| GameStop shares 11:12 - Jan 27 with 4187 views | clive_baker |
Anyone been following this?
Absolutely bonkers market manipulation from Reddit. Feel for whoever jumps on the ponzi scheme at the top, there's going to be a hell of a long way for it to fall. |  |
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| GameStop shares on 11:21 - Jan 27 with 2482 views | StokieBlue |
For those who don't know what is going on:
https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wa
Essentially a reddit group decided to try and break the short-sellers who were driving down the price of the stock. They aren't really looking to realise any profits, just to put the short-sellers out of business. They have succeeded to some extent with regards to stopping some institutions short-selling the stock.
SB |  |
| Avatar - IC410 - Tadpoles Nebula |
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| GameStop shares on 11:25 - Jan 27 with 2455 views | clive_baker |
| GameStop shares on 11:21 - Jan 27 by StokieBlue |
For those who don't know what is going on:
https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wa
Essentially a reddit group decided to try and break the short-sellers who were driving down the price of the stock. They aren't really looking to realise any profits, just to put the short-sellers out of business. They have succeeded to some extent with regards to stopping some institutions short-selling the stock.
SB |
Not sure about the "They aren't really looking to realise any profits" bit but I'll give them the benefit of the doubt.
It's a unique stock in that there were more shares on short positions than actually existed (103%) so there's potential for this to go to the moon. As these short positions close, they have to buy back at the higher price, thus driving it up further. It's a stock with a fair market value of something like 20 dollars, but they could well hit 400 by the end of today. | |
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| GameStop shares on 11:28 - Jan 27 with 2435 views | StokieBlue |
| GameStop shares on 11:25 - Jan 27 by clive_baker |
Not sure about the "They aren't really looking to realise any profits" bit but I'll give them the benefit of the doubt.
It's a unique stock in that there were more shares on short positions than actually existed (103%) so there's potential for this to go to the moon. As these short positions close, they have to buy back at the higher price, thus driving it up further. It's a stock with a fair market value of something like 20 dollars, but they could well hit 400 by the end of today. |
I perhaps should have been clearer.
If they can take profits they clearly will (and should), however I believe the primary aim was to stick one on the short sellers.
As you say, the short sellers are in real trouble given they have to continually cover their positions.
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| Avatar - IC410 - Tadpoles Nebula |
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| GameStop shares on 13:18 - Jan 27 with 2308 views | DinDjarin |
From what I understand they are taking a stand against shorters who are scum of the earth so fair play on that on but not sure how this will play out.
edit - if anyone cares shorters borrow shares from the market and sell them. Their plan is then to drive down the price of the share by whatever means and then buy the shares back at a lower price, return them to the market (broker) and pocket the difference.
Private investors who own shares lose. Scummy feckers. [Post edited 27 Jan 2021 13:49]
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| GameStop shares on 13:23 - Jan 27 with 2278 views | JakeITFC |
Yeah I've got some stocks in it, going to the moon baby. |  | | |
| GameStop shares on 13:24 - Jan 27 with 2263 views | footers |
| GameStop shares on 13:23 - Jan 27 by JakeITFC |
Yeah I've got some stocks in it, going to the moon baby. |
Ditto, well not shares but on leverage. Been making a nice little pile of holiday money for the last couple of days.
Really interesting story, anyway. |  |
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| GameStop shares on 13:31 - Jan 27 with 2232 views | ArnoldMoorhen |
| GameStop shares on 13:18 - Jan 27 by DinDjarin |
From what I understand they are taking a stand against shorters who are scum of the earth so fair play on that on but not sure how this will play out.
edit - if anyone cares shorters borrow shares from the market and sell them. Their plan is then to drive down the price of the share by whatever means and then buy the shares back at a lower price, return them to the market (broker) and pocket the difference.
Private investors who own shares lose. Scummy feckers. [Post edited 27 Jan 2021 13:49]
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My guess will be that they will be prosecuted for market manipulation.
Short selling is casino "investment". The arguments that can be put forward for the trading of equities (primarily, making an illiquid investment liquid, in order to encourage investment and innovation) do not apply to short selling. The arguments for options of tangible goods, eg future pricing of orange juice, are primarily around insurance for buyers or sellers. This doesn't really apply in the case of equities.
It's ridiculous that our pensions are allowed to be gambled in this way, and the Stock Exchange regulatory bodies, having allowed this genie out of the bottle will never move against it as the vested interests are too powerful.
So hacktivism may be the only tool left. But the powers that be won't take it lying down. Hence me believing that there will be arrests and prosecutions, accompanied with tabloid articles digging into salacious details of the lives of the accused and all their previous convictions. Then everyone can tut and say that *they* are the scum of the earth and the traders can return to making their bonuses by shorting perfectly viable businesses on a whim. |  | | |
| GameStop shares on 13:37 - Jan 27 with 2208 views | DinDjarin |
| GameStop shares on 13:31 - Jan 27 by ArnoldMoorhen |
My guess will be that they will be prosecuted for market manipulation.
Short selling is casino "investment". The arguments that can be put forward for the trading of equities (primarily, making an illiquid investment liquid, in order to encourage investment and innovation) do not apply to short selling. The arguments for options of tangible goods, eg future pricing of orange juice, are primarily around insurance for buyers or sellers. This doesn't really apply in the case of equities.
It's ridiculous that our pensions are allowed to be gambled in this way, and the Stock Exchange regulatory bodies, having allowed this genie out of the bottle will never move against it as the vested interests are too powerful.
So hacktivism may be the only tool left. But the powers that be won't take it lying down. Hence me believing that there will be arrests and prosecutions, accompanied with tabloid articles digging into salacious details of the lives of the accused and all their previous convictions. Then everyone can tut and say that *they* are the scum of the earth and the traders can return to making their bonuses by shorting perfectly viable businesses on a whim. |
I actually thought short selling was illegal in UK, might be mistaken, but obviously not on US stocks it seems.
Anyone I know who shorts tends to use a spread betting account. | | | |
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| GameStop shares on 13:40 - Jan 27 with 2196 views | giant_stow |
Fascinating stuff - thanks. |  |
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| GameStop shares on 13:40 - Jan 27 with 2194 views | footers |
| GameStop shares on 13:31 - Jan 27 by ArnoldMoorhen |
My guess will be that they will be prosecuted for market manipulation.
Short selling is casino "investment". The arguments that can be put forward for the trading of equities (primarily, making an illiquid investment liquid, in order to encourage investment and innovation) do not apply to short selling. The arguments for options of tangible goods, eg future pricing of orange juice, are primarily around insurance for buyers or sellers. This doesn't really apply in the case of equities.
It's ridiculous that our pensions are allowed to be gambled in this way, and the Stock Exchange regulatory bodies, having allowed this genie out of the bottle will never move against it as the vested interests are too powerful.
So hacktivism may be the only tool left. But the powers that be won't take it lying down. Hence me believing that there will be arrests and prosecutions, accompanied with tabloid articles digging into salacious details of the lives of the accused and all their previous convictions. Then everyone can tut and say that *they* are the scum of the earth and the traders can return to making their bonuses by shorting perfectly viable businesses on a whim. |
Wonder whether reddit would hand over their ISPs to the SEC? Not sure about the legalities of that from either side, really. | |
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| GameStop shares on 13:43 - Jan 27 with 2181 views | BlueStreak |
I am in. Had mates who have jumped in at $60 and now about to open at $350ish today which is absolutely insane. Not talking a small investment either so likely to make a £40k profit in a day, bonkers.
I am also in AMC which looks like it will open at 250% of the close yesterday which is great news. Blackberry and Nokia likely to see big increases as well. I am still learning about the market, but this is fun. |  | | |
| GameStop shares on 13:52 - Jan 27 with 2150 views | DinDjarin |
| GameStop shares on 13:43 - Jan 27 by BlueStreak |
I am in. Had mates who have jumped in at $60 and now about to open at $350ish today which is absolutely insane. Not talking a small investment either so likely to make a £40k profit in a day, bonkers.
I am also in AMC which looks like it will open at 250% of the close yesterday which is great news. Blackberry and Nokia likely to see big increases as well. I am still learning about the market, but this is fun. |
Be careful fella because when everyone start taking their profits this could fall just as quickly as it went up.
Known as a pump and dump and seen it many times and have been caught out myself.
Once the herd arrives the smart money is already out. | | | |
| GameStop shares on 13:53 - Jan 27 with 2144 views | unbelievablue |
| GameStop shares on 13:23 - Jan 27 by JakeITFC |
Yeah I've got some stocks in it, going to the moon baby. |
I think you're thinking of Tesla. |  |
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| GameStop shares on 13:56 - Jan 27 with 2123 views | StokieBlue |
| GameStop shares on 13:43 - Jan 27 by BlueStreak |
I am in. Had mates who have jumped in at $60 and now about to open at $350ish today which is absolutely insane. Not talking a small investment either so likely to make a £40k profit in a day, bonkers.
I am also in AMC which looks like it will open at 250% of the close yesterday which is great news. Blackberry and Nokia likely to see big increases as well. I am still learning about the market, but this is fun. |
Don't forget there is capital gains to pay on that profit as it's outside a share ISA scheme.
SB | |
| Avatar - IC410 - Tadpoles Nebula |
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| GameStop shares on 13:59 - Jan 27 with 2108 views | BlueStreak |
| GameStop shares on 13:52 - Jan 27 by DinDjarin |
Be careful fella because when everyone start taking their profits this could fall just as quickly as it went up.
Known as a pump and dump and seen it many times and have been caught out myself.
Once the herd arrives the smart money is already out. |
I am only in for small amounts and appreciate the position here. Also have stop loss limits in place so can never get too bad. | | | |
| GameStop shares on 14:00 - Jan 27 with 2103 views | Southend_Tractor |
I've got a couple of shares in GME, am in with an average fill price of $110.50, stop loss set at $125 and limit sell set at $450 at the moment but keep shifting it up as it keeps growing so I won't get burnt but can also keep riding the wave. It's currently at $229 in pre hours trading and it touched $340 this morning.
It does seem like a pump and dump and there are going to be people burnt massively who buy in at the top.
It's a tough one because the message board it's on is a load of individuals, the problem the markets have is its 2m+ people. I have been following it since early last week when it was $30-$40 a share.
GME is the headline but its not the only stock that seems to have been affected by Reddit. Also look at BB, AMC, PLTR, BBBY & NOK. All have a bit of a cult following on there and all have jumped up significantly in the past few weeks. AMC for example is currently up 251% in after hours trading as we speak.
I think the most worrying thing that has become apparent over the last week is how much power the big hedge funds behind the short positions have on some media outlets. I think with GME their bluff has been called and they are set to lose billions in the next week or so when a lot of the option contracts come up for expiry as it is the end of week/month. | | | |
| GameStop shares on 14:01 - Jan 27 with 2097 views | DanTheMan |
Love /r/wallstreetbets, absolutely mental place but very fun to watch all the fires they create. |  |
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| GameStop shares on 14:02 - Jan 27 with 2093 views | StokieBlue |
| GameStop shares on 13:59 - Jan 27 by BlueStreak |
I am only in for small amounts and appreciate the position here. Also have stop loss limits in place so can never get too bad. |
Need to be careful with stop losses as you still need someone willing to buy at that price and if the price is tanking it might surge straight pass your stop-loss.
SB | |
| Avatar - IC410 - Tadpoles Nebula |
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| GameStop shares on 14:07 - Jan 27 with 2069 views | BlueStreak |
| GameStop shares on 14:00 - Jan 27 by Southend_Tractor |
I've got a couple of shares in GME, am in with an average fill price of $110.50, stop loss set at $125 and limit sell set at $450 at the moment but keep shifting it up as it keeps growing so I won't get burnt but can also keep riding the wave. It's currently at $229 in pre hours trading and it touched $340 this morning.
It does seem like a pump and dump and there are going to be people burnt massively who buy in at the top.
It's a tough one because the message board it's on is a load of individuals, the problem the markets have is its 2m+ people. I have been following it since early last week when it was $30-$40 a share.
GME is the headline but its not the only stock that seems to have been affected by Reddit. Also look at BB, AMC, PLTR, BBBY & NOK. All have a bit of a cult following on there and all have jumped up significantly in the past few weeks. AMC for example is currently up 251% in after hours trading as we speak.
I think the most worrying thing that has become apparent over the last week is how much power the big hedge funds behind the short positions have on some media outlets. I think with GME their bluff has been called and they are set to lose billions in the next week or so when a lot of the option contracts come up for expiry as it is the end of week/month. |
AMC I have a decent position on so looking forward to 2.30pm. Going to wait for the dip on GME shortly as expect it to get near somewhere to $450 today so we will see.
Got a small amount on PLTR so did well on that yesterday and going into BBBY and NOK shortly. Most of my money is investing in Greatland Gold actually but that is more of a longer term hold. | | | |
| GameStop shares on 14:11 - Jan 27 with 2060 views | JakeITFC |
| GameStop shares on 13:53 - Jan 27 by unbelievablue |
I think you're thinking of Tesla. |
Elon is onboard | | | |
| GameStop shares on 14:11 - Jan 27 with 2060 views | Southend_Tractor |
| GameStop shares on 13:56 - Jan 27 by StokieBlue |
Don't forget there is capital gains to pay on that profit as it's outside a share ISA scheme.
SB |
Not necessarily.
I'm holding my positions on GME & BB in a stocks and shares isa on trading212.
Obviously not sure on how/where other people are holding their positions but CGT could definitely come into play for a lot of people. | | | |
| GameStop shares on 14:18 - Jan 27 with 2031 views | Southend_Tractor |
| GameStop shares on 14:07 - Jan 27 by BlueStreak |
AMC I have a decent position on so looking forward to 2.30pm. Going to wait for the dip on GME shortly as expect it to get near somewhere to $450 today so we will see.
Got a small amount on PLTR so did well on that yesterday and going into BBBY and NOK shortly. Most of my money is investing in Greatland Gold actually but that is more of a longer term hold. |
I toyed with AMC before market close yesterday but held onto my PLTR for demo day.
Wrong move - After hours AMC +358% now, PLTR -8%.
Win some, lose some. | | | |
| GameStop shares on 14:20 - Jan 27 with 2026 views | ArnoldMoorhen |
| GameStop shares on 13:37 - Jan 27 by DinDjarin |
I actually thought short selling was illegal in UK, might be mistaken, but obviously not on US stocks it seems.
Anyone I know who shorts tends to use a spread betting account. |
To clarify, taking an Option on a Share Price in the Future is legal. That contract has two sides: those gambling that the price goes down, and those gambling that the price goes up.
If they don't have the shares available to sell when the contract falls due then they are in default. If they have to buy them at a higher price then they will take a loss. | | | |
| GameStop shares on 17:27 - Jan 27 with 1846 views | DinDjarin |
| GameStop shares on 13:59 - Jan 27 by BlueStreak |
I am only in for small amounts and appreciate the position here. Also have stop loss limits in place so can never get too bad. |
If it drops hard it might gap and your stop loss will not count for anything.
Plus there has to be someone who wants to take your shares which if it is tanking hard may not be the case. | | | |
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