Market Shenanigans. GME, Reddit, and more

[B00M 6278]

28 minutes ago, Michael Knight said:

 

In many ways, it is. Many of us are, but we do provide cash to businesses in the hope of outpacing inflation. The "gamestop guys" didn't game anything. They spotted a legal opportunity to make money, help the underlying company, and simultaneously discourage the immoral/illegal/damaging activity of a HF. This isn't THAT complicated.

[Anastasis 23375]

23 minutes ago, Gil Bang said:

What is the logical argument for even allowing shorting in the first place?   Why not ban it outright?  

Shorts provide an effective counterbalance and can sniff out problems that other investors or regulators might not find in a stock.  They take on potential for infinite loss with a capped upside.  Shorts are not the problem.  The problem in this case is the hedge funds shorted something like $140 of the float, which is fucking bullshit, and then when they got caught, they were bailed out instead of suffering the consequences of that unlimited downside. Same old story.  Risk taking behavior on WS being backstopped. 

[cactusflinthead 27593]

Fuck off

[Anastasis 23375]

2 minutes ago, cactusflinthead said:

Fuck off

Until we start putting these people in jail, guillotining them, or letting them go fucking broke fucking around and finding out nothing will ever change. 

Edited January 28, 2021 by Anastasis

[Froghorn717 42]

hi 

[wildcat09 29187]

Who wants to found a guillotine startup?

[Brisketexan 104462]

6 minutes ago, cactusflinthead said:

Fuck off

Shit like that is EXACTLY how you end up with guillotines.

For fuck's sake, the outright contempt for individual citizens, acting in the field of commerce, is as fucking disgusting as it gets.  That fucker should get pantsed and lose everything.  If you want to make the entire world root for the denizens of a Reddit forum.....that's how you do it.

[henrygandorf 29174]

if only gme issued more stock, raised a bunch of money, and then used it to turn itself into an actual productive company...nah fuck that.

[Foosters 17691]

https://thebaffler.com/salvos/an-open-letter-to-leon-cooperman-denison

Quote

 I’ve often muttered your name as if you were some kind of personal nemesis. Cooperman! Cooperman! You miserable malefactor of unimaginable wealth. Think of how upset you feel when you regard Elizabeth Warren and what she stands for. That’s what the name Cooperman does for me. You seem mystified that so many of us would regard America’s ultra-rich overlords with fury. I’ve been paying attention to your public statements. Not once have I seen a glimmer of understanding on your part of where this hostility might come from. Are you really so obtuse you can’t understand it?

 

[henrygandorf 29174]

6 minutes ago, Froghorn717 said:

hi 

[Zonahorn 8079]

@bad_teammate to the white courtesy phone

[kevwun 15595]

The problem with guillotines is you end up getting guillotined yourself at some point when it stops being about justice.  I think the real solution is to leave.  Our families moved here only a couple of generations ago to get away from stuff like this.  You can stick around and try to pick up the pieces or you can just gtfo when the gettin is still good.

Edited January 28, 2021 by kevwun

[The Hot Dog Buffet 1291]

Yeah, I was thinking the other day that things here will eventually get better, like they did in Germany post-WW2, but within my lifetime, things are only going to get very bad. If you have options, it's really not in anyone's best interest to remain in this country.

[Continental Op 3934]

17 minutes ago, Anastasis said:

Shorts provide an effective counterbalance and can sniff out problems that other investors or regulators might not find in a stock.  They take on potential for infinite loss with a capped upside.  Shorts are not the problem.  The problem in this case is the hedge funds shorted something like $140 of the float, which is fucking bullshit, and then when they got caught, they were bailed out instead of suffering the consequences of that unlimited downside. Same old story.  Risk taking behavior on WS being backstopped. 

Wait a minute... Why not hedge the theoretically infinite potential downside with call options? 

Edited January 28, 2021 by Continental Op

[Anastasis 23375]

Just now, Continental Op said:

Wait a minute... Why not hedge the theoretically infinite downside with call options? 

I think that is a question for Melvin?

[Continental Op 3934]

Ha yeah I guess when you can get all of the brokerages to pull your bacon out of the fire you don't have to settle for anything less than the maximum possible gain.  

[FondrenRoad 4378]

8 minutes ago, The Hot Dog Buffet said:

Yeah, I was thinking the other day that things here will eventually get better, like they did in Germany post-WW2, but within my lifetime, things are only going to get very bad. If you have options, it's really not in anyone's best interest to remain in this country.

Things didn't just get better in Germany by themselves. 20 percent of the population was killed and half of Germany was burned to the ground. 

So far, we have had a handful of deaths and some broken windows. Gonna get a whole lot worse before it gets better. 

Edited January 28, 2021 by FondrenRoad

[SydneyCarton 47809]

42 minutes ago, Brisketexan said:

Outside of the clinically insane like Marjorie Taylor Green, is there any dumber political voice in America today?

 

Charlie Kirk would like a word with you, sir. 

[Pescado_Rojo 19327]

19 minutes ago, Brisketexan said:

Shit like that is EXACTLY how you end up with guillotines.

For fuck's sake, the outright contempt for individual citizens, acting in the field of commerce, is as fucking disgusting as it gets.  That fucker should get pantsed and lose everything.  If you want to make the entire world root for the denizens of a Reddit forum.....that's how you do it.

Let them eat donuts..

 

 

[cactusflinthead 27593]

I remember there was a circle of hell where they had to tote around onerous purses. I don't remember if they were on their crotch to hit them in the balls every time they took a step on the treadmill. 

I'll have to reread that.

I'd like to take the plumber's son back down under the house for some work on the sewer.

 

This is how it always is with plutocrats: they believe the concerted efforts they make to protect their power and standing is nothing more than their rightful participation in politics. Meanwhile, anyone who points to their manipulation of the system—and wants to reverse trends toward the concentration of wealth—is accused of class warfare. Look into the ways we’ve had several decades of top-down class war, Cooperman. Ask your researcher to tally up all the money the Koch brothers have spent to support candidates who defend the wealthy, or to explain the effects of the Citizens United ruling in American politics. Today’s vast inequality isn’t a random event like the weather: certain people made it happen. You.

 

[bad_teammate 13125]

7 minutes ago, Zonahorn said:

@bad_teammate to the white courtesy phone

I didn't do anything, you can't prove it.

YOU'LL NEVER TAKE ME ALIVE!

[bad_teammate 13125]

Money is fake at its core, so calling out the stock market for being fake doesn't really move me. The only actual problem I have with the stock market is its perpetuation of inequality. Yes, it's stupid that we have all of these complex and interlinked financial tools that are deeply disconnected from more rational methods of valuation (see: Tesla's market worth vs profit prospects) but everything leading up to it is just as irrational.

A system of collective delusion from which we draw imaginary money to pay for investments in jobs and programs sounds like a fantastic thing, actually, so if anything all I really want is for the people at large to get the money.

[Nivek 16807]

Not just them. TD Ameritrade did too. Not sure about others.

I checked, one can still buy with TD Ameritrade today

[cactusflinthead 27593]

When she's hot.

[Beau Vine 53964]

58 minutes ago, Patrick Bateman said:

Nah.  Doesn't have 4 quarters of positive earnings and meeting the criteria doesn't ensure it has to be added.  That's fantasy.

Even if it did, those are just necessary conditions.  S&P would have to choose to add it, and that is fantasy.

[Beau Vine 53964]

24 minutes ago, Continental Op said:

Wait a minute... Why not hedge the theoretically infinite potential downside with call options? 

1.  You mean a put option?

2.  Because you pay a premium.

3.  Because those expire.  

[DefinitelyNotHollywoodColt 12301]

28 minutes ago, The Hot Dog Buffet said:

Yeah, I was thinking the other day that things here will eventually get better, like they did in Germany post-WW2, but within my lifetime, things are only going to get very bad. If you have options, it's really not in anyone's best interest to remain in this country.

hi!

[MC Fresh Breath 4074]

I can't believe Occupy Wallstreet was in 2011.  Life is fleeting.

 

[henrygandorf 29174]

 

[Beau Vine 53964]

1 hour ago, Gil Bang said:

What is the logical argument for even allowing shorting in the first place?   Why not ban it outright?  

Because it serves as a mechanism to drive down prices to sane levels when they get obviously too high.  

For example, back at the end of the dotcom bubble, 3com spun off Palm as a separate company, but held on to a majority percentage of the new shares.  Idiots bid the price of Palm so high that Palm's total value was more than 3com's total value.  If you bought a share of 3com, you were literally buying something like a half share of Palm, but the price of a share of 3com was less than half the price of a share of Palm.  

If people could of shorted Palm, that would have brought its price down to a level that made sense.  But at the time, you couldn't short-sell Palm.  

[RDCanecutter 26239]

2 hours ago, henrygandorf said:

if robinhood is forcing folks into a sell-only position on certain stocks, and many are pissed and are just fucking done with the app altogether, then it seems like those stocks (bb, nokia, bbby, amc) are going to take an artificial emotional hit today, but might be poised to bounce back tomorrow (even though they're kinda dogshit companies with a ton of debt, etc).

The real story is that all these nostalgia companies like GameStop are going to come back from the grave. The people's will will not be denied. One after another, they will rise back up and it'll be the 80s, well no, maybe the early 90s again. If you live near a dead mall that banging and clanging you hear at 5am will be all the anchor stores moving back in. See you at the record store.

I was alive and I waited, waited, I was alive and I waited for this. Right here, right now, there is no other place I want to be.

[burntorangebongos 10681]

1 hour ago, DonkeyCigars said:

Now this (heh heh, NowThis) is a fascinating end game:

The S&P 500 Index is an index of, roughly speaking, the 500 biggest U.S. public companies by market capitalization. GameStop is not in that index, because a month ago it was a small company, in the index of 2,000 small companies. Now it is—measured by market capitalization, though nothing else—a big company.

If the redditors can hold on long enough, can they get GameStop added to the S&P? Can they turn it into a big company just by bidding the stock up? If they can, then S&P 500 index funds will be forced to buy it, no matter the price, and all the redditors who brought it here can get out at a profit. And they will have a big and permanent win, and also the current version of financial capitalism—the index-fund version—will collapse in absurdity.

Don't bring Q shit fantasy in here. Talk about not knowing shit, bro. 

[Beau Vine 53964]

1 minute ago, RDCanecutter said:

The real story is that all these nostalgia companies like GameStop are going to come back from the grave. The people's will will not be denied. One after another, they will rise back up and it'll be the 80s, well no, maybe the early 90s again. If you live near a dead mall that banging and clanging you hear at 5am will be all the anchor stores moving back in. See you at the record store.

I was alive and I waited, waited, I was alive and I waited for this. Right here, right now, there is no other place I want to be.

You're just going to malaka yourself with the bra section of the Sears catalog.

[Hugo Stiglitz 23356]

 

[Brisketexan 104462]

5 minutes ago, henrygandorf said:

 

TLDR; here's our pack of lies, we did this bullshit to server the masters at the expense of the little guy because that's the way it is.  Take it and smile, little bitches.

1 minute ago, RDCanecutter said:

The real story is that all these nostalgia companies like GameStop are going to come back from the grave. The people's will will not be denied. One after another, they will rise back up and it'll be the 80s, well no, maybe the early 90s again. If you live near a dead mall that banging and clanging you hear at 5am will be all the anchor stores moving back in. See you at the record store.

I was alive and I waited, waited, I was alive and I waited for this. Right here, right now, there is no other place I want to be.

If I get just one afternoon of thumbing through the music at Sound Warehouse while I steal glances at that cute gal with the Farrah Fawcett wings haircut on the next aisle, it will be worth it.

 

[Sbbruin 21697]

4 minutes ago, RDCanecutter said:

The real story is that all these nostalgia companies like GameStop are going to come back from the grave. The people's will will not be denied. One after another, they will rise back up and it'll be the 80s, well no, maybe the early 90s again. If you live near a dead mall that banging and clanging you hear at 5am will be all the anchor stores moving back in. See you at the record store.

I was alive and I waited, waited, I was alive and I waited for this. Right here, right now, there is no other place I want to be.

Sweet.  My Sam Goody and Licorice Pizza stock is gonna skyrocket.

[RDCanecutter 26239]

1 hour ago, Beau Vine said:

I once fouled out of a freshman intramural basketball game.  

The ref at the scorer's table told me, "Congrats, I've been doing this for three years and have never seen anyone pick up more than two fouls."

In Fencing class some coaches get nervous if you talk about "going in for the kill." Apparently they want you to call it "scoring a point."

[Post Oak 20182]

33 minutes ago, cactusflinthead said:

When she's hot.

She don't miss

[Willfully Horn 7913]

Nvm. Wrong thread

Edited January 28, 2021 by Willfully Horn

[RDCanecutter 26239]

1 hour ago, cactusflinthead said:

Fuck off

If I were a wealthy person, I would rather be attacked this way, than other ways that I can think of.

[Gil Bang 25865]

6 minutes ago, Sbbruin said:

Sweet.  My Sam Goody and Licorice Pizza stock is gonna skyrocket.

Only if they bring back "Leslie" to do the radio commercials again. 

[Biff Tannen 45477]

16 minutes ago, Sbbruin said:

Sweet.  My Sam Goody and Licorice Pizza stock is gonna skyrocket.

Spencer Gifts and Great American Steak and More for me!

[horn4life 3753]

1 hour ago, The Hot Dog Buffet said:

Yeah, I was thinking the other day that things here will eventually get better, like they did in Germany post-WW2, but within my lifetime, things are only going to get very bad. If you have options, it's really not in anyone's best interest to remain in this country.

Are you actually Betty White and 99 years old.

 

[Mole 4318]

3 hours ago, MissingInAction said:

Never thought I'd be into the dominatrix thing, but I'd eat rotten cabbage while jerking off if AOC told me to.

I didn’t know Ben Shapiro posted here.

[TexasEd 8062]

6 hours ago, Captainant said:

The root issue here is that hedge funds shorted (read: pre-sold) 140% of GME's available shares. And when the public found out, they squeezed the fuck outta the available shares and drove the price to the moon because the demand for shares to fulfill the outstanding contracts vastly outweighed the supply of stock.

It's a beautiful thing to see reddit fuck over hedge funds, but this sort of thing is only gonna continue due to the glut of liquidity in the market from the trump admin. This big ol bubble is gonna pop and we're gonna have a bad time with no brakes

Bold part is supposedly against the law but the SEC regulators were looking the other way like it was an Alabama recruiting incentive.

So the real question is how did it get to that point and was there government payoffs or policy that led to this scenario?

[henrygandorf 29174]

44 minutes ago, RDCanecutter said:

The real story is that all these nostalgia companies like GameStop are going to come back from the grave. The people's will will not be denied. One after another, they will rise back up and it'll be the 80s, well no, maybe the early 90s again. If you live near a dead mall that banging and clanging you hear at 5am will be all the anchor stores moving back in. See you at the record store.

I was alive and I waited, waited, I was alive and I waited for this. Right here, right now, there is no other place I want to be.

i ended up holding past close.  so far, so good.

[MC Fresh Breath 4074]

Quote

LONDON (Reuters) - Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.

 

 

Edited January 28, 2021 by MC Fresh Breath

[cactusflinthead 27593]

 

[henrygandorf 29174]

gme is back up to $300 in after market trading.

guy who had his shares force-sold at $118 is probably in a pretty good mood around now.

[Beau Vine 53964]

43 minutes ago, TexasEd said:

Bold part is supposedly against the law but the SEC regulators were looking the other way like it was an Alabama recruiting incentive.

So the real question is how did it get to that point and was there government payoffs or policy that led to this scenario?

Come on, man, the SEC doesn't regulate Wall Street; they work for Wall Street.

If I were at a Bloomberg terminal, I'd bet I could find 50 stocks with a short interest/float ratio higher than 100% in the last three years.