GameStop/Reddit vs. Big Financial

[Gd999]

Here is a good write up of the situation.

is the squeeze squoze yet?

no.

isthesqueezesquoze.com

 

[BugI02]

It's not a bubble or like BTC. It's fundamental meta analysis of the underlying market conditions (as opposed to theoretical book value of GME etc.) The hedgefunds have to cover, legally. Citadel & co are screwing the retail, cash traders out.

Please note the color highlighting. I was responding to the thought "Some from the beginning will make money. Most will lose." in the post I quoted, hence the reference to BTC

 

[Rookie]

Losses on short positions in U.S. firms top $70 billion - Ortex data

Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.

www.reuters.com

 

[BugI02]

A lot of redditors are going to lose their butts. Many of them putting their rent on credit cards to free up cash for investing. The early birds will win and all the bandwagon jumpers will eat it. It’s just a Ponzi scheme.

Also, aren’t there a lot of retirement accounts tied into these big hedge funds. I wonder how they’re being impacted?

I don't believe any hedge fund meets the criteria to be an investment in an institutionally managed retirement fund. If the account holder was able to be self-directed and elected to invest in an opaque, dark money investment scheme then they will get exactly what they deserve. Caveat emptor

 

[MinuteManMike]

I really want to correct the “hoist upon their own petard” but it actually kinda works.

I coined that myself some years back, talking about myself at the time, actually.

This whole Gamestop thing is insane, but it's only possible because of the insanity of the stock market in the first place. It's become this gross, stupid thing that isn't about anything but wealth extraction from the classes lower than the filthy rich.

 

[MinuteManMike]

GameStop. A company that has been retreating on the trunk of bankruptcy for about 10 Years, has been floundering under terrible retail management for the past decade or more.

it surges around 300%?! Yeah right. This is just as reliable as China in the stock markets in a free market.
(Print more paper!)

use your critics thinking. This all stinks to high heaven.

This is ambrosia. The system sucks, not the Redditors. What Wall Street does should be illegal. But because fat cats get rich from it, no one cares that it's illogical, immoral, destructive and only rewards the worst in human instinct.

But let the unwashed masses use Wall Street's OWN RULES to crush some sick, greedy bastards and now it's a national crisis. Note that Congress is talking about this already after a few days, but they're in no hurry to get us our $2000.

 

[OakRiver]

Someone has some splaining to do

BOMBSHELL ALLEGATION: Man Claims To Be Robinhood Employee & Says The White House Pressured Halt of GameStop Trading - Breaking911

Fueled by the “WallStreetBets” Reddit forum, GameStop’s market value has risen over 466% this week. Thursday morning, Robinhood, one of the top free trading apps, put restrictions on trading $GME (GameStopCorp.) This action was immediately met with backlash across the internet. One Reddit user...

breaking911.com

If this is true it is quite the interesting first 10 days for the new administration:
- preventing deportations and demanding all illegal immigrants be released, which will cause downward pressure on pay, especially in the service industry
- cancelling the XL pipeline and destroyed 10,000 American jobs
- removing price restrictions on insulin and other medical products
- now preventing citizens from making money on the stock market, while protecting those who paid the Treasury Secretary

A clear signal is being sent that this administration has scant regard for the working class of this country.

 

[rooster]

Thomas peterfly of interactive brokers claims short squeezes are illegal. Close out customer positions without authorization. If you keep your money with them you may want to reconsider

 

[Vigilant]

I love this story. The rich greedy elite are being bankrupted by thousands of average people who all got together and took it to the elite. I read the big dogs are down about 5 billion right now. Meanwhile many average people are making alot of money. What concerns me is the regulations that will come from this. No way do they let the little peasants win. Its like what the left is doing now. You don't show up at the capital, you burn down portland. They'll bring in the military for a broken window at their house. Schwab restricted their users from gamestop, I'm gonna bet the high ups in many places make rules to stop this and save the billionaires while average guys get screwed even harder. Its the way of the corrupt world. But so much fun to watch. The little guy is risking hundreds of thousands just to stick it to these arrogant greedy manipulators. I love it. I might buy NOK tomorrow morning and see if that gains steam

That is until your 401K moves to 200.5 because of the same type of manipulation.

 

[K_W]

I am worried... I know very little about stocks but I have $45k in various 401k and mutual funds that not in the market but are held with and tied into companies that are in the market and those funds lost HUGE (relative to income) in 2008... I don't like what I am seeing and seriously considering pulling out, tomorrow.

If one guy on Reddit can get a few thousand other little guys on Reddit to do this, just to bankrupt some sleezey 1%ers, and in response HUGE financial compaines that manage stocks shut down trading to give those guys a chance to bail... then I and thousands of other little guys are going to react by selling out of this mess... I hope we don't see a crash.

Even if we don't, the question needs to be asked; "was this planned?".

 

[DoggyDaddy]

to crush some sick, greedy bastards

The problem is, (and I don't know if it's true in this case or not) if some not-sick-greedy-bastard has part of their retirement account invested in some fund that crashes because of this type of behavior, then they get hurt. They're basically along for the ride.

 

[rooster]

I am worried... I know very little about stocks but I have $45k in various funds that are tied in some way to the market and those lost HUGE (relative to income) in 2008... I don't like am seeing and seriously considering pulling out, tomorrow. If one guy on Reddit can get a few thousand other little guys on Reddit to do this and bankrupt financial groups that handle stock trades, then I and thousands of other little guys not on Reddit are going to react by selling out of this mess... I hope we don't see a crash.

Even if we don't, the question needs to be asked; "was this planned?".

This will be the catalyst for the move down. WSB has joked for a long time that they would be blamed for the next crash. Well here you go with all kinds of Black Thursday vibes

 

[DoggyDaddy]

That is until your 401K moves to 200.5 because of the same type of manipulation.

I am worried... I know very little about stocks but I have $45k in various funds that are tied in some way to the market and those lost HUGE (relative to income) in 2008... I don't like am seeing and seriously considering pulling out, tomorrow. If one guy on Reddit can get a few thousand other little guys on Reddit to do this and bankrupt some financial gamblers and in response HUGE fiancial copmpaines that manage stock shut down trading when ever they choose... then I and thousands of other little guys are going to react by selling out of this mess... I hope we don't see a crash.

Even if we don't, the question needs to be asked; "was this planned?".

I see I'm not the only one thinking this way!

 

[rooster]

The problem is, (and I don't know if it's true in this case or not) if some not-sick-greedy-bastard has part of their retirement account invested in some fund that crashes because of this type of behavior, then they get hurt. They're basically along for the ride.

Welcome to Wall Street. This is a casino and most of the players are playing with someone else’s money.

 

[sheepdog697]

I think its important to highlight robinhood's involvement in all of this as well. What reddit did was perfectly legal. Agree with it or not, they did nothing ILLEGAL. Robinhood, i think is in trouble....

Yes weaponization of the stock market could be a real issue. Hasn't the stock market been weaponized for decades?

 

[K_W]

The problem is, (and I don't know if it's true in this case or not) if some not-sick-greedy-bastard has part of their retirement account invested in some fund that crashes because of this type of behavior, then they get hurt. They're basically along for the ride.

I saw a story yesterday that there is a bunch of police, public, municipal, and teacher retirement funds on the line...

 

[Usmccookie]

doge coin is going nuts right now. reddit is oushing hard on doge. I bought 17k coins @ $.003 a few weeks ago. as of the last time i checked it hit just over $.05. up 650% today...

 

[rooster]

AOC doing a livestream on twitch right now. Supposedly on the wallstreetbets GME issue

Twitch

Twitch is the world's leading video platform and community for gamers.

m.twitch.tv

 

[K_W]

Coinbase i s flooded... site is down. If you can get on, buy.

 

[rooster]

Sometimes the Due diligence on WSB is borderline genius. This is why I have been a observer for several years. I’d rewrite it but this fella did a good job.