game and jumped in after all the publicity started are probably going to get screwed, and that sucks. For sure. But it's certainly nice to see the little guys lead around the hedge fund guys by the nose - instead of the other way around. Until the hedge funds called in institutional favors to get trading stopped. Make no mistake, they are going to find ways to force platforms to make this much harder to accomplish in the future.
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 15:08:24 GMT
For sure. But it's certainly nice to see the little guys lead around the hedge fund guys by the nose - instead of the other way around. Until the hedge funds called in institutional favors to get trading stopped. Make no mistake, they are going to find ways to force platforms to make this much harder to accomplish in the future. Of course. They're not into a fair system. We've all known that for years, if not decades. If you listen to Chamath above - he says one of the things he appreciates is that it was all done transparently - unlike when the big money boys get together to decide which company lives or dies based on their well-placed shorts and people's and trading algorithm follows of those shorts.
|
|
|
Post by mom on Jan 28, 2021 15:11:04 GMT
Robinhood has already blocked GameStop (and other brands in this) trading...
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 15:12:32 GMT
A nice TLDR
|
|
|
Post by busy on Jan 28, 2021 15:15:20 GMT
Until the hedge funds called in institutional favors to get trading stopped. Make no mistake, they are going to find ways to force platforms to make this much harder to accomplish in the future. Of course. They're not into a fair system. We've all known that for years, if not decades. If you listen to Chamath above - he says one of the things he appreciates is that it was all done transparently - unlike when the big money boys get together to decide which company lives or dies based on their well-placed shorts and people's and trading algorithm follows of those shorts. I agree. Don't get me wrong, I like this story. But I also worked in finance for a long time and perhaps it made me too cynical. I just can't look at this as having any kind of long-term impact except all of finance ratcheting up their lobbying efforts and calling in whatever company to company favors that are needed to prevent something like this from happening again. And they'll do it under the guise of consumer protections and the administration will probably go for it, as we regulate a lot of things based on the assumption that normal people are idiots who have to be protected from themselves.
|
|
|
Post by busy on Jan 28, 2021 15:18:48 GMT
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 15:19:23 GMT
Of course. They're not into a fair system. We've all known that for years, if not decades. If you listen to Chamath above - he says one of the things he appreciates is that it was all done transparently - unlike when the big money boys get together to decide which company lives or dies based on their well-placed shorts and people's and trading algorithm follows of those shorts. I agree. Don't get me wrong, I like this story. But I also worked in finance for a long time and perhaps it made me too cynical. I just can't look at this as having any kind of long-term impact except all of finance ratcheting up their lobbying efforts and calling in whatever company to company favors that are needed to prevent something like this from happening again. And they'll do it under the guise of consumer protections and the administration will probably go for it, as we regulate a lot of things based on the assumption that normal people are idiots who have to be protected from themselves. Agreed. It's just so interesting that when the big money boys place their ginormous bets via buys, sells, shorts, puts, calls, etc is a-OK. But when the little guys do it - it's BAD AND WRONG.
|
|
|
Post by ~summer~ on Jan 28, 2021 15:25:20 GMT
My kid has been obsessively keeping me apprised of this story - he invested all his money in it earlier so has been watching it climb. I keep telling him to sell!
|
|
peabay
Prolific Pea
Posts: 9,630
Jun 25, 2014 19:50:41 GMT
|
Post by peabay on Jan 28, 2021 15:27:54 GMT
Of course. They're not into a fair system. We've all known that for years, if not decades. If you listen to Chamath above - he says one of the things he appreciates is that it was all done transparently - unlike when the big money boys get together to decide which company lives or dies based on their well-placed shorts and people's and trading algorithm follows of those shorts. I agree. Don't get me wrong, I like this story. But I also worked in finance for a long time and perhaps it made me too cynical. I just can't look at this as having any kind of long-term impact except all of finance ratcheting up their lobbying efforts and calling in whatever company to company favors that are needed to prevent something like this from happening again. And they'll do it under the guise of consumer protections and the administration will probably go for it, as we regulate a lot of things based on the assumption that normal people are idiots who have to be protected from themselves. and we regulate a lot of things because the rich can afford lobbyists who will advocate for these regulations (ironically.) And this is from the person who lives among the hedge funds and who has many, many friends who make their livings at them.
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 15:30:55 GMT
Robinhood has already blocked GameStop (and other brands in this) trading... Yep and the talk of class action suit against them is starting. Allowing you to sell a stock but not buy it seems an interesting idea for a stock TRADING app.
|
|
naby64
Drama Llama
Posts: 5,954
Jun 25, 2014 21:44:13 GMT
|
Post by naby64 on Jan 28, 2021 15:33:54 GMT
I only have a stake in it due to my boys putting a lot of money into GameStop over the years. DH and I were watching the news last night and he said it made him think of Trading Places with Eddie Murphy and Dan Ackroyd. When they decided to get back at the Dukes. "wait, wait, not yet...Sell yada yada"
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 15:34:30 GMT
I'd love to know what those mark-to-market margin calls were like over the last few days.
|
|
|
Post by MissBianca on Jan 28, 2021 15:35:21 GMT
My kid has been obsessively keeping me apprised of this story - he invested all his money in it earlier so has been watching it climb. I keep telling him to sell! DS24 pulled out his seed money 2 days ago, now he’s just playing with house money. I’d tell your son to pull his original deposit now.
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 15:35:36 GMT
I disagree this is a good thing. It’s not just GameStop. This Reddit group targeted multiple businesses. I remember AMC was one other. No matter what “side” one is on (here we go again with my side-your side) manipulating the stock market is wrong.
|
|
|
Post by mom on Jan 28, 2021 15:37:27 GMT
Robinhood has already blocked GameStop (and other brands in this) trading... Yep and the talk of class action suit against them is starting. Allowing you to sell a stock but not buy it seems an interesting idea for a stock TRADING app. As they should.
|
|
|
Post by ~summer~ on Jan 28, 2021 15:39:41 GMT
My kid has been obsessively keeping me apprised of this story - he invested all his money in it earlier so has been watching it climb. I keep telling him to sell! DS24 pulled out his seed money 2 days ago, now he’s just playing with house money. I’d tell your son to pull his original deposit now. I did!
|
|
|
Post by myshelly on Jan 28, 2021 15:40:12 GMT
I disagree this is a good thing. It’s not just GameStop. This Reddit group targeted multiple businesses. I remember AMC was one other. No matter what “side” one is on (here we go again with my side-your side) manipulating the stock market is wrong. But manipulation is essentially all the stock market is.
|
|
|
Post by shutterbug2sue on Jan 28, 2021 15:48:05 GMT
I disagree this is a good thing. It’s not just GameStop. This Reddit group targeted multiple businesses. I remember AMC was one other. No matter what “side” one is on (here we go again with my side-your side) manipulating the stock market is wrong. But manipulation is essentially all the stock market is. The retail traders (working class) are doing the same as the hedge fund managers have been doing all along. It's been transparent with the redditors, not so with the hedge fund managers. Hedge funds deliberately short stocks and they can never make any gains - until like this where the redditors have created a movement to work together. I am enjoying the do as I say but not as I do movement.
|
|
|
Post by femalebusiness on Jan 28, 2021 16:29:03 GMT
My kid has been obsessively keeping me apprised of this story - he invested all his money in it earlier so has been watching it climb. I keep telling him to sell! DS24 pulled out his seed money 2 days ago, now he’s just playing with house money. I’d tell your son to pull his original deposit now. That is the way to play that game. Smart guy.
|
|
|
Post by Darcy Collins on Jan 28, 2021 16:35:32 GMT
This is nothing new. Hell 20 years ago it was aol and yahoo message boards pumping and dumping penny stocks. If these people think that they can keep these stocks high long term with no company fundamentals - I can introduce them to a whole lot of dotcom "millionaires" who failed to get off the merry-go-round before the music stopped.
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 16:39:44 GMT
It's already lost half of it's early morning value today. Funny what happens when the big money shuts down buying but not selling
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 16:55:12 GMT
|
|
Deleted
Posts: 0
Jun 2, 2024 11:29:07 GMT
|
Post by Deleted on Jan 28, 2021 16:55:40 GMT
|
|