How 'bout them Gamestop stocks?

[Gario]

Power to the players, amirite?

So yeah, a bunch of Redditors from the forum "WallStreetBets" discovered that a hedge fund called "Melvin Capital" had shorted Gamestop for a whopping 140% of their stock, and these online day traders found an opportunity to really screw those guys and buy out the entire stock.

Then hold it indefinitely.

The stock has jumped about 1000% or more in a week because of this, and likely knocked Melvin Capital out of business because of this. Good riddance, I say.

Because this squeeze affected other hedge funds and Wall Street in general there are folk that have tried to stop the climb in Gamestop's stock, using various methods like selling a bunch of their own stock at once to create a panic sell and having the Robinhood app lock out purchasing of GME stock unless you demonstrate having liquid equity worth $25K or more (and even some reports of Robinhood selling people's stock without their permission).

This has caused a lot of very wealthy people to sweat bullets over where this kind of action could be taken next. Let's see what happens, eh?

[Tony-DarkGrave]

I switched to fidelity I plan on buying some AMC NOK BB PLTR, the price of entry for GME is too high now, I dumped Robin hood after this and because of this users are starting a class action lawsuit after restricting trade. Robinson wants to go public as an IPO and this has ruined their chances if they do they're going to get shorted into oblivion in retribution and I would help. AOC streamed on twitch about it and apparently there are some members of Congress who aren't happy either.

OPEN A FIDELITY ACCOUNT HERE

BUY AMC NOK BB PLTR FUCK ROBINHOOD HOLD YOUR STOCKS!

[Fim]

Ngl I absolutely love this story.

[Gario]

Just a reminder to folk that while people on here might want to sound like experts, most likely they are not, so whatever you do with this news or information please be responsible with it. Good general information is simply never to put more money into something than you're willing to lose, because there is a good shot you could lose it.

Just wanted to put that out there. :3

[EdyKel]

It's always been this broken, and treated like a casino, but now you got those same people/groups crying foul over what just happened.

Here's a good entry level article on all of this: What is Wall Street Bets, the upstart Reddit group that is pummeling Wall Street?

[DamnedByFate]

At 1/29/21 02:16 AM, Gario wrote:had shorted Gamestop for a whopping 140% of their stock

Why the fuck is this even possible?

[Tony-DarkGrave]

GME IS UP 45% AFTER ROBINHOOD FREEZE LET'S GOOOOO!

[Tony-DarkGrave]

At 1/29/21 12:50 PM, DamnedByFate wrote:

At 1/29/21 02:16 AM, Gario wrote:had shorted Gamestop for a whopping 140% of their stock

Why the fuck is this even possible?

Watch this video it'll explain everything very well. It shows how the hedge funds are getting screwed!

[Tony-DarkGrave]

HOLD!!

[Aaron-Chandler]

A valid outrage. Wonder which wing is going to take over the narrative on this one and turn it into an excuse to riot this time. (I wonder how many even remember George)

[Gario]

At 1/29/21 04:17 PM, Aaron-Chandler wrote:A valid outrage. Wonder which wing is going to take over the narrative on this one and turn it into an excuse to riot this time. (I wonder how many even remember George)

aaron, please don't race bait or do your "dems/reps are bad and the same" in here, this thread is about the stock market, for god's sake, and has little to do with political parties right now

stick with the topic or go away, plz

[Tony-DarkGrave]

heres a AMC BB and GME overlay nice and steady

I LIKE THESE STOCKS!

[Tony-DarkGrave]

At 1/29/21 12:50 PM, DamnedByFate wrote:

At 1/29/21 02:16 AM, Gario wrote:had shorted Gamestop for a whopping 140% of their stock

Why the fuck is this even possible?

oh and I forgot to say its not that sir is Naked Selling and that is suuper illegal!

[Curtains-Joe]

I don't know if all this monkey business is particularly clever.

[Tony-DarkGrave]

At 1/29/21 06:37 PM, Forty-Eight wrote:I don't know if all this monkey business is particularly clever.

its clever it showed that there were hedges naked shorting and proving you can make a buck plus its completely legal because it doesn't violate and laws or regulations by The SEC. its just a bunch of ReTaRdS posting and hyping stocks on a public forum board!

it also prove that this isn't a rich guy club anymore and people are picking sides. Elizabeth Warren has picked her side with Wall Street! along side RobinHood.

[Curtains-Joe]

At 1/29/21 06:44 PM, Tony-DarkGrave wrote:

At 1/29/21 06:37 PM, Forty-Eight wrote:I don't know if all this monkey business is particularly clever.

its clever it showed that there were hedges naked shorting and proving you can make a buck plus its completely legal because it doesn't violate and laws or regulations by The SEC. its just a bunch of ReTaRdS posting and hyping stocks on a public forum board!

Just messing around with that quantity of money, with both sides trying to out-do each other makes me a bit uneasy.

[Tony-DarkGrave]

At 1/29/21 06:51 PM, Forty-Eight wrote:Just messing around with that quantity of money, with both sides trying to out-do each other makes me a bit uneasy.

the hedges were naked selling and people bought up stock so it would invalidate their short position which drives the price even higher, the more people bought and the more shorts getting took out means more valued the stock.

here's a little snapshot from my Fidelity chart on GME for the last two days the more it dipped in price and volume of stocks sole the higher the purchase of stock volume being bought exceeded. the top pane is price and the bottom is volume.

[EdyKel]

At 1/29/21 06:44 PM, Tony-DarkGrave wrote:

At 1/29/21 06:37 PM, Forty-Eight wrote:I don't know if all this monkey business is particularly clever.

its clever it showed that there were hedges naked shorting and proving you can make a buck plus its completely legal because it doesn't violate and laws or regulations by The SEC. its just a bunch of ReTaRdS posting and hyping stocks on a public forum board!
it also prove that this isn't a rich guy club anymore and people are picking sides. Elizabeth Warren has picked her side with Wall Street! along side RobinHood.

Really?

She is saying that the SEC has allowed the insiders of Wall Street to do this shit for years, which led to the hedge funds in the first place and why stocks are soaring in a semi-economic recession, and it's time they do their job in clamping down on them. Even without the SEC involvement, the very thing that Wallstreetbets is doing is coming to an end, because it has become unsustainable. If hedge fund are going out of business over this, how long do you think this will whole thing will last?

Sen. Elizabeth Warren (D-Mass.) put Wall Street on notice Wednesday amid the ongoing David and Goliath battle over GameStop stock organized by a group of Reddit users.

“With stocks soaring while millions are out of work and struggling to pay bills, it’s not news that the stock market doesn’t reflect our actual economy,” Warren said in a statement.

It’s true: Despite the coronavirus pandemic that caused skyrocketing unemployment, the stock market has soared to record heights over the last year, underscoring that it does not offer a complete picture of economic health. 

Warren continued: “For years, the same hedge funds, private equity firms, and wealthy investors dismayed by the GameStop trades have treated the stock market like their own personal casino while everyone else pays the price.”

She concluded that it is “long past time” for the Security and Exchange Commission and other regulators “to wake up and do their jobs.”

source

[Tony-DarkGrave]

At 1/29/21 07:06 PM, EdyKel wrote:Really?

She is saying that the SEC has allowed the insiders of Wall Street to do this shit for years, which led to the hedge funds in the first place and why stocks are soaring in a semi-economic recession, and it's time they do their job in clamping down on them. Even without the SEC involvement, the very thing that Wallstreetbets is doing is coming to an end, because it has become unsustainable. If hedge fund are going out of business over this, how long do you think this will whole thing will last if they go broke at the rate this is going?

oh please she calls herself a progressive but at the end of the day she's a bumbling politician she want's clear rules. that means middle of the road moderate policies that usually do jack shit and just benefit these guys screwing us over. this is payback for the 2008 meltdown this is a true Occupy Wallstreet movement not bullshit protesting in parks with cute little chants and signs thinking you're "making a difference" THIS IS HITTING THEM IN THE FUCKING POCKET WHERE IT HURTS. This is a dog whistle for un-needed regulation, this is a failure of the SEC for not seeing these fucks for naked shorting which artificially drives down the price of of stock exponentially which we are seeing the opposite right now trying to fix it.

Two Hedgefunds took the knee because of reddit.

[EdyKel]

At 1/29/21 07:14 PM, Tony-DarkGrave wrote:

At 1/29/21 07:06 PM, EdyKel wrote:Really?

She is saying that the SEC has allowed the insiders of Wall Street to do this shit for years, which led to the hedge funds in the first place and why stocks are soaring in a semi-economic recession, and it's time they do their job in clamping down on them. Even without the SEC involvement, the very thing that Wallstreetbets is doing is coming to an end, because it has become unsustainable. If hedge fund are going out of business over this, how long do you think this will whole thing will last if they go broke at the rate this is going?

oh please she calls herself a progressive but at the end of the day she's a bumbling politician she want's clear rules. that means middle of the road moderate policies that usually do jack shit and just benefit these guys screwing us over. this is payback for the 2008 meltdown this is a true Occupy Wallstreet movement not bullshit protesting in parks with cute little chants and signs thinking you're "making a difference" THIS IS HITTING THEM IN THE FUCKING POCKET WHERE IT HURTS. This is a dog whistle for un-needed regulation, this is a failure of the SEC for not seeing these fucks for naked shorting which artificially drives down the price of of stock exponentially which we are seeing the opposite right now trying to fix it.

Two Hedgefunds took the knee because of reddit.

Yes, it is payback for decades of suffering caused by hedge funds. Now, they are on their knees, and having them investigated on top of this might also put them in jail, and bring their crimes into the open.

This whole thing is basically over, because without hedge funds you literally can't do what just happened - unless they( Wall Street and Hedge funders) change the rules to make it more exclusive so a mob of redditors can't fuck with them, like they just did, in the future. This is why the SEC needs to do their job, now, unless they want to be seen as complicit.

[Gario]

At 1/29/21 07:32 PM, EdyKel wrote:
This whole thing is basically over, because without hedge funds you literally can't do what just happened - unless they( Wall Street and Hedge funders) change the rules to make it more exclusive so a mob of redditors can't fuck with them, like they just did, in the future.

changing the rules so that non-wall street folk cannot enter the market anymore is exactly what i anticipate will happen, by the way

so i'd say this little mutiny will probably spark some bigger shit down the road

[Tony-DarkGrave]

At 1/29/21 07:32 PM, EdyKel wrote:This whole thing is basically over, because without hedge funds you literally can't do what just happened - unless they( Wall Street and Hedge funders) change the rules to make it more exclusive so a mob of redditors can't fuck with them, like they just did, in the future. This is why the SEC needs to do their job, now, unless they want to be seen as complicit.

lol what? WallstreetBets have been doing this for years with stocks and options. just look at their history with TSLA.

[Curtains-Joe]

Yes, Nigel

[Tony-DarkGrave]

At 1/29/21 07:36 PM, Gario wrote:changing the rules so that non-wall street folk cannot enter the market anymore is exactly what i anticipate will happen, by the way

so i'd say this little mutiny will probably spark some bigger shit down the road

I highly doubt that, the economic impact much less the legal ones would be huge maybe catastrophic, it raises the bar to entry so high its fucking unrealistic, only being able to go through licensed brokers? fuck that!

[EdyKel]

At 1/29/21 07:40 PM, Tony-DarkGrave wrote:

At 1/29/21 07:32 PM, EdyKel wrote:This whole thing is basically over, because without hedge funds you literally can't do what just happened - unless they( Wall Street and Hedge funders) change the rules to make it more exclusive so a mob of redditors can't fuck with them, like they just did, in the future. This is why the SEC needs to do their job, now, unless they want to be seen as complicit.

lol what? WallstreetBets have been doing this for years with stocks and options. just look at their history with TSLA.

That may be so, but not to the point of shaking up Wall Street and fucking up hedge fund companies to this extent creating a moden day narrative of David vs Goliath. If Goliath still lives after this, they will will crack down on this for their own self preservation, making it harder for David to fight them.

[Tony-DarkGrave]

At 1/29/21 08:29 PM, EdyKel wrote:
That may be so, but not to the point of shaking up Wall Street and fucking up hedge fund companies to this extent creating a moden day narrative of David vs Goliath. If Goliath still lives after this, they will will crack down on this for their own self preservation, making it harder for David to fight them.

They're starting the process of congressional hearings on the naked selling and those dicks in Robinhood restricting trading, they're have been no calls on regulating retail/day traders so that's a plus and there are plenty of congress members who are PISSED at these hedge funds right now.

[EdyKel]

At 1/29/21 08:45 PM, Zymbot wrote:Bet the Biden administration wasn't expecting this.

It's gotta be scary having chaotic forces fuck around with the stock market. If the economy completely tanks on the Democrat's watch, they are FUCKED. They'd have been better off if Trump won at that point.

The long terms seems to be stable, so it's unlikely it will tank anytime soon. And while the stock market took a hit from this, it was more of a market correction.

[Kel-chan]

Just remember bois and girls the stock market is disconnected from reality and will never crash because the fed will bailout wall street indefinitely. So yes a million dollars may not buy you jack shit but the DJIA will be 10 trillion

[DamnedByFate]

At 1/29/21 07:36 PM, Gario wrote:

At 1/29/21 07:32 PM, EdyKel wrote:
This whole thing is basically over, because without hedge funds you literally can't do what just happened - unless they( Wall Street and Hedge funders) change the rules to make it more exclusive so a mob of redditors can't fuck with them, like they just did, in the future.

changing the rules so that non-wall street folk cannot enter the market anymore is exactly what i anticipate will happen, by the way

So much for that free market fetishism.

[Fim]

At 1/29/21 08:45 PM, Zymbot wrote:Bet the Biden administration wasn't expecting this.

It's gotta be scary having chaotic forces fuck around with the stock market. If the economy completely tanks on the Democrat's watch, they are FUCKED. They'd have been better off if Trump won at that point.

I fail to see how these shenanigans have anything to do with either political party. Plus this kind of short term volatility will likely blow itself out in a fortnight, I'm happy for you to quote me on that. If you want to draw any conclusions on the stock market / economy I feel like you need to leave it longer than a week...