10 minutes ago, YABO713 said:

In this specific instance, though, the entire strategy was to accumulate a position against the funds' shorts, which expire tomorrow, and then go for the ride as the funds were forced to purchase the float to offset their losses. 

 

What's the issue?  They flipped the strategy against the hedge funds who had accumulated a 100+% short position.

 

Don't take the short position if you're not ready for the risk.

8 minutes ago, YABO713 said:

 

In this specific instance, though, the entire strategy was to accumulate a position against the funds' shorts, which expire tomorrow, and then go for the ride as the funds were forced to purchase the float to offset their losses. 

Right, and a few creative individuals found a flaw in the system and attacked that flank. Some of them will reap huge rewards. Many of the short sellers will get crushed. Many of them have a the ability to take such a loss, and they deserve to take the loss. Yes, there will likely be a few regular people who got caught up in the excitement and got involved in something they never should have, such is life and they will likely make it through too. 

 

The thing is, now the market is going to price in this risk, and institutions who use computer algorithims for many of their shorts, will need to readjust these to account for the new risks.

1 minute ago, DarkandStormy said:

 

What's the issue?  They flipped the strategy against the hedge funds who had accumulated a 100+% short position.

 

Don't take the short position if you're not ready for the risk.

This 1000% 

Well, our friend Gamestop opened at $260 and has rocketing toward $500 within 30 minutes.  

18 hours ago, YABO713 said:

FWIW - I'll share my anecdote:

 

I hitched my wagon to NOK two days ago - and bought a lot of call options at $5

 

I'm not wealthy - but I'm blessed enough to have a job that pays me very well to practice law. Having said that, I still have $74,000 in student debt. Beyond that, my dad has surgery on Monday on his tongue for perinerual spread of a tumor that had been removed on his tongue. He'll be out of work for 4 months minimum, and will have to use all of his sick time because (as of now) he does not qualify for FMLA. (Because he's 64 and previously had cancer and took 5 weeks off work in late March to mid-May because he was very high risk for Covid. 

 

My mom owns a small business that constantly requires capital to continue to grow - as such, she and my dad have relied primarily on my dad's income for mortgage, groceries, etc. I plan on selling the rest of my NOK tomorrow and have already sold enough to ensure my profit. If NOK holds steady or increases tomorrow, I will be able to pay down 10% of my student loans (if I so choose - though I may reinvest in a less YOLO fashion), and I can pull 2-3 months of living expenses for my parents, just in case my dad's recovery takes longer than expected. 

 

In sum: I'm not sure that this is a net benefit for society, as I think a lot of unsophisticated investors might lose everything on a whim. But to say this hasn't become an equitable moment for retail investors like myself, isn't entirely true - at least in my case. 

 

What is a "net benefit," though?  This is basically just legalized gambling...and gambling is legal in many places.  So should we place restrictions on (or outlaw entirely) gambling?  Casinos?  Sports?  Horse races?  Etc.

 

There is risk in all of them.  In theory, these people read through the disclosures before placing their trades.

Robinhood Stops GME and AMC Stock Trading, Outraging Investors

 

https://www.newsweek.com/robinhood-stops-gamestop-amc-stock-trading-1565122

 

Never seen anything like it.

 

Just now, Gramarye said:

Robinhood Stops GME and AMC Stock Trading, Outraging Investors

 

https://www.newsweek.com/robinhood-stops-gamestop-amc-stock-trading-1565122

 

Never seen anything like it.

 

They need to change the rules when the little guy is winning

46 minutes ago, YABO713 said:

The inevitable class action against Robinhood is probably going to bankrupt the platform. This is wild. 

Yeah I was willing to look the other way when there were outages due to wild days on wallstreet, but to specifically stop people from buying certain stocks 'for your own protection' has rubbed me and a lot of people the wrong way. What platform do we move to? Webull?

17 minutes ago, originaljbw said:

 Webull?

 

I just logged into my Webull account and it appears that you can buy/sell GME, but I'm not completely certain because I don't have any cash sitting in that account.  

From $260 to $480 back to $260 before lunchtime.  Who are all of these fools?  

Apparently Robinhood can only sell, not buy.  

8 minutes ago, jmecklenborg said:

From $260 to $480 back to $260 before lunchtime.  Who are all of these fools?  

 

If you listen to fools, The Mob Rules

 

 

 

Forget GME, AMC, NOK, BB...buy up Blockbuster lol

Stonks

28 minutes ago, GCrites80s said:

 

If you listen to fools, The Mob Rules

 

 

 

We had a brief low of $113.  That price is going to look gigantic in by the closing bell on Friday.  

 

1 minute ago, jmecklenborg said:

We had a brief low of $113.  That price is going to look gigantic in by the closing bell on Friday.  

 

Bunch of options expire tomorrow on GME.

50 minutes ago, jmecklenborg said:

Apparently Robinhood can only sell, not buy.  

 

Which seems really shady to me, because it seems to create a compound selling pressure.

MACE, a Cleveland company that makes the pepper spray and other security products, was named to the top 50 (21st place) OTCQX list.  It's a penny stock (about 40 cents/share, up from 14 cents a year ago) that has growing value and earnings power.  I thought they would do a reverse split after a very successful year, but they didn't.

 

 

1 hour ago, jmecklenborg said:

 

I just logged into my Webull account and it appears that you can buy/sell GME, but I'm not completely certain because I don't have any cash sitting in that account.  

 

Don't forget about SoFi

25 minutes ago, Gramarye said:

 

Which seems really shady to me, because it seems to create a compound selling pressure.

Right--and with anger being directed at Robinhood right now, I wouldn't be surprised to see lots of users pulling their accounts and moving elsewhere.   

*shameless self-promotion alert*

 

if you want a code to get free stocks on Robinhood or WeBull, PM me (I'll get a free stock in return)

 

if you have a code for another broker/platform...also PM me lol

Between Citadel/Robinhood connection with hedge funds and then only allowing people to sell, I don't see how they are not losers of the class action lawsuit.  These massive hedge funds manipulate the market constantly.  It's about time they got a taste of their own medicine. 

"Tech" being scammy and crooked? No way!

On my lunch break I saw someone on Twitter post a screen shot of what their TD Ameritrade phone app said.  It was different than what I saw on my desktop login.  

 

I can't confirm this because I didn't attempt to buy or sell but we're now in a pretty unique situation where the same account might have two sets of permissions based on how the user logs in, be it phone app or desktop.  

 

 

Phones don't match desktop numbers all the time. Phones don't even match other phones. Desktops match each other reliably. This goes for things like Amazon and eBay as well.

Ahem:

Quote

 

GameStop Corp. GME, -33.35% disclosed early Thursday that one of its largest shareholders, South Korea-based MUST Asset Management Inc., no longer held any shares of the videogame and consumer electronic retailer’s shares.

 

MUST had previously owned 3.3 million shares, or about 4.7% of the shares outstanding, which made it GameStop’s ninth largest shareholder, according to data provided by FactSet.

 

The 3.3 million-share stake was first disclosed before the March 20, 2020 open, when it represented 5.0% of the shares outstanding at the time.

 

GameStop’s stock had closed on March 19, 2020 at $4.19, which means 3.3 million shares would be worth about $13.8 million. At Wednesday’s closing price of $347.51, 3.3 million shares would be worth $1,15 billion, representing an increase of about $1.13 billion.

 

 

More:

Quote

 

Ryan Cohen, who manages activist investor RC Ventures LLC, which is GameStop’s second-largest shareholder, owned 9,001,000 shares, or 12.9% of the shares outstanding, according to a filing with the Securities and Exchange Commission before the Jan. 11 open. GameStop had also announced early Jan. 11 that it agreed with RC Ventures to add Cohen to its board of directors, as well as Alan Attal and Jim Grube.

 

Based on the Jan. 8 closing price of $17.69, Cohen’s stake was worth $159.2 million. As of Wednesday’s close, that stake would have been worth $3.13 billion, if Cohen sold.

 

 

1 hour ago, DarkandStormy said:

*shameless self-promotion alert*

 

if you want a code to get free stocks on Robinhood or WeBull, PM me (I'll get a free stock in return)

 

if you have a code for another broker/platform...also PM me lol

 

Here's mine, looks like it's getting a 404 error code - not sure why? We both get bonuses too, not sure about rules though...

 

https://www.sofi.com/share/invest/3504292?src=copy or https://www.sofi.com/share/invest/3504292

 

Here are some screenshots: https://www.google.com/search?q=sofi+invest+screenshot&rlz=1C1ONGR_enUS929US931&sxsrf=ALeKk02flMQ_dtDiKEUDZtz3ylLKWbGRig:1611858739153&source=lnms&tbm=isch&sa=X&ved=2ahUKEwjAx8zcob_uAhWwmuAKHVUaBU0Q_AUoA3oECAEQBQ

 

 

You can obtain very competitive home, student, personal loans. Buy and sell stock. Link all credit cards, bills, etc. Earn decent interest on checking accounts. Trade cryptocurrency ... Awesome credit card benefits. And you also get a free one-on-one personal financial planner. I'm getting close, but I'm working on bringing everything over to SoFi. I like the idea that my personal bank is also my stock trading, investing, retirement, credit card and loan institution. There's also a merger in the works from what I'm seeing to bring brick and mortar bank locations. I came from Capital One checking, so it hasn't been an issue anyway.

 

 

not sure what will come of this. But AOC has called for hearings and ted Cruz even joined the chorus.

34 minutes ago, GCrites80s said:

Phones don't match desktop numbers all the time. Phones don't even match other phones. Desktops match each other reliably. This goes for things like Amazon and eBay as well.

 

I want to expand on this with a little more detail:

 

Incident 1: Customer comes in with a Godzilla DVD set and the Amazon listing pulled up on his phone. 248 dollars! "How much you gonna give me for it??? Don't rip me off!!" I declined the item saying that it's going to sit forever. 10 minutes later I look it up on Amazon and it's $62.

 

Incident 2: What movie to watch? Someone has an idea. It's called (whatever it was). Let's all pull it up on our phones so we can see what Rotten Tomatoes score it got! I make a "White Guys in their 20smatoes" joke and don't look it up myself. Well, nobody's listings match up. They're all different films with roughly the same name from all different countries. When a movie does match up the scores on different people's phones don't match up. Back and forth for 10-15 minutes. Open up the streaming service and find one of the movies with the same name. Is it the same one that got 100%. We don't know. We watch it anyway. We have to get all the way through it to determine it's not.

 

Incident 3: Harvesting corn AKA "getting the corn off". Farmer and I are on the combine. We both pull up our phones to see how much we are going to get per bushel. Same website, same graineries, different numbers. Which is extra weird since graineries lock their offers for 3-4 weeks at a time so that everybody doesn't show up with their grain at once on an up day.

https://twitter.com/JeremyLayt0n/status/1354525155779895301?ref_src=twsrc^tfw

Edited January 28, 20214 yr by Cincinnatus

Hey GME's back up to $250 from its 11AM nadir of $126.

 

Puke and rally

So did this wild spike happen at 2pm or not?  Google sez yes.  TD Ameritrade sez no.  This gets back to the point that everybody isn't looking at the same information.  I've also seen that the morning low of $113 was revised to $112.  

 

 

I didn't see it. I was watching it live at the time. Yahoo Finance's graph also does not show it.

ARE YOU READY TO RUMMMMMBLE?!!!!!!!

 

Here is TD's warning statement as of 9:00EDT:

 

Honestly might take another waiver and buy some NOK calls. They're priced pretty damn well 

 

On 1/28/2021 at 11:35 AM, jmecklenborg said:

We had a brief low of $113.  That price is going to look gigantic in by the closing bell on Friday.  

 

Hope you didn't buy any puts!

The short contracts don't all expire at the same time so the funds that shorted them keep having to buy more shares. That makes this somewhat open-ended.

Blackrock filed a 13G reporting yesterday they had increased their share ownership of Athersys (ATHX) by about 3.5 million shares to 6.9% of the outstanding common. The triggering date was reported as Dec 31, 2020, so they bought during Dec.

30 minutes ago, DarkandStormy said:

 

Hope you didn't buy any puts!

 

 

I am watching all of this from the sidelines.  I'm too busy at work to participate in stuff like this.  But with so many people working remotely they don't have their boss sneaking up behind them and seeing them on stock trading sites...so no doubt tens of thousands of Americans who are on the clock have two screens up.  

I'd be stunned if this hadn't happened with at least a couple of institutional investors in GameStop, too:

 

https://www.abi.org/newsroom/bankruptcy-headlines/reddit-ignites-mall-stock-and-fund-cashes-out-500-million

 

Reddit Ignites Mall Stock and Fund Cashes Out $500 Million

 

The largest shareholder in high-end mall owner Macerich Co. sold its entire holding for nearly $500 million when the stock soared after being touted on Reddit ... Ontario Teachers’ Pension Plan sold 24.56 million shares on Wednesday at an average price of $20.25 a share, according to details in an amended 13D. The Canadian fund had owned 16.4% of the company, according to data complied by Bloomberg .... comments began appearing on Reddit boards including r/wallstreetbets, the subreddit now famous for helping to fuel an astonishing rise in GameStop Corp., AMC Entertainment Holdings Inc. and other heavily-shorted or out-of-favor stocks. Macerich shares jumped 68% in four trading sessions and reached about $26 at one point on Wednesday on frenetic volume — allowing Ontario Teachers to get out.

 

=============================================

 

Pension funds, university endowments, and other such institutional investors tend to move much more slowly than hedge funds and private equity firms, but they can move.  And if I were a pension fund sitting on any GameStop stock, I'd have sold every single share into this short squeeze so far.  Let some of the shorts close their positions with you at sky-high prices (even if it could go even higher).  Buy back in after the fall if you really want.

I'm getting a sense that these stock choices are nostalgia for an economy not dominated by FAANG.

On 1/28/2021 at 11:35 AM, jmecklenborg said:

We had a brief low of $113.  That price is going to look gigantic in by the closing bell on Friday.  

 

You missed by $215 as GME closed at $328.

1 minute ago, DarkandStormy said:

 

You missed by $215 as GME closed at $328.

 

I didn't say which Friday.  

The Tennessean digs into Dave Ramsey's company culture...Dave carrying a gun in the office, firing employees because their spouse's Facebook postings, etc.:

https://www.tennessean.com/story/money/2021/01/29/is-dave-ramseys-empire-best-place-work-america/4281535001/

 

Toward the end of the article they describe Ramsey co-host Chris Hogan's affair.  If you are unfamiliar with the show, Ramsey has about 6-7 rotating co-hosts being prepped to take over for him.  By far, Chris Hogan is the best.  This obsession with avoiding adultery makes me suspect that 'ol Dave has a few skeletons in his closet.  

Bootstraps = private vice

I had a couple of friends make over $10k on this GME craziness. Looks like there's a push on wallstreetbets for AMC this morning (more in particular). Missed out on the GME, so going for the AMC wave!