Checkout what's going on with Gamestop. (Page 1/4)
sourmash JAN 27, 07:00 PM
Before it's over ($oon) they're going to snuff some scummy Wall Street sheep shagger jobs. Investors on reddit are taking it to some bigger fish.
Elon made a comment yesterday too.
ls3mach JAN 28, 03:19 AM
Am I drunk or does anyone know what is going on here?
theBDub JAN 28, 05:52 AM

quote
Originally posted by ls3mach:

Am I drunk or does anyone know what is going on here?



Institutional investors had uncovered shorts that were more than the share of stocks, so by driving the price up, those shorts have to be covered at their end date at whatever the price is.

So if the price goes way up, for any reason, the people holding those uncovered shorts have to pay at that higher price. The price is still going up because the shorts are still not covered. It’s essentially a zero risk short term gamble. The risk is just in timing.
blackrams JAN 28, 06:46 AM

quote
Originally posted by theBDub:


Institutional investors had uncovered shorts that were more than the share of stocks, so by driving the price up, those shorts have to be covered at their end date at whatever the price is.

So if the price goes way up, for any reason, the people holding those uncovered shorts have to pay at that higher price. The price is still going up because the shorts are still not covered. It’s essentially a zero risk short term gamble. The risk is just in timing.



There is risk in just about every thing we do, especially in investing. Timing the stock market is not something I care to risk my life's investment and saving on. Some one with time to recover might be interested but, I think I'll stay out of this one.
Might be your opportunity to move from Fieros to Ferraris.

Rams
Synthesis JAN 28, 08:31 AM
The shorts borrowed more stock than actually exists (about 140% total) with the goal to ride Gamestop down into bankruptcy (making more money in the process). As the stock rose in price instead, they started panicking.

At some point yesterday, a group with a lot of money bought in in an effort to double down on the short, expecting people to panic and sell, thus helping the shorts out.

It didn't work, and the stock rose even higher. Many of us are holding as long as it takes in order to screw the unethical hedge funds over.

[This message has been edited by Synthesis (edited 01-28-2021).]

Wichita JAN 28, 08:41 AM
This was more than a shot across the bows from the little fish to the big fish, which I loved what they did to squeeze billions out of them. LOL

But the Navy is going to come back in full force. The big investment hedge funds are already crying to regulators, Biden and NASDAQ to shut down Reddit and Robinhood traders. They want to prevent the little guy from ever making money off of their positions again. Which is sad. They want to keep the playing field heavily tilted to their advantage.
sourmash JAN 28, 08:46 AM
Reddit users are pulling a short squeeze.

Right now GME IS up a hundred bucks in after hours trading from yesterday. Saw a post on reddit that 204,000 shorts come due on Friday. One big shorter claimed defeat and supposedly bailed yesterday but the squeezes don't believe them, thinking it was a ruse so they could salvage a position that's still coming due. Big money is crying all over the networks for regulators to step in.

If it's a correct understanding, Soros got mega rich by shorting national currencies and someone big even pulled this on the USA in the 2007 time frame.
theBDub JAN 28, 09:01 AM

quote
Originally posted by blackrams:


There is risk in just about every thing we do, especially in investing. Timing the stock market is not something I care to risk my life's investment and saving on. Some one with time to recover might be interested but, I think I'll stay out of this one.
Might be your opportunity to move from Fieros to Ferraris.

Rams



Oh, I only invest in a mix of ETFs and bonds for my “real money.” I have some play money in this fun gamble, but I don’t see it as anything other than a casino.

Even though the fundamentals are sound, sometimes the casino decides to kick you out for winning. It’s their game.
maryjane JAN 28, 09:09 AM
"The market can remain irrational longer than you can remain solvent."
sourmash JAN 28, 09:13 AM
Profit taking hit at opening but it's holding around 300+.

There's a baseball angle here too. Ryan Cohen bought the Mets and was inflated on networks, making a lot of noise when he shorted Gamestop. They're calling this a Robin Hood event. I love it.

If you have a couple thousand to goof with...

[This message has been edited by sourmash (edited 01-28-2021).]