GameStop (GME) Hits over $150 a Share

Trying2SaveABuck on 27/01/2021 - 22:23
Last edited 30/01/2021 - 13:12 by 2 other users

Thought this might be interesting to talk about

Essentially the reddit group r/wallstreetbets has taken on some of the big fund managers

Anyone who is a international investor will know this is the biggest David v Goliath battle in ….well ever!

Literally one guy invested is up around the 22m (which hit 53m at the last opens high)

this is crazyyyyyyyyyyyy

Anyone got any thoughts?

Anyone else got rich from the madness?

For those who dont know this is essentially a dead company not to different to EB games here in Australia thats share price was $3 5 months ago and has rocketed to over $150 for pretty much no real reason other then a way for millennials to stick it to the rich pricks on wall street

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Comments

    • whooah1979 on 02/02/2021 - 18:19

      RH is providing a service. Their customers don't care how things work in the backend. RH has to either do their job or shut down.

      • quanticism on 02/02/2021 - 18:38

        Well the alternative was RH goes bankrupt and every user spends years waiting to extract some cash back from the assets they held. Not a fan at pointing the finger at the fintech startup instead of the archaic financial infrastructure which arbitrarily upped the requirements. Especially given that platforms like RH, Webull, etc were what facilitated the short squeeze to begin with.

        The main criticism for RH imho is Vlad's terrible explanation on CNBC where he said there was no liquidity issue and perhaps how they took on more users than their capital allowed for. Though the 2nd point is a bit fuzzy given that the collateral requirements by the NSCC aren't transparent so it's hard to model for it.

        • whooah1979 on 02/02/2021 - 18:51

          The stock market is set up to favour the whales. They can on a whim cash in chits and to manipulate the prices.
          https://nimb.ws/rxPMi3

          What they should've done is to stop both buy and sell. They also cancelled longs to "protect" their customers from volatility.

          • quanticism on 02/02/2021 - 18:54

            @whooah1979: Vlad addressed that in the podcast as well. Taking away both buying and selling takes away 2 freedoms and people generally get more annoyed when more things are taken away from them. So they opted to be less restrictive. In hindsight, maybe they should have felt that their userbase was trying to pump the stock up and disabled both anyway.

            But if the stock had crashed during that time, people would be been filing lawsuits against them for preventing selling. Difficult situation either way.

            • whooah1979 on 02/02/2021 - 19:00
              +1

              @quanticism: Did CEO explain why they SL their customers longs at the bottom of the wick instead of the top of the candle? This action meant that their customers sold GME at USD 118 instead of USD 484.
              https://nimb.ws/rxPMi3

              Their customers should write to their state REP for a senate hearing.

              • quanticism on 02/02/2021 - 19:02

                @whooah1979: Elon asked to what extent RH is beholden to Citadel but the answer was to be expected. Definitely open to an investigation into whether any decisions were coordinated with Citadel.

              • [Deactivated] on 02/02/2021 - 19:37

                @whooah1979: Interesting, given RobinHood paid a large fine in December for screwing customers with their order choices.

                "Robinhood also chose to send its customer orders to whichever Wall Street firm paid it the biggest fees at the time, rather than the ones that offered customers the best trading prices, according to the S.E.C. complaint."

              • Telios on 02/02/2021 - 21:37

                @whooah1979: My god its even worse than I thought.

                So the SEC considers naked shorting to be illegal, but if a market maker is found doing it they have 21-days to correct the imbalance.

                That is bad enough as-is, allowing someone likely manipulating the market 21-days to not get caught is ridiculous.

                BUT THEN!

                Naked call — The same as above except that investor L, who sells the call, has no shares in his account. In other words, he is selling an option on something he does not own. The SEC allows this.
                SEC rules also allow the seller of a naked short to treat the purchase of a naked call as a borrowed share, thereby keeping their naked short off the SEC's fails–to–deliver list.

                Creation of naked calls is not illegal.
                I hope someone is able to put 2 and 2 together here.

                Retailer investors caught market makers and hedges with their pants down by over-shorting a company.
                The brokers, clearance centres and hedges have basically colluded to lessen losses by restricting retail buying.
                The market makers are allowed 21 days to fix this criminality and not only that but it won't show up in the Fail-to-deliver reports that can actually indicate how badly they were naked shorting.

                http://counterfeitingstock.com/CS2.0/CounterfeitingStock.htm…

        • [Deactivated] on 03/02/2021 - 15:59

          RobinHood had artifically reduced their margin interest rate in December to undercut competitors and increase volume. They are cowboys sailing close to the wind.

          https://blog.robinhood.com/news/2020/12/21/robinhood-lowers-…

  • [Deactivated] on 02/02/2021 - 16:52

    Major institutional holders of GME:

    Holder
    Common Shares Held (Millions)
    % Of Company's Shares Outstanding Owned
    Gain ($ Billions)*
    Position Date Update

    FMR (Fidelity Investments) 9.5 13.7% $2.9 Sep-30-2020
    Ryan Cohen 9.0 12.9 2.8 Jan-10-2021
    BlackRock 8.6 12.3 2.6 Sep-30-2020
    Vanguard Group 5.3 7.6 1.6 Sep-30-2020
    Susquehanna International Group 4.4 6.3 1.3 Sep-30-2020
    Dimensional Fund Advisors 3.9 5.7 1.2 Sep-30-2020
    Senvest Management 3.6 5.2 1.1 Oct-07-2020
    Donald A. Foss 3.5 5.0 1.1 Feb-28-2020
    MUST Asset Management 3.3 4.7 1.0 Mar-18-2020
    Sources: IBD, S&P Global Market Intelligence, * - gains through Jan. 31

    (Wow, Fidelity has US$3.3 trillion AUM. Vanguard 8.8. BlackRock 8.676)

  • [Deactivated] on 03/02/2021 - 00:24

    Interesting WSB theory about virtually identical GME and AMC graphs due to hedge fund bots. IF that chart is correct, the hedge funds are not closed out and manipulating furiously. I don't know what to believe anymore. :)

    https://www.reddit.com/r/wallstreetbets/comments/lal147/how_…

    GME premarket down to $131.57, which will really test those diamond hands.

  • brendanm on 03/02/2021 - 21:40

    Anyone know how to buy XSPA from Australia? Can't buy it through stake.

  • Jugganautx on 03/02/2021 - 22:05
    +1

    "I just want my money back but I know it is gone," wrote an investor from the Wallstreet Bets Discord named Slik, a 52-year-old Nevada resident. On Friday, Slik had invested $1.1 million in options on GameStop stock and lost $850,000. "I just didn't spend enough time to research what I was doing, or what the market could do to my account so quickly.

    WHAT AN IDIOT!

    • Trying2SaveABuck on 03/02/2021 - 22:28

      I am a bit sadistic, but scrolling and seeing the morons lose there pants is making me laugh - all much as much as seeing Hedge fund (profanity) loss 70bn on shorts

      Im all for investing but come on you had to know it was too good to be true….buying a $10 stock at +$300 was not going to end well

      what shocks me is DFV didnt sell at least 50% of his position when he hit around the 20-30m range - it will be the case study on how Hedge Funds are 'greedy f**ks and how inexperienced/hype merchant investors can lose big quick when you dont understand the market'

      Believe it or not BB and NOK are actually decent stocks to buy and these were the two stocks pushed the least out of the four GME, AMC, BB and NOK

      To anyone reading this comment that owns GME - sell and sell now because in a month or so the sp will be sitting at $5 (Note im not a Financial advisor)

      • [Deactivated] on 03/02/2021 - 23:21
        +2

        WallStreetBets is such a dangerous environment to spend any long period of time in. So much in there is based on hope rather objectivity, and I think negative comments are being quickly deleted.

        • Trying2SaveABuck on 03/02/2021 - 23:26

          WSB is fine nothing wrong with 1000 to 1 odds on getting rich on some stock i've never heard of…. it is the GME plague that has recently vortexed the forum that has make it a bit toxic

          • [Deactivated] on 03/02/2021 - 23:52

            @Trying2SaveABuck: It's got a whole Fight Club Project Mayhem feel about it.

      • brendanm on 04/02/2021 - 14:36

        100% dfv sold a lot more than he is letting on.

      • AydenFX on 05/02/2021 - 11:29

        To be fair, if there wasn’t limitations on apps last Friday and this week then I believe this all would have ended differently.

    • wizzlesticks on 04/02/2021 - 15:07
      +4

      An idiot if true. But you have to remember a lot of posts are fake. There are many mock ups of 'loss porn' which are clearly faked.

      EDIT: On second glance it looks like those stories were faked by 'journalists'. There are no such users on Reddit, nor history of the text they have quoted.

      • Trying2SaveABuck on 04/02/2021 - 15:47
        +1

        Im sure some people really did lose big - like anything that is hyped up in the media

        Idiots think the Share Market is like

        GTA you buy a shares -> ???? -> make huge profits in 2 days

        The truth is most people looking to make quick money lose on the market

        I mean people are pretty dumb, apparently an ASX company with the same code GME went flying because idiots thought they were buying game stop!

  • EightImmortals on 05/02/2021 - 07:43

    A quick explanation and summary for those who aren't savvy.

    https://youtu.be/C6XEtQrgQUA

  • deme on 07/02/2021 - 14:07

    Who's still bag holding?

    • brendanm on 08/02/2021 - 14:33

      I have 40 amc, wasn't silly enough to buy gme.

  • deme on 17/02/2021 - 16:55

    Who is still holding?

    • Trying2SaveABuck on 17/02/2021 - 17:22

      People who have brain damage

      • watwatwat on 25/02/2021 - 12:58
        +2

        This comment didn't age well.

  • [Deactivated] on 25/02/2021 - 12:33

    There was a bit of activity in GameStop overnight, the share price jumping to almost US$100 and halted twice.

  • L0zBargain on 25/02/2021 - 12:47
    +1

    Here we go again! haha

  • [Deactivated] on 11/03/2021 - 12:30

    GameStop US$265 overnight! High of US$348. Well done to the diamond hands. This might get quite interesting without all the noise of the FOMO investors.

    • isthisreallife22 on 11/03/2021 - 12:46
      +3

      I sold at the $340ish last night. Yay didn't lose afterall

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