I think the whole thing is hilarious. There is absolutely no difference between these hedge funds and WSB. Just a bunch of people gambling on speculation. But now that the hedge funds are getting fucked with, suddenly we should slow things down, maybe regulate a little more, maybe the hedge funds should be allowed to rethink a little. If I dumped my life savings into GME and it tanks, how much time do you think Wall Street is going to let me take to rethink my position? Fuck all of them. It's gambling. Understand what it is and accept the consequences. Motion to rename the Proud Boys to "Ya'll Qaeda."
The only legitimate concern I can think of is that it exposes the insane leverage taken by hedge funds in their short positions. GME was shorted for 140% of the float. If that's indicative of how hedge funds are generally investing, there is serious credit risk problem that looks a lot like things did in the lead up to the 2008 crash. WSB is a symptom rather than the problem in this case. You can just dump it in any of them, just be prepared to lose it. The wave has broke and the people that got insanely rich of it have already begun executing their exit strategies.
Exactly. I'm not saying there's no problem here. I'm just saying that a bunch of idiots on a message board pumping money into a meme stock isn't it. If a hedge fund needs a 3 billion dollar bailout because public interest in a stock went up unexpectedly, the problem is with the hedge fund.
Oof, my AMC and NOK are dropping hard, but at least my $10 worth of dogecoin are now up by $0.001, we're on our way boys.
Whatever bull RH is trying to pull, I'm not panic selling. The ticket was cheap, so I'm riding it out.
I think I'm just gonna wait out this meme-ification of stocks right now. But once it settles again, I'm starting to take a harder look at marijuana companies. The only two stocks I have currently are in a non-alcoholic beverage company, and a cannabis infusion company. Fuck diversification, let's go all-in.
I picked up 33 more this morning with no problems on webull. Now my account won't even load on my app
I was looking at that, and then I read that ToughBuilt might start putting out a line of tools in addition to their tool accessories, so I jumped on that instead. Put in a limit order at $1.40, it's around 1.47 right now but should get there. I'm just learning my way around all this so $50 there, $30 there, in this case about $100 for something I'm more familiar with and use their products. Cost of education.
AMC is fucking tanking. I think people are panic selling right now because of the freeze with RobinHood.
If you want to degen some bitcoin plays, DOGE coin is going crazy today and you could buy 10,000 for 100.
I find it fasinating that trading platforms are able to stop consumers buying because they want to mitigate the risk for their clients (as per the notice I got from the platform I use this morning). Yet if it wasn't hurting wallstreet I can guarantee they wouldn't give two fucks about the consumer.
I suspect it's illegal. How is it not market manipulation to restrict specific actions to certain stocks?
To answer the question about whether it's legal or not - What's cheaper, losing a class action lawsuit that is back stopped by a hedge fund or losing your front runner 10 billion dollars by letting these trades continue?
Well, I was lucky. Had exactly 2 GME shares left, forgot that I had a sell order at $450, and it was filked this morning. Right before the huge dive that is now happening. From $500 pre-trading to $153 now. Wonder how many people are holding now?
I can see the L2 trades happening through my trading platform. A LOT of the sell side right now are not a huge amount of shares. I can only speculate, but this looks like a lot of actual hedge funds showing they can fuck right back with retail traders trying to take them down. You get a bunch of funds together to basically sell down in 100-200 share increments and have the other funds buy up those shares while shorting it on the way down as well. It's an easy way to manipulate the price to get the shares back down to a price where you can kill stop losses and take control back of the stock movement. The big question here and going forward is how much of the shorts have actually covered their positions at this point in time. Melvin didn't cover their shares yet fully as the short position hasn't dropped enough to have covered everything that was out there, but I'm sure they are playing games with getting better positioned to deal with it due to the price movements today.
I have one share remaining just for fun. If I lose it all from this current nose-dive I'll still be up a few grand, so Im not too concerned.