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Wally Fairway

By Wally Fairway
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TheFlyingBoat

TheFlyingBoat 906

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Well, with the split of pennies to its own thread that should free up room here for discussion on S&P500/Russell 2000 plays. I doubled down on a lot of my non-GME position in the wake of the pullback on Friday while I reduced my GME shares position to about $6500 which proved to be a pretty good decision (I do intend to diamond hands that position to 0 or the moon, whichever happens first). I've also loaded up on some bullish QQQ weeklies and GME $400 calls today as a play that intends to play off their inverse relationship hoping that both move more aggressively in their chosen direction than the market priced in (yes I understand that sounds insane given the 580% IV of 2/5 GME $400 C right now, but if a positive move does happen, I could easily see it being ITM in a day. And if it does move up aggressively, I have little doubt it could break past 430 which is my breakeven). I am not too worried if my GME calls go to zero either as from my perspective with prior gains locked in, I am playing with house money since the shares and calls could go to zero and I'd still be up on that position alone more than I expected my entire portfolio to go up in a year.

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Hank_Hill
Hank_Hill

Haven't mentioned it because didn't need naysayers because it is stupid, but I'm a med student doing this almost purely on my student loans while they're at zero interest. I've made +$20k since Decemb

Hank_Hill
Hank_Hill

The real treasure is the friends we make along the way

BradInATX
BradInATX

As long as 700% APR payday loans exist, you can fuck right off with "protecting people from themselves".

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52-80

52-80 19081

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5 minutes ago, DonkeyCigars said:

Synonym: hysteria.

that, and way more.  seen how politicians and billionaires capitalize on the episode to shill their own brand (e.g. chamath and portnoy).  seen how wild stories germinate and propagate through the media.  seen true information, but also tons of disinformation.  seen endless industry-insider sprout contradictory opinions (and, seemingly, revealing that they dont know *that* much?).  etc etc.  very fun!

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Incredulity

Incredulity 11559

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19 minutes ago, hayden_horn said:

the gamestop thing seems over. is it over? 

💎✋

 

Or maybe not.  Who knows.

 

I'm going down with the ship.  I knew it when I click the button and am fine with it.

 

That sad I cannot fathom being someone who YOLO'd the top, or got it right and is watching millions evaporate.

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Trey3216

Trey3216 15325

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28 minutes ago, Cheeseweasel said:

It will show that the handful of stonks held by Redditors had little impact on this.

 

30 minutes ago, Blotto said:

"Everybody HOLD" had about as much chance of longterm success as NFL players enduring a season long strike. 

This.  it's what Eastwood and I have been harping on for about 2.5 weeks now.  This was always going to be the result.  the WSB crowd lit the fuse to the powder keg that had already been assembled, organized, and setup for explosion.  Their collective position wasn't enough to keep the inevitable implosion to happen because it's pretty insignificant.  WHen you look at BlackRock owning about 20% of the float, and several other huge MM's with 10-15%, it was always about them vs the hedge funds.  Lil Timmy Reddit took dad's lighter and lit the fuse.  Same as it ever was.  And the days go by.

 

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52-80

52-80 19081

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28 minutes ago, Trey3216 said:

 

This.  it's what Eastwood and I have been harping on for about 2.5 weeks now.  This was always going to be the result.  the WSB crowd lit the fuse to the powder keg that had already been assembled, organized, and setup for explosion.  Their collective position wasn't enough to keep the inevitable implosion to happen because it's pretty insignificant.  WHen you look at BlackRock owning about 20% of the float, and several other huge MM's with 10-15%, it was always about them vs the hedge funds.  Lil Timmy Reddit took dad's lighter and lit the fuse.  Same as it ever was.  And the days go by.

 

Lots and lots of retail made out very well on this trade though, and you cant say that certain HFs and big boys were not legitimately threatened by the actions of last week.  Hell, even as "small" as Melvin was, taking a 5, 6, $7 billion dollar haircut isn't a joke. 

 

It's like little fishes nibbling on the skin of whales.  Nothing wrong with going along for the ride.  Hell, I outearned a couple months of work already and I didnt jump into the waters until the stock was around 100.

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Trey3216

Trey3216 15325

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1 minute ago, 52-80 said:

Lots and lots of retail made out very well on this trade though, and you cant say that certain HFs and big boys were not legitimately threatened by the actions of last week.  Hell, even as "small" as Melvin was, taking a 5, 6, $7 billion dollar haircut isn't a joke. 

 

It's like little fishes nibbling on the skin of whales.  Nothing wrong with going along for the ride.  Hell, I outearned a couple months of work already and I didnt jump into the waters until the stock was around 100.

No doubt.  Wasn't saying that quite a few people didn't get to exact their pound of flesh, just moreso that the big dogs basically bankrupted a few good sized hedge funds in the process.  

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52-80

52-80 19081

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2 minutes ago, Trey3216 said:

No doubt.  Wasn't saying that quite a few people didn't get to exact their pound of flesh, just moreso that the big dogs basically bankrupted a few good sized hedge funds in the process.  

now wheres all the remaining retail capital to pump up SPCE, PLUG, DKNG, and others haha

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Continental Op

Continental Op 3934

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Me yesterday:  I should maybe buy some AMC puts because when that doesn't go up to like $500 in two weeks the daytrippers who bought in will get bored and go back to playing Call of Duty or jerking off to anime tentacle rape porn or whatever it is those r/wallstreetbets people do. 

Me yesterday: *Doesn't buy AMC puts* 

Me today: Sad Cry GIF

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Trey3216

Trey3216 15325

Posted
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Just now, cam4mav said:

what does that mean. calls/puts still confuse me the money for contracts doesn't mean anything in my head.

It means that there were 15000 contracts sold (last time I looked) on people betting that GME either will or won't get to 800 by friday (someone has to sell them in order for another to buy them).  

The contracts are trading at around $4.95/sh, meaning you'd have to fork over $495 to buy 1 contract that entitles you to buy 100 shares of Gamestop at $800 by THIS FRIDAY.  

So do the math:  495 x 15000= $7,425,000 worth of options have been traded on this strike price alone, just today.  That's insanity at its finest.  

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DonkeyCigars

DonkeyCigars 144

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3 minutes ago, Trey3216 said:

It means that there were 15000 contracts sold (last time I looked) on people betting that GME either will or won't get to 800 by friday (someone has to sell them in order for another to buy them).  

The contracts are trading at around $4.95/sh, meaning you'd have to fork over $495 to buy 1 contract that entitles you to buy 100 shares of Gamestop at $800 by THIS FRIDAY.  

So do the math:  495 x 15000= $7,425,000 worth of options have been traded on this strike price alone, just today.  That's insanity at its finest.  

If you think about it, it's not too crazy. If you are playing with house money you are taking a very low risk to the reward ratio, and if you have 15,000 people who diamond hands $100k+++ on the previous hysteria, this number seems reasonable (if not low). What's $495 when you made $49k or $490k and can turn that $495 to moon dust money if it hits $800.

Edited by DonkeyCigars
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Trey3216

Trey3216 15325

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Just now, DonkeyCigars said:

If you think about it, it's not too crazy. If you are playing with house money you are taking a very low risk to the reward ratio, and if you have 15,000 people who diamond hands $100k+++ on the previous hysteria, this number seems reasonable (if not low).

You think this is gonna go up 7x in the next 3.5 days?? 

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DonkeyCigars

DonkeyCigars 144

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3 minutes ago, Trey3216 said:

You think this is gonna go up 7x in the next 3.5 days?? 

I bought a bunch of puts at $65 bucks, if that tells you anything about what I think personally. I'm just saying I can understand it because the bankroll/house money is ridiculously in the black for a lot of speculators. And of course, one good turn deserves another, as they say.

Edited by DonkeyCigars
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Trey3216

Trey3216 15325

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1 minute ago, DonkeyCigars said:

I bought a bunch of puts at $65 bucks, if that tells you anything about what I think personally. I'm just saying I can understand it because the bankroll/house money is ridiculously in the black for a lot of speculators. And of course, one good turn deserves another, as they say.

I'd be looking at doing a bull call spread on the 100 and 350 strikes if I were playing the lotto game on this one.  

Buy the 100 for 43.25 and sell the 350 for 11.25.  Net payment is 32 and you can nearly 8x your money with much less Money At Risk

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gsoda3

gsoda3 3236

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1 hour ago, Trey3216 said:

It means that there were 15000 contracts sold (last time I looked) on people betting that GME either will or won't get to 800 by friday (someone has to sell them in order for another to buy them).  

The contracts are trading at around $4.95/sh, meaning you'd have to fork over $495 to buy 1 contract that entitles you to buy 100 shares of Gamestop at $800 by THIS FRIDAY.  

So do the math:  495 x 15000= $7,425,000 worth of options have been traded on this strike price alone, just today.  That's insanity at its finest.  

the $800 call is at $2 x $2.05 right now.  so whomever bought at $4.95 is down almost $3 per share.  also each contract is for 100 shares.  so if you're buying 1 contract it's not just $4.95, it's $4.95 * 100 shares.  so 10,000 contracts would be $4.95 * 10,000 * 100.  

Edited by gsoda3
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