Gamestop?

[Aerides]

140% short position against gamestop, which means in some way there is naked shorting going on. Naked shorting is supposed to be illegal. Looks like some gamers said NO and banded together and took the Wall street big boys to the woodshed.

Not remotely just gamers. And not just gamestop, but yes it's targeting hedge funds with bit short bets.

 

[MRG]

I've been playing around the edges of other names these guys have been pumping(AMC, BB). Now I can't get into Fidelity, others suggested their brokerage platforms are failing.[emoji857]

 

[ExFlyBoy5]

Well, if you liked the action on GME, here are some others that have been targeted. These are the top 10 most heavily shorted stocks in the Russell 3000.

 

[nap470]

Somehow I doubt this ends the Hollywood movie way of Eddie Murphy & Dan Aykroyd taking down the "evil" Wall Street boys.....

 

[Montecfo]

Wow I never expected this.

As stock rises, shorts see a bigger target so they short it again.

A lot will be made AND lost. Already has been.

 

[RVplusDog]

I also watched GameStop, but just the past few days since it made the news. Oddly, I’ve been a member of that Reddit sub for over a year, but never paid it much attention. I did make a tiny bit on AMC today and I have another limit buy out there. No way do I have the cohones to mess with options on these.

This is also fortuitous timing as I am in the middle of evaluating brokerages to move my IRA funds to, from Vanguard. Vanguard and Ally invest are both down as I type, confirming my decision to leave VG and negating Ally as a future home for my stocks. Fidelity & interactive brokers are both working well.

 

[MRG]

I also watched GameStop, but just the past few days since it made the news. Oddly, I’ve been a member of that Reddit sub for over a year, but never paid it much attention. I did make a tiny bit on AMC today and I have another limit buy out there. No way do I have the cohones to mess with options on these.

This is also fortuitous timing as I am in the middle of evaluating brokerages to move my IRA funds to, from Vanguard. Vanguard and Ally invest are both down as I type, confirming my decision to leave VG and negating Ally as a future home for my stocks. Fidelity & interactive brokers are both working well.

I couldn't get into Fidelity the hour, Vanguard was fine but it's not the place for trading.

 

[Fermion]

Its getting a little weird out there with AMC and Gamestop

I feel these are some sort of warning flag.

People getting stimulus checks and working as cashiers are driving up stocks like AMC 200% in one day.

Some sort of market euphoria.

I don't know where it ends but I have a nice pile of cash raked up around me and have exposure to the market at at all time low of 50% right now.

 

[Freedom56]

Gamestop is up 144% so far today to $365. The market cap is up to 25.5 billion. When I see speculation like this on heavily shorted stocks, it's a sign that a market crash is nearing.

https://www.cnbc.com/quotes/GME

 

[RVplusDog]

It seems like the Redditors are going to mess with stocks until they’re forcibly stopped. SEC? investigating, so I’m sure we will hear more soon. They’ve pumped a couple more stocks into the stratosphere today. This plus the dip ended up overwhelming & causing outages at some brokerages, too. Interesting times.

 

[Running_Man]

Gamestop is up 200 points today, obviously shorts are undergoing forced liquidations and I would imagine several hedge funds are going bust today. The days of getting rich by going short and then talking your book on CNBC and internet could be gone,

 

[NW-Bound]

Until yesterday, I never heard of Gamestop. I also stopped playing computer games some 30 years ago.

It's interesting how Redditors play a short squeeze on hedge funds. GME jumps another 150% today as we speak. Stand aside, Tesla. Gamestop is going to rule the universe. Buy, buy, buy...

Another stock that jumps 3x today: AMC. Yes, the movie theater stock is now 2x its pre-Covid value. Nice. Buy, buy, buy...

Not just the hedge funds, but the last fools who are left holding the bag will be crying their eyes out. Something never changes.

 

[NW-Bound]

Gamestop is up 144% so far today to $365. The market cap is up to 25.5 billion. When I see speculation like this on heavily shorted stocks, it's a sign that a market crash is nearing.

https://www.cnbc.com/quotes/GME

Does anybody remember Jan 2018 when a couple of volatility ETFs crashing took down the market, including all stocks not having anything to do with it?

I am looking to add more shares to my existing positions. This is exciting time.

 

[Fermion]

What is going to really piss me off is if these people lose all their money doing this and then demand more stimulus so they can play again.

 

[Running_Man]

Until yesterday, I never heard of Gamestop. I also stopped playing computer games some 30 years ago.

It's interesting how Redditors play a short squeeze on hedge funds. GME jumps another 150% today as we speak. Stand aside, Tesla. Gamestop is going to rule the universe. Buy, buy, buy...

Another stock that jumps 3x today: AMC. Yes, the movie theater stock is now 2x its pre-Covid value. Nice. Buy, buy, buy...

Not just the hedge funds, but the last fools who are left holding the bag will be crying their eyes out. Something never changes.

You are not understanding this "game" , it is not investing it is about 10-20 million people who are devoted to ending capitalism looking at hedge funds and using the existing rules to drive them bankrupt. Each of their "devotees" may only buy a few shares with the $2000 Grandpa Joe sends them, some will sell after making 10 grand but the purpose is not to make money but to make hedge funds bankrupt. with 150% of the float short, the shorts have no chance and will be bankrupt before the correction comes, the runners will lose a couple hundred bucks at most.

 

[ivinsfan]

It seems like the Redditors are going to mess with stocks until they’re forcibly stopped. SEC? investigating, so I’m sure we will hear more soon. They’ve pumped a couple more stocks into the stratosphere today. This plus the dip ended up overwhelming & causing outages at some brokerages, too. Interesting times.

Messing with stocks, they are just buying them. What would the SEC investigate? I'm tired of these hedge funds thinking they are special. If you are going to stop Reddit you'd best regulate the hedge funds too. I guess they don't like getting a taste of their own medicine.

 

[ivinsfan]

I feel these are some sort of warning flag.

People getting stimulus checks and working as cashiers are driving up stocks like AMC 200% in one day.

Some sort of market euphoria.

I don't know where it ends but I have a nice pile of cash raked up around me and have exposure to the market at at all time low of 50% right now.

This isn't what's going on market euphoria, I mean.

 

[ivinsfan]

You are not understanding this "game" , it is not investing it is about 10-20 million people who are devoted to ending capitalism looking at hedge funds and using the existing rules to drive them bankrupt. Each of their "devotees" may only buy a few shares with the $2000 Grandpa Joe sends them, some will sell after making 10 grand but the purpose is not to make money but to make hedge funds bankrupt. with 150% of the float short, the shorts have no chance and will be bankrupt before the correction comes, the runners will lose a couple hundred bucks at most.

Do you think the rules should be changed? The interesting thing is that most people including the hedge funds, say I was following the rules and didn't do anything wrong.

I don't think hedge funds are a shining example of capitalism at it's finest.

 

[RVplusDog]

Messing with stocks, they are just buying them. What would the SEC investigate? I'm tired of these hedge funds thinking they are special. If you are going to stop Reddit you'd best regulate the hedge funds too. I guess they don't like getting a taste of their own medicine.

Yeh, it’s an interesting conundrum. From what I see, there has been some concerted effort to raise the prices, although I also understand the Redditors’ claim that they’re no different from the last commentator on CNBC. I’m mostly watching from the sidelines, as much as one does in these situations.

 

[ivinsfan]

Until yesterday, I never heard of Gamestop. I also stopped playing computer games some 30 years ago.

It's interesting how Redditors play a short squeeze on hedge funds. GME jumps another 150% today as we speak. Stand aside, Tesla. Gamestop is going to rule the universe. Buy, buy, buy...

Another stock that jumps 3x today: AMC. Yes, the movie theater stock is now 2x its pre-Covid value. Nice. Buy, buy, buy...

Not just the hedge funds, but the last fools who are left holding the bag will be crying their eyes out. Something never changes.

You know if I did this, which I haven't, I'd take a minimal position which would not leave me crying my eyes out or holding the bag.

 

[RVplusDog]

Well, if you liked the action on GME, here are some others that have been targeted. These are the top 10 most heavily shorted stocks in the Russell 3000.

Boy, I selected the wrong date on that SPCE option call I had two weeks ago. (That expired 1/15. Sniff)

 

[ivinsfan]

Yeh, it’s an interesting conundrum. From what I see, there has been some concerted effort to raise the prices, although I also understand the Redditors’ claim that they’re no different from the last commentator on CNBC. I’m mostly watching from the sidelines, as much as one does in these situations.

Yes the hedge funds short a stock go on the mainstream market news and deliberately try to talk it/drive it down.

I just pulled up an article about Enron from 2002. The hedge funder behind that said "it's a lot of work, you have to be right". FF almost 20 years and that's no longer true. These hedge funds can make it be true.

 

[ExFlyBoy5]

Yeh, it’s an interesting conundrum. From what I see, there has been some concerted effort to raise the prices, although I also understand the Redditors’ claim that they’re no different from the last commentator on CNBC. I’m mostly watching from the sidelines, as much as one does in these situations.

There is nothing concerted going on. It's nothing more than group think ...a group that is taking action. Feel free to peruse the Reddit thread...no one is claiming to be an advisor. I don't know that the SEC will be able to regulate this in any way, shape, or form...and if they do, I think the courts will shut them down pretty quick. However, it does appear that many of the trading platforms are putting restrictions out there, but I am not sure what transactions they are limiting.

CNBC isn't helping any, they have been talking about it all day and it's only adding to the number of users in the Reddit group.

Take a look at this volume as of 10:55 am (EST) ... there are A LOT of people trading right now.

 

[Sunset]

I think it's a risky, but clever ploy.

Find a stock that is heavily shorted, then a bunch of people buy it, talking up the price, so more buy it.
Nervous shorter's buy back to cover their short and drive up the price more.

It continues to spiral up once enough momentum happens, driven a lot by the shorter's bailing out of their position.

We are talking big money in some cases
" Hedge funds Citadel and Point72 infused nearly $3 billion into Melvin Capital to shore up the fund,"
https://www.marketwatch.com/story/h...-gamestop-short-cnbc-2021-01-27?mod=home-page

Of course the price crashes to the bottom once enough shorter's are out, and the last folks holding the stock are hurt.

It would be great if you owned some of these stocks that skyrocketed, as long as you noticed it happening and were not on vacation. An opportunity to sell out.

 

[Born2Fish]

This pasted from my TDA transactions page:

Security impacts related to market conditions
In the interest of mitigating risk for our company and clients, we have put in place several restrictions on some transactions in $GME, $AMC and other securities. We made these decisions out of an abundance of caution amid unprecedented market conditions and other factors.

I tried to phone in and ask for details but the estimated wait time is 90 minutes.

Entered a Buy for 1 share GME at $200 and it accepted the order. Not sure what they are restricting...