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Market in the toilet who’s buying?

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"“The current pandemic has created a unique situation where many people have gotten into day trading and really have no idea exactly what they’re doing,” Galvin said. “It’s something that they’re trying to figure their way as they go. These types of entities, such as GameStop, have created a really difficult situation for these people. They think they’re missing out if they don’t make a bet on them. They don’t really understand what they’re doing. I think small-time investors like that, unsophisticated investors, are going to be hurt.”"


Like Bill Galvin? He's just looking out for vulnerable people, guys. Casinos are fine though.

Screw that dude. We know exactly what we're doing. We're playing your game, and you're losing. Now you're pissed. You're pissed because your multi-billion dollar hedge fund managers who donate to your campaign suddenly find themselves in a huge hole compliments of betting against an American company by short selling their stock, now we've driven the price up and they're on the hook for billions in debt. We'll screw them. And screw you.

You don't like what we have to say so you censor us on social media, you label us as terrorists xenophobes extremists racists and whatever other word of the week you concoct. so now we've taken to playing you at your own game, and now we're winning, but no you can't have that. So now you want to shut down our access to the markets too. F*** you.

....and these imbeciles continue to be baffled as to why a violent mob marched on Washington. And why it is that they continue to need the national guard to function as their private police force. They think it's perfectly acceptable while they defund the police that protect us, they use the military to protect themselves. This isn't an oligarchy and a military dictatorship at this point, then please somebody tell me what is.
 

Varmint

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They'll leverage controls like 'corporate accounts can buy and sell at will, individual accounts can buy, but can only sell after 30/60/90 days, and can only purchase actual shares, not options'

It's a difficult thing they have to navigate, cause they need retail investors so they can't piss them off too much, or restrict them. And just like Facebook alternatives, you'll get trading alternatives pop up.
 

Night_solstice

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So either everyone in Reddit, just sits tight and quiet and waits until they release the hold and starts up again, or publishes a list of 100 random stocks, and laughs as everyone scrambles to block those 100 stocks from trading, and repeats with another 100. OR says they're going after the "I'll block you" companies like Facebook and Twitter themselves, and watch as they fight each other when one gets upset that their stock has been blocked for 30 days.
 
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So either everyone in Reddit, just sits tight and quiet and waits until they release the hold and starts up again, or publishes a list of 100 random stocks, and laughs as everyone scrambles to block those 100 stocks from trading, and repeats with another 100. OR says they're going after the "I'll block you" companies like Facebook and Twitter themselves, and watch as they fight each other when one gets upset that their stock has been blocked for 30 days.
WSB has always been a bit retarded, but lets remember, the companies involved aren't capitalizing on the stock gains/losses unless they're either buying or selling their own stocks to generate revenue, pausing trading shouldn't effect the stock's value just f*** with investor liquidity, this would be counter-intuitive to the WSB guys.
 
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Broccoli Iglesias

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I got right into my TD account this morning, picked up AMC, CVM, and a few others at their highs, unfortunately, [banghead] , I WISH I was locked out.
Usually I would say you shouldn't have bought at their high, at least wait till open because people were going to sell.

However, in this case, you got royally f*cked by the platforms cock blocking people.

If there is a class action lawsuit, as someone that holds the stock, you should definitely participate.
 

Broccoli Iglesias

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ML also blocked ordering GME.

Their app is a giant bag of sh*t.

Their research information is a giant bag of sh*t.

Their customer support are borderline retarded. I wish you guys were on my call with them yesterday.

I will be transferring everything out of there.
 
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glad I only did a test buy of EXPR - 10 shares.
Invested some of my stimulus money into one share of GME, seems right.

I was up about $100 in the first few minutes owning, currently getting f***ed with a cheese grater but this is the most fun I've had the whole pandemic. I wish I wasn't working, I'd throw my feet on the desk, grab a scotch and popcorn and enjoy my roller coaster.

I should clarify to anyone who gets uppity, going in this was pure entertainment. I've got a fairly extensive stock portfolio this is literally my version of hitting a casino today, its pure unadulterated reckless speculation and drama. I got a /r/wsb feed up, I got my nasdaq live update ticker, although I feel like a democrat in '16 I'm having so much fun.
 

mav

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GME is $132. I think the WSBers need to remember that you have to act fast - don't ride your 10x or 100x gains for days or THE MAN will step in to shut you down.

Neat trick to stop the mob from trading GME while still allowing the hedge funds to short it.

This whole affair was to allow the hedge funds to get out of their short positions without blowing it up. The market makers and regulators are allowing sellers, but not buyers because the shorts need to buy back the shares to cover the short... so all the available supply is likely going to cover the short covering while also driving the price down. The hedge funds are still losing money, massively, because even at $132, they are way under water.
 

Varmint

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TD still lets me put in an order for GME.

I was hoping AG would take off, the Robinhood censorship might have stopped that. But also since AG is a great company, I was hoping once the rush is over, the stock might overshoot down to below where it started. AG at $5 would be a great price. At $2 a quick 10 bagger.

When the WSBers are finally out of GME I wonder how low it'll go? That could be a good buy if it goes to single digits.
 

Varmint

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This whole affair was to allow the hedge funds to get out of their short positions without blowing it up. The market makers and regulators are allowing sellers, but not buyers because the shorts need to buy back the shares to cover the short... so all the available supply is likely going to cover the short covering while also driving the price down. The hedge funds are still losing money, massively, because even at $132, they are way under water.

You think so? I would assume they don't want to cover at all, they want GME to go back to $17 before they cover.

They probably put on more shorts at $450.

TD will let me buy GME - I think Robinhood isn't allowing the WSB crowd to even sell, so they have to ride it down while the hedge funds keep shorting.
 

mav

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Invested some of my stimulus money into one share of GME, seems right.

I was up about $100 in the first few minutes owning, currently getting f***ed with a cheese grater but this is the most fun I've had the whole pandemic. I wish I wasn't working, I'd throw my feet on the desk, grab a scotch and popcorn and enjoy my roller coaster.

I should clarify to anyone who gets uppity, going in this was pure entertainment. I've got a fairly extensive stock portfolio this is literally my version of hitting a casino today, its pure unadulterated reckless speculation and drama. I got a /r/wsb feed up, I got my nasdaq live update ticker, although I feel like a democrat in '16 I'm having so much fun.
Unadulterated capitalist speculation. Caveat Emptor!
 

mav

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You think so? I would assume they don't want to cover at all, they want GME to go back to $17 before they cover.

They probably put on more shorts at $450.

The HF's are likely being told by the regulators to cover their positions so they don't create any systemic risk through cascading failures (HF fails, another downstream financial entity takes a hit, etc). The men behind the curtain of Oz don't like exposing the hypocrisy of bailouts and market structure that hurts Joe Public and helps their rich Wall Street buddies and that is exactly what happened with the stop lists of stocks and the shutting down/censoring of WSB. This isn't about profiting from the position for the HF's now, it's survival and damage control...

For what it's worth, I'm of the mind the entire damn system needs to be burned to the ground at this point. Between the Davos WEF billionaires talking about the great reset and the need for the plebes to eat bugs and grass while they eat Filet Mignon to the sheer rigging of the markets in the favor of the Wall Street crowd from bailouts to restricted lists, it's pretty clear to me it all needs to burn and be rebuilt.
 

Varmint

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The HF's are likely being told by the regulators to cover their positions so they don't create any systemic risk through cascading failures (HF fails, another downstream financial entity takes a hit, etc). The men behind the curtain of Oz don't like exposing the hypocrisy of bailouts and market structure that hurts Joe Public and helps their rich Wall Street buddies and that is exactly what happened with the stop lists of stocks and the shutting down/censoring of WSB. This isn't about profiting from the position for the HF's now, it's survival and damage control...

For what it's worth, I'm of the mind the entire damn system needs to be burned to the ground at this point. Between the Davos WEF billionaires talking about the great reset and the need for the plebes to eat bugs and grass while they eat Filet Mignon to the sheer rigging of the markets in the favor of the Wall Street crowd from bailouts to restricted lists, it's pretty clear to me it all needs to burn and be rebuilt.

If the hedge funds were covering the stock would be going up, not down. I think they're going heavily short and driving it down since the WSB has been locked out of trading.
 

PaulR

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Usually I would say you shouldn't have bought at their high, at least wait till open because people were going to sell.

However, in this case, you got royally f*cked by the platforms cock blocking people.

If there is a class action lawsuit, as someone that holds the stock, you should definitely participate.

I knew the risk.
I knew what I was in for, in fact I downgraded my limit order 3 times in the pre-market, lol.
I can afford to lose it all, it's just play money, I was hoping for a 16 to 100+ ride like GME yesterday, but yes, I was cawk-blocked.
Whatever, the little guy always loses, I'm prepared for that.
 

mav

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Almost forgot, this all started because the WSB crowd noted that GME shorts were more than the float of stock. If you understand the market structure, that should be impossible as you have to borrow someone's stock to sell it short. That is usually a long term holder (or market maker). How can the shorts outnumber the available float? Naked shorting, which should be illegal. WSB saw a market dislocation and speculated on the direction that would happen given the data. No different than any other market participant(s). So why are they getting killed right now while the regulators are helping the Hedge Funds? All kinds of bad juju here...
 

mav

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If the hedge funds were covering the stock would be going up, not down. I think they're going heavily short and driving it down since the WSB has been locked out of trading.

How is the stock going down if no one can buy? There is always someone on the other side of a trade. The Hedge Funds aren't selling it short, they already were short. The only way to exit for them is to buy and the WSB crowd can can only sell, so WSB crowd sells and short Hedge Fund takes the other side to exit...
 

Varmint

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I knew the risk.
I knew what I was in for, in fact I downgraded my limit order 3 times in the pre-market, lol.
I can afford to lose it all, it's just play money, I was hoping for a 16 to 100+ ride like GME yesterday, but yes, I was cawk-blocked.
Whatever, the little guy always loses, I'm prepared for that.

It may not be over - if many of the WSBers are locked out of their accounts, they still hold the stock - the stock is just dropping cause those who can still trade (hedge funds) are shorting it, and there's no one around to buy.

When the buyers return, either by opening up accounts elsewhere, or if Robinhood realizes they're about to lose all their customers, then it could all get driven back up. Call options are probably a lot cheaper now than they were at 7 am.
 
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How is the stock going down if no one can buy? There is always someone on the other side of a trade. The Hedge Funds aren't selling it short, they already were short. The only way to exit for them is to buy and the WSB crowd can can only sell, so WSB crowd sells and short Hedge Fund takes the other side to exit...
@mav has the answer.

Some fund(s) somewhere are borrowing and dumping shares to drive the price down. They *will* have to rebuy those shares to cover their losses. But if you look at the volumes traded, it's nowhere near what is required to get out of the short squeeze. The stock should bounce- to where is anyone's guess.
 

Varmint

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How is the stock going down if no one can buy? There is always someone on the other side of a trade. The Hedge Funds aren't selling it short, they already were short. The only way to exit for them is to buy and the WSB crowd can can only sell, so WSB crowd sells and short Hedge Fund takes the other side to exit...

I don't know what % of WSBers are locked out. As I said TD is still allowing buying of GME, maybe other brokers too. There's just not the usual buying support since many are locked out.

Why would the hedge funds ride it all the way up to $450 without covering, then want to cover at $125? Makes no sense. They're not only still short, they're adding to positions. They want to make back the billions.
 

drgrant

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I don't know what % of WSBers are locked out. As I said TD is still allowing buying of GME, maybe other brokers too. There's just not the usual buying support since many are locked out.

Why would the hedge funds ride it all the way up to $450 without covering, then want to cover at $125? Makes no sense. They're not only still short, they're adding to positions. They want to make back the billions.

So what happens if GME somehow stays high? When do the naked shorters get their ass kicked? [rofl] or is that essentially already happening?
 

Varmint

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So what happens if GME somehow stays high? When do the naked shorters get their ass kicked? [rofl] or is that essentially already happening?

Good question - assuming they've never covered, they're sitting on billions in losses, not sure how long they can do that before they go belly up. You might see some hedge funds going bust over this.

I suspect they're trying to make it back by adding to their short positions.
 
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