I was waiting for it to fall all of yesterday evening. I'm not sure it's coming.
Surely the hedge fund scum have got a few tricks up their sleeves?
I was waiting for it to fall all of yesterday evening. I'm not sure it's coming.
Surely the hedge fund scum have got a few tricks up their sleeves?
350?
l
Hit 500 in today's pre market.Originally Posted by Don
350?
l
Sensational. I need to read into the details to understand i) how they have such power/volume and ii) why the big players don't just sit tight and wait it out.
I'm half tempted myself to start shorting it.
It's pretty spectacular however it pans out.
It's mainly one big player who shorted the fuck out of it (total short position was 140% of the entire stock pool, you don't have to be a finance genius to realize that that's a dodgy position to take) and now they're stuck with having to cover those shorts at increasing prices. There's a lot of chatter about a large portion of those shorts expiring tomorrow, but I'm not sure that's the end of it. It's gonna be an interesting Friday and Monday though for sure.
The actual short squeeze kinda hasn't happened yet, so I would stay the fuck away from shorting it unless you want your very own "Guh"-moment.
A lot of the shorts are from borrowed shares, which can either be from a pension fund etc. or a retail broker that lends shares out to be shorted. They agree to borrow the share for a certain amount of time and pay a certain amount of interest. In this scenario, it's a week. There is also naked shorting going on, which is shorting without having control of a share, which is illegal.
The power/volume is just because this has turned into far more than an investment. It's about sending a message for a lot of people. It's gained ridiculous traction, culminating in Elon tweeting about it, which sent it haywire. Now everyone is reading about it and asking questions and finding out that there's still plenty more money to come. A lot of apps are halting any purchases though and only allowing selling. Scum move.
I've just read a bit of the reddit. Tears in my eyes. How do I long this badboy in the easiest method possible?
This is the shit crashes are made of.
They appear to be shutting people off from it now. Losers.
It's only fine when it's poor people getting shat on. The rich must not be buttfucked for the lulz
What's the craic with this anyway? Has reddit got wind of someone with a massive short position and then somehow cabaled a coalition together to bid up the price and thereby ruin said shorter?
A company called Citroen advised people to sell GME as they were going to short the fuck out of it. The SubReddit Wallstreet Bets took exception and bought the shit out of it in response. Fast forward 4 days and the fan is slinging shit all over the place.
From my intensive working day spent playing with my mushroom and browsing twitter/reddit inbetween, it seems it's just a perfect storm of factors rather than RL and buddies taking a break from flight trackers and creating U23 match compilations to make themselves overnight millionaires.
Get me in a bathtub with some bubbly and I'll tell you about gamma squeezes.
The chatter around it being shut down on dodgy racism grounds as well.
Dodgy fucks
Imagine the Trump tweets (for or against) we would have had today. Gutted.
The plan is still buy GME and AMC if you can. We've got 'em by the balls.
AMC just got a rocket and is about to literally go through the fucking roof.
Don must be wanking himself silly.
I thought it might be over but thess fucking heroes held the line.
Again, pardon my laziness but, I thought I read Melvin didn't have a position any more. Is that lies or are there still a tonne of shorters in play who are in the process of getting purged? I assume they shorts expire today meaning price plummets next week?
BTC popped today too.
No clue.
I'm merely just peeking at this point. I'd imagine by the time the market shuts all of the traders will be shitting themselves crazy.
Found Trump's alias.
Melvin most likely lied, or palmed the shorts off to someone else. They said they closed "a" position, not all of them, so as to not technically lie, but also give off the impression they had got rid of them. You can see how many shorts there are and we're still in the thick of it. It's a case of who can hold out the longest. One side just has to be patient, the other has to watch it's debt rack up. There's every chance the hedge funds are pushing it to a critical point so that it requires government intervention.
Is 212 my best bet to get my name im the history books? Are they offering it/allowing new memberships?
Gamestop finishing the day on 69 percent is fucking hilarious.
Can someone explain to me in layman terms what is going on. I’ve tried to find a few explanations but they still use insider terms that I don’t understand.
Pretty sure they've halted it until they get through the pile of new applications they've had this week. I don't know what your best bet is tbh. Freetrade have had to stop trading US stocks, IG require a W8-BEN form being filled in before you can trade US stocks. Maybe try Schwab? Apparently they're good and accept international customers.
It's not easy to put simply as there's no real world version of this shit, but basically:
On the stock market you can short a stock. Shorting is where you profit if the price of a stock decreases, or lose money (infinite amounts potentially) if the price goes up. When a stock is heavily shorted it forces the price down.
One of the big shorters is a company called Citron. They tweeted earlier this week saying they were going to short Gamestop into the ground. People took issue with this and immediately started buying the stock to force the price upwards. Cue a battle that has been going on all week.
The brokers, have been on the shorters side. Limiting the amount people can buy and doing everything they can to keep the price down, but people are refusing to sell to keep the price up.
The market has now closed and the contracts that the shorters took out at the start of the week have expired. This means they need to pay off the contract. This entails paying the current share price. Obviously, if the price had dropped, they'd be paying a few dollars per share and keeping the difference between the contract opening price and the contract closing price as their profit. Alas.... there's now going to be some bankrupt billionairs.
That'll do me. Do companies like Citron declare their intentions on social media like that often? I heard they tweeted out which is how reddit jumped on it.
Nerds like stock
Hedge funds don't like stock
Nerds take personally
Hedge funds bet massively (and illegally) on stock going down
Nerds rally in impressive numbers to make stock rise
Hedge funds fucked, but hold fort thinking stock will plummet
Nerds realise they've got hedge funds by the balls
Word spreads and slightly less nerdy people start to get involved
Hedge funds begin dirty tactics
Anger starts to rise so more people buy stock
Nerds target stocks in similar situation where hedge funds have taken ridiculous risk
Hedge funds turn to really fucking dirty tactics, trading platforms begin to shut down trading on Gamestop and other stocks
Nerds and non-nerds unite and hold fort
Nerds currently in pole position. 115 was the number needed to hit at close today. 325 was what we came in at. I think AMC needed 9, we got 13.
No, and lesson learned
Deserves to be posted on it's own. God bless them.
When God gives you lemons ....
The experienced heads can correct/add colour:
The GME stocks were worth fuck all (~$10?). They were also shorted heavily by big boy hedge funds and whatever assortment of cunts which is a fairly common practice.
The future for GME picked up a little so a price rise became a looming possibility on the horizon which obviously fucks the shorters.
Shorters start panicking and looking to buy back the stock to close their position. This increases demand and in turn, price. The higher the price the larger the potential loss for these guys.
Meanwhile, the reddit page WSB jump on this at the same time, making it their latest meme stock.
Meanwhile, some of these big shorters start swinging their dicks in the media and laughing at buyers, in turn riling WSB and making this into a modern day crusade.
This all gains momentum and next thing you know you got the stock hitting $500. The shorters are racking up billions of losses. The early WSB-ers are overnight millionaires but to realise it would mean they would have to sell and become mercenary cunts by allowing price to plummet.
By the looks of it, a lot are holding, sacrificing millions in order to make sure the shorters get stung and have no easy out.
The true value of the stock is apparently no more than $20 so the price will crash, it seems a question of who moves first in closing their position.
How the chips fall in the endgame is where I've got a boner on. Could this be the first of many attacks against these cunts? Is it a wake up call and the bullshit curtains being drawn open to show them up for useless institutions supporting a toxic industry or is this just a once in a blue moon event that has seen a perfect storm of factors come together to make some great personal stories (read the reddit).
Glossary:
Shorted - when someone bets on the price of the stock falling by borrowing the stock to sell (under the condition they will be forced to buy it back at some point in the future in order to return it to its owner).
Meme stock - some internet virgins band together and through hype and teamwork, manage to elevate demand and price of a stock.
Boner - a potent object of desire for tick tings.
The fucking arrogance of it.
God, it's so beautiful.
Deserves to be posted on it's own. God bless them.
So why does a company like Citron care so much about the rise of one company's stock? Surely there are thousands, if not tens of thousands of companies, floating on the market. Why is the stock of one crummy game retailer having such a massive impact?
They essentially bet everything they have and more against it not happening.
It's just a different way of making money. When you buy a stock you look for value and growth. When you short a stock, you look for over-value. In this case they found what they took to be a failing business model. A physical game shop, during a pandemic, in an age of digital downloads that had grown from $4 to $20 dollars because of bizarre basement dwellers. So they shorted it and made a video laughing at them in an effort to shake them from the tree.
I've only had a glance at the WallStreetBets subreddit but they seem like they are going to hang in there. Theoretically, if all of these nerds hang on to their stock and don't sell, what would happen?
Generally speaking, Shorts are an important part of the stock market. They help moderate prices and go someway to preventing bubbles. They also have an interest in digging up dirt on companies, rather than the rose tinted vision of investors. ENRON was brought down by a shorter, I believe.
Nothing much now. The stock would just hold its value. The price moves with action (buying or selling)
Shorts lower the price, so the releasing of shorts will increase the price. The stock is 121% shorted and will apparently take 6 days for hedge funds to unravel their mess. We don't know when they will begin unravelling, but they are paying insane interest fees every day. I hope by now they've realised the price isn't going below 115, but they may have more tactics up their sleeves.
What's the end game here?
Is Gamestop suddenly going to become really profitable because people are rushing out to their brick and mortar stores and paying huge prices for the latest video game titles? Or does everyone eventually just end up with a massively overvalued stock?
The price will rise substantially. Look up "short squeeze."
I took them to mean longterm.
So is the value of a brick and mortar retail game store is suddenly really high? Is it the bricks, mortar, games, employees, or future market for game retailers that has suddenly become really valuable?
Presumably shorters buy and close their positions and at a critical point, the stock peaks. And then the rest sell causing a crash. The latter will surely be chaos though and result in millions of gains lost in thin air if they miss the initial sell-off period which makes their persistence sp commendable. But net gains will be had and theirs will be the Earth and everything in it.
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