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Gamestop

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Yep and I've been watching the price action of Gamestop (GME) during the US session.
Monday, GME opened up 36% at $97. I watched it go to $160 before falling back down to close at $76. Thought the action was all over after that. Very surprised to see that yesterday it opened at $88 and closed at $148.

It's amazing, as in Aug GME was the butt of short sellers having traded down to 2.60. Until Dave Cohen joined to the board and stirred up all the geeks at Wallstreetbets (called Tendies). Many of these Tendies bought call options with all their money and many of them are sitting on HUGE open profits.

GME is being reported by more mainstream media now. It's a very interesting read.
GME trades as EB Games in Aust.

gme.PNG
 
GME is over $200 in after hours trade, at one stage it was up nearly 200% from the last open! It's crashed way back to 180% now lol.

Some of the Russell 3000 stocks are crazy right now, rough for shorts =|

What bubble?
 
The original shorters say they've exited their short positions but GME is going back down to $20. We all know it but haven't the money to hold positions through this extraordinary volatility. Some rich fund is going to clean up. My US broker won't allow me to short it (too hard to borrow). Not even one share. AMC is another that's gone crazy high (>$20). AMC manage movie theatres. When was the last time we went to the theatre to see a movie?

It's fun to watch the price action and see the market commentators gobsmacked.
 
I haven't been following this story but I just caught up on it. If I understand the situation correctly, those at wallstreetbets on reddit are trolls trying to screw those publicly taking short positions on stocks by buying the stock being shorted. In this case, the target is Andrew Left at Citron Research and Gamestop, a struggling game retailer.

I am surprised that those at wallstreetbets are being so open about what they are doing given the scale of the market manipulation they are engineering.

But it sets an interesting precedent. This sort of thing could easily be done via a private messaging app such as Telegram and be much more discreet and harder to identify. If this sort of market manipulation becomes a thing we could see a lot more market volatility, which is great for traders but not so good for confidence in the market as a lot of people are going to lose their shirts as a result of these kind of shenanigans.

I will watch the fallout of this Gamestop saga with interest.
 
Wsb is pushing this thing to $1000. It has literally created millionaires that were previously broke and unemployed. I think the "mooch" got it right when he said "This is the French revolution for finance".

Wall Street types are calling for fines and regulations. If wsb beat the shorts then the whole game changes and wall Street is on edge. Media has been demonising the movement. I actually think its fantastic.
 
greggles said:
I haven't been following this story but I just caught up on it. If I understand the situation correctly, those at wallstreetbets on reddit are trolls trying to screw those publicly taking short positions on stocks by buying the stock being shorted. In this case, the target is Andrew Left at Citron Research and Gamestop, a struggling game retailer.

I am surprised that those at wallstreetbets are being so open about what they are doing given the scale of the market manipulation they are engineering.

But it sets an interesting precedent. This sort of thing could easily be done via a private messaging app such as Telegram and be much more discreet and harder to identify. If this sort of market manipulation becomes a thing we could see a lot more market volatility, which is great for traders but not so good for confidence in the market as a lot of people are going to lose their shirts as a result of these kind of shenanigans.

I will watch the fallout of this Gamestop saga with interest.
Click to expand...
I think its also millions of people catching up to the bs of "investing for piss returns and thinking you can retire" pushed by Kramer types. These are the ridiculous trades im constantly scanning the net for.

Its also the change of behaviour of how an investment instrument operates that I look for. Cryptocoins was the last major disruption.

I think it will get regulated. But has tech advanced to the point of no return?
 
moXJO said:
Wsb is pushing this thing to $1000. It has literally created millionaires that were previously broke and unemployed.
Click to expand...

The problem is, Gamestop is still a failing business and the share price will eventually go back down to where it started. Some may have made out like bandits, but when the share price collapse inevitably comes, a lot of people with long positions are going to lose their shirts.
 
Dona Ferentes said:
Then we are the tricoteuses
Click to expand...
Sadly, i think many will see their wallet cut drastically when, not if gravity laws returns, probably even helped by a finance revenge push.
When a trader in an edge fund gamble a million, it is not his money so who cares? Not him..., when students gamble $1k, it is their bank accounts.
Will end in bloodshed imho
 
greggles said:
The problem is, Gamestop is still a failing business and the share price will eventually go back down to where it started. Some may have made out like bandits, but when the share price collapse inevitably comes, a lot of people with long positions are going to lose their shirts.
Click to expand...
Of course, its basically a pyramid scheme. At this point anyone getting in has really already missed the initial pump. If enough fanatics got in they could hold the stock.
But right now its just to shake the shorts which will have to cover their positions.
Even elon musk got in the action.

There was a meme floating about went something like " what was my $5k every really going to do". This is more than just a retarded trade. But there will be tears.

Just to add: people around the world are now buying in small amounts. Not sure where this will go. But people do want to stick it to wall Street so the moons the limit.
 
qldfrog said:
Sadly, i think many will see their wallet cut drastically when, not if gravity laws returns, probably even helped by a finance revenge push.
When a trader in an edge fund gamble a million, it is not his money so who cares? Not him..., when students gamble $1k, it is their bank accounts.
Will end in bloodshed imho
Click to expand...
Anyone who goes against the movement is getting hacked and their families are apparently being threatened. Behind the scenes I'm sure they are lobbying the sec.
 
www.bloomberg.com

Wall Street Scans Short-Squeeze Targets Amid Reddit ‘Revolution’

There are dozens of ways to pick stocks, but few have been as unconventional -- or as successful -- as the coordinated short-squeeze being deployed by Reddit’s army of day traders. Now, Wall Street is scanning for which of the market’s most-hated shares could be targeted next.
www.bloomberg.com www.bloomberg.com

Interesting mass social media strategy. Sounds like a casino.

www.reddit.com

r/wallstreetbets

r/wallstreetbets: Like 4chan found a Bloomberg Terminal.
www.reddit.com www.reddit.com
 

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