But but but WSB says it’s going to $1000!This quote is hidden because you are ignoring this member. Show Quote
But but but WSB says it’s going to $1000!This quote is hidden because you are ignoring this member. Show Quote
My daddy's interview on CNBC in full with the second part as a lot of the links have been taken down.
https://vimeo.com/505445024
- - - Updated - - -
You should short the stonk.This quote is hidden because you are ignoring this member. Show Quote
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Nope, just after hours trying to share people. She finds continue to climb tomorrow when the market opens even with some investment gateways blocking people from buying those stocksThis quote is hidden because you are ignoring this member. Show Quote
I’m just a bystander I don’t actually know what’s happening or what shorting truly means haha.This quote is hidden because you are ignoring this member. Show Quote
If bavarianbeast said buy the stock I’d probably consider it though. He’s a Magician.
Holy fuck I felt like smashing fuckface Scott right in his stupid mouthThis quote is hidden because you are ignoring this member. Show Quote
Instagram: aka_drinkawaythepain
He's a Russian bot trying to get you to buy Tootsie rolls instead of hodling Gamestonk.This quote is hidden because you are ignoring this member. Show Quote
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LOLed at the analogy to Starwars on what is happening
Chamath owned him so badly. If he was born in the US he'd be president in 20 years but probably a governor of California instead.This quote is hidden because you are ignoring this member. Show Quote
In case the link goes down: https://digg.com/video/chamath-palih...amestop-stocks
In case anyone isn't following all of this GME business, I put together a quick summary for a Facebook post:
$GME is the Financial story of 2021 so far. Quick recap for those not following:
1. GameStop was shorted 136%. i.e. people (mostly by hedge funds, such as Melvin Capital) borrowed and sold more shares than are in existence hoping they could purchase the shares back at a lower price in the future. Basically, betting the company would fail.
2. Retail traders on r/WallStreetBets (Reddit) collude to buy stocks and squeeze short investors. Being naked short means potentially unlimited losses so the hedge funds need to buy stock in order to cover their borrowed stocks (which they've sold) which further drives up the price.
3. Retail traders on r/WallStreetBets also buy a lot of out-of-the-money option calls to create a gamma squeeze. Call options give the buyer the right to buy 100 shares at a specific price up until a specific date. The sooner the date, the more the price is away from the current price (out-of-the-money) and the less volatility the stock has, the less the cost of buying call options.
No one selling call options would have predicted the stock price to go up 800% over a week based on implied volatility so option contracts that were way out of the money were very cheap. Therefore, people picked up option contracts for 1000s of shares for hundreds of dollars. One guy (u/deepfucking value) bought 500 contracts (i.e option to buy 50,000 shares) up until April 16 with a strike price of $12. Those option contracts cost him $0.20 and are now worth $335.55 each for a gain of 163,257% (or $16.7MM). He made over $10MM on those option contracts yesterday.
The thing is, the people who sold those call options need to be able to sell the shares if the person who bought out-of-the money now has in-the-money options. Therefore, they need to buy the shares to sell and cover their potential losses. That is called a gamma squeeze.
So the redditors were genius in applying both a short squeeze and gamma squeeze at the same time.
4. CNBC and Wall Street players come out claiming it's all unfair and blah blah blah despite the fact they've colluded in backrooms and private chat to do the exact same thing for the last 50 years.
5. Elon Musk, Chamath Palihapitiya, and a few others support the Main Street guys squeezing the Wall Street guys. CNCB cuts the interview with Chamath they shared online because Chamath embarrassed CNCB and isn't playing for team 0.1%.
6. Brokers start restricting trade or not even allowing retail investors to trade.
TLDR; markets are corrupt and a bunch of Redditors have banded together to fight a financial revolution. Sharpen the guillotine!!!
478 pre market. Go tards go!
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Excited for another exciting day!!
Yup premarket looking good.
Cocoa $8,000 per tonne.
heard Robinhood and other brokers are not allowing people to buy any more new GME and AMC stonk due to interest to their "clients"
Isn't this just going to piss off wsb more?
Yup. No shares available to borrow for shorting on IBKR rn. More people are piling on.
By the way. Why don't we have more emojis on this forum? A new Aspen tree emoji every other year wouldn't kill a midget.
Last edited by The_Rural_Juror; 01-28-2021 at 08:19 AM.
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Now that's crazy. If the stock is on the exchange, people need to be able to buy it.This quote is hidden because you are ignoring this member. Show Quote
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Options on GME were unavailable for the first 15 mins or so yesterday. Guess who the market makers are? :tinfoilhat:
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If winning today, Imma go to gamestop and buy all their funko toys.
Cocoa $8,000 per tonne.
RBC down again
Edit: Just mobile I guess, desktop is fine