Anyone here get in on the Gamestop Fiasco?

[impulse]

Title says it all....

[GrandPapillon]

yeah it's fun <deleted> ????

 

those guys will get sued eventually, but at the same time, it was interesting and fun to see the redit mobs take over Wallst and scare the <deleted> out of them ????

[impulse]

I don't know if they'd have grounds to sue anyone, except maybe robinhood for halting trading just when it got good.  And robinhood seems to have had no choice when the upfront money required was raised so high.

 

It's been a hoot to watch.  But at the end of the day, when the short squeeze ends, there will be a lot of little guys stuck with a $10 stock they paid over $200 for.  There's a reason the hedge funds shorted GME.  (Though I'd hope Gamestop would take the windfall and do something smarter with it...)

 

I'd love to get in on the next one, if only to jerk the shorts' chains.  But before it blows up...  I'm vindictive, but poor.

 

[thaibeachlovers]

There seems to be the impression that the small traders are in it to make money, but it could be as simple as giving the wall street bad boys a black eye, and a couple of hundred $ may be an acceptable price to pay for the opportunity.

 

I don't even understand why shorting is acceptable in a civilised society. It just allows rich people to get richer without contributing ANYTHING to the common good.

When no one has been held to account for the 2008 debacle it does seem to me that the system is rigged in favour of the already wealthy.

 

[GrandPapillon]

27 minutes ago, impulse said:

I don't know if they'd have grounds to sue anyone, except maybe robinhood for halting trading just when it got good.  And robinhood seems to have had no choice when the upfront money required was raised so high.

 

It's been a hoot to watch.  But at the end of the day, when the short squeeze ends, there will be a lot of little guys stuck with a $10 stock they paid over $200 for.  There's a reason the hedge funds shorted GME.  (Though I'd hope Gamestop would take the windfall and do something smarter with it...)

 

I'd love to get in on the next one, if only to jerk the shorts' chains.  But before it blows up...  I'm vindictive, but poor.

 

yeah, it's a hoot to watch, even then WSJ is writing amusing articles about it, and long term pundits have been fascinated with the whole thing

 

RH is being prudent, regulations is forcing them to act like this, if they don't, they would be paying future huge fines to the SEC. They are being sued already by state regulators for being too permissive with stupid millennials day traders with options

[OneMoreFarang]

I think fiasco is a good word for it.

When I first heard about this it sounded like lots of little investors just want to <deleted> the hedge fund managers and that sounds obviously like fun.

I thought many of those little people invested maybe 10 or 100 USD to make this happen and not to worry about their own money.

But it seems many of those part time investors actually think they outsmart wall street. Recently I read an article were a guy bought shares at maybe 100USD per share for total 5000 USD. And now the share price is up and and he thinks he is rich. And he wants to keep his shares to get richer and obviously <deleted> wall street. And how will that story end?

One day those totally overvalued Gamestop shares will fall, like a stone. Will the small investors get out in time? Or will those people who now think they are rich and they want to keep their shares find out that also for them the pendulum can swing the other way and most of their money will be lost?

I really like to see what will happen in the next weeks.

Will more wall street fund managers cry or more little people who thought they can outsmart the professionals? Let's see.

[ChakaKhan]

5 hours ago, impulse said:

I'm vindictive, but poor.

Im with ya as I tried for a split second to dump some money in it but backed off last minute as Im guessing the big guns would figure out a way to cheat the "young lads"

 

Anyone got any basic tips or golden rules about trading, as Ive been a invest and long hold guy..but ready to raise the stakes a bit....kind like walking into a bar full of bargirls on loy kroh  ????

[impulse]

On 1/31/2021 at 7:47 AM, OneMoreFarang said:

But it seems many of those part time investors actually think they outsmart wall street. Recently I read an article were a guy bought shares at maybe 100USD per share for total 5000 USD. And now the share price is up and and he thinks he is rich. And he wants to keep his shares to get richer and obviously <deleted> wall street. And how will that story end?

 

I'm not so sure...  The hedge fund shorted over 120% of the available stock.  In theory, they have to buy all the expensive shares to settle their short position.  So none of the little guys should be hung out to dry.  But I could see where they may incent Gamestop to issue more shares...  I'm not claiming to know what's going to happen.  But I'm sure going to watch it.

[ChakaKhan]

2 minutes ago, impulse said:

 

I'm not so sure...  The hedge fund shorted over 120% of the available stock.  In theory, they have to buy all the expensive shares to settle their short position.  So none of the little guys should be hung out to dry.  But I could see where they may incent Gamestop to issue more shares...  I'm not claiming to know what's going to happen.  But I'm sure going to watch it.

Welcome to the Stand Off!!!   david vs Goliath!

[uncleP]

Robinhood were not the problem here. The people who they have to trade through generally have to submit a small deposit for trades. The main broker then has a couple of days to complete the deal, however, they suddenly had to put up the full amount immediately for GameSpot and other deals due to market  manipulation by Melvin capital. and further interference by its allies. Any lawsuits against Robinhood will fail in my opinion because they are not the guilty party. it works like this you....robinhood,.....main broker.  the main broker pulled the plug thus protecting the "market" or as we would say the hedge funds. There is little doubt someone will do hard time for this but I doubt it will get anyone from robinhood . 

[OneMoreFarang]

54 minutes ago, ChakaKhan said:

Welcome to the Stand Off!!!   david vs Goliath!

David vs Goliath sounds good. And I hope all those Davids will win.

But I also hope the Davids are smart enough to understand that maybe some or even many of them will lose.

[ChakaKhan]

1 minute ago, OneMoreFarang said:

David vs Goliath sounds good. And I hope all those Davids will win.

But I also hope the Davids are smart enough to understand that maybe some or even many of them will lose.

i was about to drop 2k in it,,but chickened out as i assume the big boys will find a way to cheat, again...

[Stocky]

4 hours ago, ChakaKhan said:

Anyone got any basic tips or golden rules about trading

When in doubt, stay out

[mwbrown]

I've got a market order to buy 1 share on Monday.  I don't want to make any money off it, I want to help punish the entire chain of Wall Street firms involved in this for illegally manipulating the market.

[Elkski]

Shorting takes risk like this.  It will be interesting to see how this all goes.   Falling knifes can hurt many. 

[1FinickyOne]

8 hours ago, ChakaKhan said:

Im with ya as I tried for a split second to dump some money in it but backed off last minute as Im guessing the big guns would figure out a way to cheat the "young lads"

 

Anyone got any basic tips or golden rules about trading, as Ive been a invest and long hold guy..but ready to raise the stakes a bit....kind like walking into a bar full of bargirls on loy kroh  ????

There is nothing better than buy and hold - at least in the past... 

 

Day trading is very difficult... far more so than scoring on Loy Kroh... 

[roquefort]

 

 

14 hours ago, thaibeachlovers said:

I don't even understand why shorting is acceptable in a civilised society. It just allows rich people to get richer without contributing ANYTHING to the common good.

Same reason casinos, bookmakers and slot machines are acceptable.

And you don't have to be rich to short markets.

[GrandPapillon]

this is just the beginning, regulators, arrests, lawsuits etc... coming up

[kingstonkid]

30 minutes ago, roquefort said:

 

 

Same reason casinos, bookmakers and slot machines are acceptable.

And you don't have to be rich to short markets.

 

Shorting the market is a skill but think of it this way.  The person selling you the short is making money and if you do it right you will make money.  A lot of people short stocks and make money from it even if the stock does not go rock bottom.  No body shorts a stock or pushes a stock to buy the stock.

[kingstonkid]

57 minutes ago, 1FinickyOne said:

There is nothing better than buy and hold - at least in the past... 

 

Day trading is very difficult... far more so than scoring on Loy Kroh... 

Buy and hold used to be a great idea back when get a good job work hard and the government will look after you.  With the volatility in the market and that fact that many countries like the U.S. are devaluing their currency I am not sure that it is a good idea at this stage.   Right now I would suggest that buying in the crypto world is the best thing.  

[1FinickyOne]

2 hours ago, kingstonkid said:

buying in the crypto world is the best thing. 

sure, that doesn't sound too risky... buy something I know nothing about - - except that I can't buy anything with it at the supermarket... is there an ETF yet? 

 

but I agree, times are a changing and I feel very uncertain.... I am mostly in cash...

[GrandPapillon]

buying crypto? now this is crazy, worse than day trading

[bluebluewater]

I bought a few of the $200 calls on Thursday afternoon late and sold them just after the open on Friday morning and made a tidy profit.  I was a registered rep at one time and supposedly I know what I'm doing.  I do options often though not this kinda stuff.   It was an acceptable risk and this time it worked out.  That is all I'm going to do.

[rwill]

They are starting to do the same in crypto now too.  The problem is these rise and fall so fast and then the trading gets stopped and you are stuck without being able to sell it at the top.  They say the crypto exchanges get overwhelmed by the volume.  The reddit group has posted for a XRP surge on Monday.  I tried to buy some more this morning and it said it was unavailable for sale.

[karunasup]

this episode is bringing the debate to a larger public -- the absolute greed and corruption of wall st.....let us see if the Dems are able to close the most glaring of loophole and rules that allow to short over 100% of the actual stocks, hide their trades (unlike small investors like us), borrow unlimited amounts at close to zero interest, put out misleading or even outright deceptive analysis, etc. etc. And then get bailed out ---socialism for the rich. While the financial media does the hatchet job for Wall St.

[jgm005]

Sort of ...

I had bought 250 shares of Game Stop several years ago and for some unknown but lucky reason I just held onto it.  Then when this fiasco broke out I sold every share for a sizable profit.  Helps make up for some of my past bonehead purchases when I sold to early

[metisdead]

An off topic trolling post has been removed. 

[elgenon]

It's only possibly a fiasco if you lost money. Many people made big bucks. Some people didn't care if they lost money as long as they jabbed the big boys in the eye. Some people lost money who thought they were onto a winning thing. Different strokes for different blokes.

[Stocky]

I see the Reddit mob have taken their torches and pitchforks and headed for the silver market. No doubt their handlers will make money, but the last ones in will be left with the losses when silver plummets back down again. 

[GrandPapillon]

WallSt might be greedy and corrupted, but that little GameStop thing has just exposed Main Street as being equally greedy and "corrupted" with their market manipulation chat rooms ????