This morning.
Reddit has restored its WallStreetBets subreddit page after removing the community for “racism” and “hate speech”.
Rookie stock market investors on the platform joined together to purchase stock in targeted companies causing a major disruption in the stock market and resulting in several hedge funds to go bust.
GameStop stock rose 1,600 percent in January alone.
Memes have broken the brokerages (The Verge)
Last night: Tomorrow Tonight: Heber Rowan on Gamestop @14.01
Meanwhile….
#GameStop #ShortSqueeze, via @reddit – a short (no pun intended) summary. pic.twitter.com/aJHNtIQhjM
— Salil Kanitkar (@salilkanitkar) January 28, 2021
A little background.
GameStop’s three largest shareholders earn over $2bn amid stock surge (The Guardian)
Sponsored Link
Thanks for that explainer lads. This is fascinating stuff.
Eat the rich indeed.
Basically a Ponzi scheme.
It will end in tears.
They always do.
My advice is to buy boring old bonds and avoid the esoteric stuff – there’s a cold wind a’coming.
I just keep 50k or so sloshing around in a SIPP for day trading when I’m bored.
2017 was my best year – a Welsh-based semi-conductor company called IQE became the most shorted company on the market for a while and burned with a magnificent iridescence before heading back from whence it came.
Added two houses to my property portfolio with that sucker.
Agreed – but it’s really funny
Everybody is invested in everybody, it’s just that only certain folks are winning at any particular point – chose the right point or stay in long enough and you win – and it’s just funny that it not the usual suspects, and the usual suspects are complaining.
Let’s see how much America believes in the American dream, because this is what it is. I’m watching you Biden. People have a right to challenge Wall street, if they have a right to cause global economic crashes without any consequences or arrests. Never forget what they did in 2008, how many millions of lives they ruined and how they got bailed out for it! Outrageous.
Always found this all quite confusing but if the end result is messing with hedge funds then it appears to be rather heart warming.
Having said that, I am quite clueless at finance so not sure what sort of knock on effects this might have and how negative they might be?
hahahahahahahaha
…. although lots of pension fund may go broke in the US
but
hahahahahahahahaha
If your pension relies on this kind of gambling, get a better broker.
I know this is bit of an over simplification but everybody’s pension is in the stock market/bond market. In the US a lot of these are tied up in hedge funds and there is not a lot they (or at least people think there is not a lot) can do about it… I’m not even sure if people realize this, basically you’re involved in a very long horse race and if you happen to retire when things are up you win… and if not you loose…
Definitely worth exploring what different brokers are actually doing or doing a bit of focused self-education
absolutely, most people have no idea who their money is on in the horse race, if you have the time and energy, the pragmatism, attention to detail , patience to research and dedication you are better off betting yourself on the horse you believe in.
Have family in the states who see amazing growth in their pensions because there are much less restrictions with regard to what risk levels pension funds can invest in. The other side of that is being much more likely to lose your pension, think Elron.
Here pensions are highly regulated and boring, offering stable low growth. But safe.
Anyway this is great craic, but complete horse racing (like bitcoin). I bought a few GME yesterday morning to keep me interested but will sell as soon as the markets open.
A lot of young fellas on reddit will lose their modest savings that they invested once the big players pull out.
Short float is still well over 100%
Some options contracts expire tomorrow, buy most had timed this to play out next month, this has more to run.
Ticker Co Short Int % Float
GME GameStop 71,196,206 -144
DDS Dillard’s 4,442,040 – 91
LGND Ligand Pha 9,911,148 – 64
BBBY Bed Bath 76,181,494 -64
-end of last year,do you have a link to more current data-source Barrons.
There is a guy on WSB posting screen shots from whatever platform he uses. Optex or Optrex or something like that.
It is still very high and the share price just popped again $450 in premarket.
Guys who bought calls for pennies in December could be millionaires by the time this ends.
screenshots:)
oh so no data no link,your an old sectarian bigot spreading hatred on here.
The kind of risky gambling that some Irish pension companies are involved in, are illegal in Nordic countries and Germany. They must be taking their advice from the US pension market, which is a massive risk. Irish banks were caught in this dodgy quagmire in 2008.
Most pensions don’t get into derivatives or margin.
But it is a crying shame they don’t allow use to buy ETFs as a pension fund.
Most pension funds are run by algorithms.
They’re the James Milners of the stock markets while the hedge funds are the show ponies like Jack Grealish.
Who I think is going to have a cracking Euros.
In 2008 millions of people lost their pensions. No justice followed. Explain.
The Racism charge is absolute nonsense.
Having been on that SubReddit for a long time I can assure you racism and hate speech are not tolerated and any political talk leads to and instant ban.
It has a worldwide membership with very dark sense of humour about how we don’t know what we are doing, how poor we are, with lots of self deprecating humour and jokes about how your wife’s boyfriend spends all your cash.
But racism? not a chance. That is mainstream media being used to do a hit.
Your handle is racist and highly offensive,you are a right wing sectarian bigot.
Yep. Wall street just pulled in the big guns. “Mr.President normal people are making money off the stock market, when we haven’t given them a stimulus check since last March! What? We must put a stop to this! Only my super wealthy donors are allowed to make millions on the corrupt Wall st platform.”
I echo this.
The FT had to retract their claim and change their article that suggested that WSB was connected to the alt-right and racist a f.
https://www.ft.com/content/ac7389f1-41d8-46b6-bc42-32ac603b7f91
Similar happening in cryptocurrency with Dogecoin, a joke coin that was created for a laugh now making daily 100% gains.
Bring back sea shells!!! Greatest currency ever!!!
But keep three for the bathroom.
lol
v good, daisy
+1
gamestop are doing well, a company that sells hard copy console games!!?? whats next, xtra vision is going to come back and be worth a few billion.
recall the owner of xtravision, a normal guy in rathfarnhma dublin, he was offered somthing huge by blockbuster, a few million. he turned it down, xtravision went to the toilet.
reckon there is a bubble, when gamestop falls, it will take down blue chip and peoples pensions.
correction, xtra vision owner wasnt from rathfarnham. interesting story though https://www.independent.ie/business/irish/press-rewind-to-view-the-heyday-of-a-video-empire-34410206.html
-i think your correct on Rathfarnham,his BFF wired the first store and then went on build a great security company,Richard gave him his start.Unfortunately,he was not able handle,the level of success he achieved so young,people still speak very highly of him from back in the day,like a lot of people fame/fortune changed him-the booze didn’t help.
this is a very good overview,its just a short squeeze-people w/o the stock have go BUY it-but no sellers.
https://www.investopedia.com/short-sellers-lose-usd5-05-billion-in-bet-against-gamestop-5097616
-Citron is getting absolutely crushed,they shorted many cannabis companies,intensely disliked.
https://twitter.com/CitronResearch/status/1354395523940196354?s=20
…and next up for stomach churning ,white knuckle run on his fund is Cohen.
“Billionaire investor Steven Cohen’s Point72 Asset Management has suffered a nearly 15% loss this year due to a sudden surge in the shares of video-game retailer GameStop Corp, the New York Times reported nyti.ms/2YiotoW on Wednesday.
The losses at Point72, which manages nearly $19 billion in assets”
15% by end January-do the math.
https://www.reuters.com/article/us-gamestop-point72/steven-cohens-fund-point72-suffers-15-loss-amid-gamestop-frenzy-nyt-idUSKBN29X0C7
note-Johnny Rohan is on street with Eastdil,to raise 1 Billion,for his interest in Facebook/Salesforce…tick,tock.
This is all very interesting.
btw that Steven Cohen had to shutter a firm a while back
Insider Trading, he got away without any charges, but fined 1.3 billion
AAL the next target apparently.
Up 6.7% yesterday.
Might have a look at the Wall Street opening today.
There’s not a lot else to do before Gin’o’clock looking at the weather outside.
Jeez – just had a look and it’s already up 60 effing % overnight in pre-trading !
When stuff like this cuts through to Joe Public stay well clear.
Koss Corporation up 150% in overnight trading !!!
GameStop up another 35%.
Buckle up baby.
Pretty bad when you have to reply to yourself old boy.
…Opened just above $260 – massive drop from yesterdays close at $347. But it’s back testing the high from yesterday at $404 again shortly after opening…
-TD Ameritrade announces restrictions on trading in some of the high flyers including GME and AMC. – TD Ameritrade announces restrictions on trade-
press release from robinhood trading platform-one the SEC officers/directors was calling this morning for a 30 day halt-looks like this is one way getting that-wow Robinhood just blew up its business model.
-In light of current market volatility, we are restricting transactions for certain securities to position closing only, including $AMC and $GME. Read more here.-choke!
https://blog.robinhood.com/news/2021/1/28/keeping-customers-informed-through-market-volatility
‘have to say
I love this story
and in one way tis very Irish
Lads organising amongst themselves, all above board
Hit the establishment and Institutional (and bailed out btw) players,
and at their own game, with their very own rules
Anyone remember the lads behind “a very Irish coup” (placed bets at Tote price around the Country on a dog race in Mullingar one night)
Or getting A Nation Once Again top of whatever poll t’was
Love it
Or the Cork ‘Mafia’ and the Gay Future affair…
https://presspack.rte.ie/2005/10/24/scannal-4/
Was going to include Tony Murphy and the lads
But a connected party albeit historic, presented a conflict of interest, do I held it back
Btw Folks
This whole caper actually has a well established and recognisable organisational structure behind it
Ok, it’s old school, unsophisticated, but reliable,
It’s a model we can all participate iand join anytime we want,
And even start up, and leave when we want
It’s called a Cooperative
+ Horace Plunkett
update:
‘Reddit has restored its WallStreetBets subreddit page after removing the community for “racism” and “hate speech”.
no.
mods took it private was never ‘removed’.
discord-gamer message board,where if you are alone smoking too much weed and watching a movie,you can ahem share this moving experience of watching a film,with others watching same movie….
-Discord banned the “wallstreetbets” chat room on Wednesday.
“The WallStreetBets server has been on our Trust & Safety team’s radar for some time due to occasional content that violates our Community Guidelines, including hate speech, glorifying violence, and spreading misinformation,” a Discord spokesperson said in a statement.
“Over the past few months, we have issued multiple warnings to the server admin. Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings,”
facts matter.
Shameful collusion and manipulation from some brokerage firms and market makers today.
Stopping retail traders from opening new positiobs but allowing hedge funds to continue as they were nearly blew this up. The price was cut in half on tiny volumes while one side was locked out of the market.