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  1. #37
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    Re: Free talk Friday - 01.22.21

    but the gamestop stuff was completely crowd driven by reddit users. buy more buy more...

    a bunch of 23 year olds are pissing off wall street and I love it. Analysts say it's going down, reddit guys say it's going up

    https://www.buzzfeednews.com/article...t-stock-shares
    World Domination 3 Points at a Time!





  2. #38
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    Re: Free talk Friday - 01.22.21

    absolutely nuts. They stopped trading 7 times yesterday... millions of dollars being lost over day traders bonding together.

    World Domination 3 Points at a Time!





  3. #39

    Re: Free talk Friday - 01.22.21

    So I've always wondered, when a stock is inflated like this and people go to sell it, there aren't going to be any buyers at the overvalued $310/share. Is the company essentially buying back shares the market won't buy and holding it until the price comes back down to what the market will buy (losing money in the transaction?)

    So I Googled the answer to my question, and the answer is no, the company doesn't have to buy surplus stock. If there are no buyers then those holding the surplus stock are stuck with it until the price drops low enough for a buyer to be found. So at some point, a bunch of people who paid over $300/share will get burned
    Last edited by Shas; 01-27-2021 at 11:15 AM.





  4. #40
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    Re: Free talk Friday - 01.22.21

    Once that merry go round stop a whole bunch of people go flying off. No way to know when that is though. A lot of people with more guts than me have been making incredible gains.
    Long Live The Bat





  5. #41
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    Re: Free talk Friday - 01.22.21

    Short sellers are on the other end of that - lost over $5 Billion

    https://markets.businessinsider.com/...1-1-1030006226
    World Domination 3 Points at a Time!





  6. #42

    Re: Free talk Friday - 01.22.21

    Bliaq
    🚀





  7. #43
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    Re: Free talk Friday - 01.22.21

    GameStop Market Cap...

    Jan 4: $1.2 billion
    Jan 11: $1.4 billion
    Jan 19: $2.7 billion
    Jan 25: $5.4 billion
    Jan 26: $10.3 billion
    Jan 27: $24.3 billion
    Jan 28: $33.7 billion

    That's a 28x increase in less than a month.
    World Domination 3 Points at a Time!





  8. #44
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    Question Re: Free talk Friday - 01.22.21

    Quote Originally Posted by Ravenswintitle View Post
    GameStop Market Cap...

    Jan 4: $1.2 billion
    Jan 11: $1.4 billion
    Jan 19: $2.7 billion
    Jan 25: $5.4 billion
    Jan 26: $10.3 billion
    Jan 27: $24.3 billion
    Jan 28: $33.7 billion

    That's a 28x increase in less than a month.
    Is that baloon about to burst?




    ... Bc





  9. #45

    Re: Free talk Friday - 01.22.21

    Quote Originally Posted by Ravenswintitle View Post
    Short sellers are on the other end of that - lost over $5 Billion

    https://markets.businessinsider.com/...1-1-1030006226
    My understanding is that part of the motivation of the Reddit users was to deliver a big fuckyou to Wall St establishment and short sellers in particular.

    I mentioned earlier that I put a big bet on Genius Brands (well, big for me). Short sellers then started bad mouthing the company on social media and in the financial press, and they succeeded in driving the stock way down. That episode seemed to clear, and then at one point yesterday it had risen to well over double what I paid for it. And overnight if fell like 20%. All this up and down in 6 months and I am convinced that people are gaming the market to cause it.

    In the case of GameStop, the huge jump in stock price is not only attributed to the Reddit crew bidding up the price, by the fact they are squeezing the short sellers.

    In this case, a couple hedge fund managers had made big short-sell bets. The suddenly rising stock price set off a red-alert for them, forcing them to quickly buy back shares to pay back the shares they had previously borrowed and sold off—before the cost of repayment was driven even higher.

    So in essence, the effect on hedge fund managers, scrambling to buy shares before the price goes up even higher has, in turn, driven up the price even higher, still.

    The concern is that these pros will need to sell winners from their portfolio to cover this big loser, and that will drive down the value of those other stocks, and the market as a whole. I could fuel a big sell off.
    Last edited by Shas; 01-28-2021 at 01:58 PM.





  10. Re: Free talk Friday - 01.22.21

    Good thread re: the Reddit trades: https://twitter.com/ncweaver/status/...308905481?s=21





  11. #47
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    Re: Free talk Friday - 01.22.21

    Robinhood stopped allowing members to buy. Class action suit forthcoming
    World Domination 3 Points at a Time!





  12. #48
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    Re: Free talk Friday - 01.22.21

    Quote Originally Posted by Ravenswintitle View Post
    Robinhood stopped allowing members to buy. Class action suit forthcoming
    They weren't the only ones. The clearing houses and actual money people behind platforms like Robinhood got really scared. Other like TD Ameritrade just raised the margin requirements which is exactly what happened all the time from 08 to 12. I sure wouldn't be using Robinhood after this. All it really is is an app.

    Citadel Securities is who Robinhood sells these trades to. When the investigation is over I wouldn't be surprised if they flat out told Robinhood that they wouldn't clear any GME and other and Robinhood was suddenly stuck. All this 'we're little guy' crap is just marketing.
    Long Live The Bat





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