Some smart person explain the GME (gamestop) thing

[MTT]

There are public SEC filings of a number of large funds that took that opposite position (Blackrock, Fidelity, DFA, RC Ventures). All took substantial ownership (8-13%) of GME at the tail end of last year. They clearly were setting themselves up to profit on the over shorted position of Melvin, etc.


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That's Interesting. So other big funds were positioned to get a little blood from the guys a couple floor's down? And we're impacted by what happened today?

[Cono Este]

Right now my play is to hang on to as much stock remaining as possible selling the highest call strike for the highest IV. Then buying back the calls to roll diagonally. So far so good. Another week and the premium gains will be also as much as the stock.

If it’s really hard to borrow the skew must be all screwed up. Fun times.


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[MTT]

I don't look at Twitter.

This seemed straight forward. The Reddit group intentionally bought stocks that were being shorted by hedge funds for the sole purpose of hurting the funds. And it went viral. And then illegal shit happens to save the institutional money. And I don't think this is just gonna die down.
Only thing I'm waiting for now is to see what happens to Rainbow?
And how long before GameStop does go under? Or do they use the Capitol to reinvent themselves?

And
And.
Had to get that out of my system.
Watched Finding Forrester. The other night

[LeeLau]

If it’s really hard to borrow the skew must be all screwed up. Fun times.


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The ratio, the skew, even the greeks all fucked up for everyone except the chosen autistic few who own the underlying...it's fun taking Ken Griffins money

[MakersTeleMark]

Ha! That's the most perfect explanation I've seen. WoW raids were epic back in the day. Wanna see people take this stuff next level tho? Check out the EVE Online crowd. Those guys go bonkers with their spreadsheets and epic space battles. Intergalactic financial wars and stuff. Wall Streets got nothing on that community. That could very well be the Redditors they're dealing with.

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Just like a hype train on twitch. But good luck telling that to a FTC chair or god forbid the Board of the stock exchange.

[MakersTeleMark]

Serious question.

If this pressure point exists, and is presumably profitable, why hasn’t some smart dude with access large sums of money hasn’t done it already? I assume some other smart trader could have done the same thing to Melvin that reddit did? (Pretty sure Lee Lau has explained similar things happening, maybe I am misunderstanding.)

Is it illegal for Jim Cramer to get on TV and say “hey, this stock is being shorted in a stupid way, you should buy it and make money the same way those reddit guys did.?

If you don't think this has been happening from a steal 1 dollar from 10k rather than 10k from 1, you are naive.

[MakersTeleMark]

That's neat that you think there's gonna be a fire sale on vacant strip mall property in the middle of a pandemic.

What I can tell you is the REITs that own the strip malls have mortgagees to answer to as well. One more vacancy in the name of an internet mob casualty will look just like the vacant 10,000 sq/ft next to it. Wanna buy?

I can point you to multiple mega sq ft spaces in a resort area that are happy to be vacant.

[billyk]

Robinhood saved the hedge funds billions today by letting them drive the price down. Making the short positions hurt a bit less.

Good piece by Tucker. He actually comes out and accuses the hedge funds of being behind the Robinhood manipulation of the stock price by only allowing sell orders.

Makes me think back to last spring when Robinhood shut down while USO tanked. Who benefited from that? Was it the hedge funds? It sure wasn’t the retail customers.

As Tucker said (and as I thought yesterday before seeing Tucker say it), when AOC and Trump are on the same side of an issue, you know something is not right.

[DeathRaven]

Robinhood saved the hedge funds billions today by letting them drive the price down. Making the short positions hurt a bit less.

Talk about manipulating markets? Robin hood is owned by Citadel. After call from the White House (Yellen's gotten close to 1m in speaking fees from Citadel in recent years, and press demon Psaki's brother Jeff just happens to be a PM there) they restricted buy orders....to prevent more buyers from continuing to drive the price up. Then, they sold out customer positions in GME without authorization at the lows. Both of these actions are illegal. FINRA and SEC are looking into it, although Peter Strozk's wife is the new head of enforcement at the SEC. Hrm.

Just sit back with popcorn and watch the White House try to protect Wall Street now that the common folk have big time DNC contributors by the short and curlies. It will be glorious watching the funds try to rebuy the stock they borrowed and is due today. The unwashed masses just have to HODL and watch Wall Street burn. Between executive orders, job loss, inability to instantly cure corona, throwing away energy independence, Wall St burning down and military occupation of DC the Xoe Biedeng regime is off to an amazing start.

[Stu Gotz]

Here’s a good overview of the “plumbing” issues that have befuddled RH.

https://mobile.twitter.com/KralcTreb...52686165225478

People are looking for some evil motive, but I think it’s just an undercapitalized firm made up of software engineers with horrible risk management.

[MontuckyFried]

[pepperdawg]

moving to silver - see MUX etc..

[kathleenturneroverdrive]

Talk about manipulating markets? Robin hood is owned by Citadel. After call from the White House (Yellen's gotten close to 1m in speaking fees from Citadel in recent years, and press demon Psaki's brother Jeff just happens to be a PM there) they restricted buy orders....to prevent more buyers from continuing to drive the price up. Then, they sold out customer positions in GME without authorization at the lows. Both of these actions are illegal. FINRA and SEC are looking into it, although Peter Strozk's wife is the new head of enforcement at the SEC. Hrm.

I’ve seen rumors of what you’re talking about here, but robinhood auto-selling for people and the WH call are, from what I understand right now, likely fake/at least unsubstantiated.

That said, I know your political POV. And I’m about as far on the other end of the political spectrum as you can get. But you know what? I’ve got money in GME, and I hope you do too. I hope you get rich off these hedge funds. This has to be the most politically unifying event I’ve seen in years. Loving it.

[Skidog]

This has to be the most politically unifying event I’ve seen in years. Loving it.

This is exactly my thought.

[smartyiak]

Question: What does Gamestop do with this new found "wealth?"

Aside from the old "something's worth what someone's will to pay for it," there's no way Gamestop is worth what it's trading at. I assume that when the price goes back down, Gamestop goes out of business.

Assuming they want to keep operating, what does their board do NOW to help them survive over the long haul.

(note: I am not a dental trader and I don't own any stock...just curious if some of you execs mulled this over while using the upstairs bathroom)

[Timberridge]

Question: What does Gamestop do with this new found "wealth?"

They buy Microsoft.

Aside from the old "something's worth what someone's will to pay for it," there's no way Gamestop is worth what it's trading at.

Perhaps . But if you buy a $5 stock for $500, one should have a reasonable expectation that there is someone else out there to buy it for say, $600. Now, at some point, lets say $1,000, that pool of potential buyers dries up. At which point you will want to sell it for $999.99. So it could be worth $999.99. Theoretically.

[DeathRaven]

I’ve seen rumors of what you’re talking about here, but robinhood auto-selling for people and the WH call are, from what I understand right now, likely fake/at least unsubstantiated.

That said, I know your political POV. And I’m about as far on the other end of the political spectrum as you can get. But you know what? I’ve got money in GME, and I hope you do too. I hope you get rich off these hedge funds. This has to be the most politically unifying event I’ve seen in years. Loving it.

To the moon! I don't care what your politics are, I hope you (and many others) score big! Don't fucking sell - these hedgie scummers have to cover their shorts today so if you keep holding their forced buying will just drive prices higher while these scumbags go bankrupt. Once they're dead it's time to take profit before the stock price starts to normalize. As someone else mentioned here, JPM's about to feel the squeeze on silver.

Power to the people!

[Woodsy]

They buy Microsoft.


Perhaps . But if you buy a $5 stock for $500, one should have a reasonable expectation that there is someone else out there to buy it for say, $600. Now, at some point, lets say $1,000, that pool of potential buyers dries up. At which point you will want to sell it for $999.99. So it could be worth $999.99. Theoretically.

sounds just like Bitcoin

[Timberridge]

To the moon! I don't care what your politics are, I hope you (and many others) score big! Don't fucking sell - these hedgie scummers have to cover their shorts today so if you keep holding their forced buying will just drive prices higher while these scumbags go bankrupt. Once they're dead it's time to take profit before the stock price starts to normalize. As someone else mentioned here, JPM's about to feel the squeeze on silver.

Power to the people!

Son, the market is no place for emotions, vendettas, or politics. It's just numbers dancing on the screen.

[DeathRaven]

Son, the market is no place for emotions, vendettas, or politics. It's just numbers dancing on the screen.

Solid advice, but emotions & politics often determine the music that those numbers dance to. I dance in response to realized gains, but would be perfectly willing to watch my GME investment evaporate just to help do my part and stick it to these greedy dicklickers. In this case, there is a strong chance of having my cake, and eating it too. So I've got that going for me....which is nice.

[rod9301]

Covered my shorts yesterday, at around 160, not bad for 3 days

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[Benny Profane]

ANGRY HEDGE FUND BILLIONAIRE LEON COOPERMAN IS MAD AT GAMESTOP REDDITORS FOR “ATTACKING WEALTHY PEOPLE”




https://www.vanityfair.com/news/2021...-gamestop-rant

[Benny Profane]

Son, the market is no place for emotions, vendettas, or politics. It's just numbers dancing on the screen.

Here here.

[Benny Profane]

I’ve seen rumors of what you’re talking about here, but robinhood auto-selling for people and the WH call are, from what I understand right now, likely fake/at least unsubstantiated.

That said, I know your political POV. And I’m about as far on the other end of the political spectrum as you can get. But you know what? I’ve got money in GME, and I hope you do too. I hope you get rich off these hedge funds. This has to be the most politically unifying event I’ve seen in years. Loving it.

Not...quite.

https://www.cnn.com/2021/01/28/polit...ack/index.html

[k2skier112]

Short selling needs to be illegal, period.

Is there an example where it helps the business?