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21 minutes ago, 17D_guy said:

Bought some GME @ $17, sold for a tiddy $1K gain at around $40.

Bought some more @ $128 avg...still holding.  This could tank, and I'm still up retardedly for the year.  I am hoping I can get it up (STS) enough to cover a good chunk of a new deck I need.  For real...we can't walk on it, it's a hazard.

I watched some of AOC's stream last night, didn't seem like a horrible human being. Seemed like an American I don't always agree with.  Get that "horrible human" shit out of here and into the Pres thread.  She had interesting guests on I also didn't agree with but provided very interesting perspective.

Funnily enough she spoke about this for a good clip.

That said it's been a wild ride seeing the clear manipulation in the market: timed equal volume sells to drive down price, the short-ladders, and finally locking out buyers on cash accounts (me).  How we don't have regulations against market makers also being/directly backing hedge funds is insane to me.  Same as we used to have on banks...until we got rid of them then...boom...2008.

 

Edit - here's the video of the dude that started it all:

 

She's a very genuine human with a general lack of expereince in goverernment and politics. I've spoke on it before in other threads but that's what I like about her, but in general, she does possess a generally high degree of moral courage, usually.... The fact that she gets on twitch every week to speak to young people about politics shows she knees her constituency and her base really well.

This instance was one exception. She could have taken a high road here but instead she went into her partisan egg shell. 

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20 minutes ago, FLEA said:

She's a very genuine human with a general lack of expereince in goverernment and politics. I've spoke on it before in other threads but that's what I like about her, but in general, she does possess a generally high degree of moral courage, usually.... The fact that she gets on twitch every week to speak to young people about politics shows she knees her constituency and her base really well.

This instance was one exception. She could have taken a high road here but instead she went into her partisan egg shell. 

I like the part where she called for government funding to reprogram people.  Nothing like a good old Pol Pot style communist reeducation camp.

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So the plot thickens on the Gamestop deal.

This morning all Robinhood employees were given a $40 gift card...LOL  Supposedly employees are disgusted by what happened yesterday and some want to speak out.  Citadel continued their manipulation this morning and is working with Robinhood in a vain attempt to manipulate some of the crypto currencies  (although Bitcoin was over $37,000 when I looked a little while ago) in an effort ot offset some of the hedge losses.  I have head some of the Robinhood customers were using ethereum and such.

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7 hours ago, FDNYOldGuy said:

Gamestop/AMC/Blackberry business models, financial pictures, and/or operating environments didn’t drastically change in the last month, so the absolutely astounding increases aren’t based on anything fundamental.

Yep...and all of the failing banks and investment houses that were bailed out with taxpayer money in 2008 were also not based on anything fundamental.

Still gets back to manipulation being okay for a certain group of people, but not okay for others.

 

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Hate to say it, but if you want to talk about "fundamentals", just about all the major passenger airline stocks that have been artificially kept aloft for the last 10 months are kind of short on "fundamentals" as well.

Trying to play that card to somehow make the Gamestop and AMC price increases invalid is thoroughly intellectually dishonest.

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49 minutes ago, Hacker said:

Yep...and all of the failing banks and investment houses that were bailed out with taxpayer money in 2008 were also not based on anything fundamental.

Still gets back to manipulation being okay for a certain group of people, but not okay for others.

 

It's a short squeeze, it is fundamental. 

Happened in 2008 to VW as well.  Will GME be worth 326 (current price) in a month, almost certainly not.  But it's not going to be $4 either.  The fact it was shorted 140% is ridiculous, and when you get the chance to beat someone betting hard with a bad hand...I guess if they're a billionaire we're just supposed to walk away.

Fuck that.

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Well, I guess you have a problem with AOC supporting riots to murder cops this summer right? Remember when she said riots should make people feel uncomfortable? Or are we being disingenuous? I actually have a lot of respect for AOC but this was a missed oppurtunity for her. Nothing about her comment is bipartisan, it's actually quite polarizing. She should have taken the higher road on this one. 
 
Basically, she just jeapordized the chances of this movement to have meaningful change for the average person by risking politicizing the issue; because she can't get over her own political ego. Unsat.


Riots and protests should make people uncomfortable. That's the point of even peaceful protests: make people uncomfortable enough to take action for your cause. Whether it's appealing to emotion, logic, values, etc. Even safety is not off the board if the issue is important enough, though it carries heavy consequences if you lose, or even potentially if you win. Fortunately, we generally don't get to violence in protests, but when it does, history favors the victors (terrorist vs freedom fighter is only separated by who wins and writes the history). Creating discomfort (to include civil disobedience) is the only way change really happens, especially in a democracy. It's why we have the right to assemble or petition the government.

I see AOC as sticking to what she seems to value in this case regarding Cruz: if you help incite a mob to storm the Capitol to threaten Congress with violence through your rhetoric, you're not worth working with in that same Capitol. That's not playing politics, that's just being principled.

Probably would've been better to take the high road here, but based on what I've seen of AOC's personality, it wasn't going to happen. But she's also done similar things with Democrats who think she's too outspoken as well, so I guess she provides snarky comments with equal opportunity regardless of party.
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My violence is "principled", and your violence is "terrorism".

Protest should make people uncomfortable....unless those people are elected representatives of the people, in which case it is illegal.

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4 hours ago, ClearedHot said:

  Citadel continued their manipulation this morning and is working with Robinhood in a vain attempt to manipulate some of the crypto currencies  (although Bitcoin was over $37,000 when I looked a little while ago) in an effort ot offset some of the hedge losses.  I have head some of the Robinhood customers were using ethereum and such.

And Citadel hired a bunch of planes to spray chemtrails all over the country. They're probably the ones sneaking fluoride into our water too.

 

There are actual regulatory reasons why Robinhood and a number of other brokers did what they did on Thursday. And once you think about the mechanics of shorting a stock it is quite easy to understand how the shares short can be greater than the free float. But it seems people are having more fun ranting and raving about "the elites" so I won't let explanations spoil the fun.

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7 minutes ago, MilitaryToFinance said:

And Citadel hired a bunch of planes to spray chemtrails all over the country. They're probably the ones sneaking fluoride into our water too.

 

There are actual regulatory reasons why Robinhood and a number of other brokers did what they did on Thursday. And once you think about the mechanics of shorting a stock it is quite easy to understand how the shares short can be greater than the free float. But it seems people are having more fun ranting and raving about "the elites" so I won't let explanations spoil the fun.

Chemtrails...wow, ok then.

It is one thing to to claim regulatory action and restrict action on some stocks like adding positions in order to calm the storm.  That is NOT the whole story.  I have confirmed with at least five friends that Robinhood locked them out of their account for HOURS and would not let them sell as the stock lost 50% of its value.  One friend finally gained access to his account at 3:29 CST yesterday and it was too late to do anything, not that he would have timed it perfectly at the top, but if he had this little lockout cost him $90,000.  Their little statement about letting people sell their positions was a lie and not a "regulatory issue."  Of course the shares short can't be greater than the free float yet Melvin shorted at 140%...so the regulatory actions only work when it is the little guy taking advantage?  GTFOOH!  This was completely to the benefit of the hedge funds and had nothing to do with Chemtrails.

 

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12 hours ago, MilitaryToFinance said:

But it seems people are having more fun ranting and raving about "the elites" so I won't let explanations spoil the fun.

 

Please do.  I was hoping you'd be around to give your two cents.   I'm so checked out from news/SM I didn't know about this until this afternoon.  

Edited by SocialD
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My violence is "principled", and your violence is "terrorism".
Protest should make people uncomfortable....unless those people are elected representatives of the people, in which case it is illegal.


I don't think the violence/riots we saw last year over racial issues were justified, and there seems to be a fair amount of people looting and destroying things and taking advantage of the protests. Don't think anyone really is justifying or condoning those actions.

It'd be a different discussion had the protesters/rioters/insurrectionists stayed outside and peacefully protested outside the Capitol. Sure, it'd be uncomfortable for Congress. And Capitol police have been more aggressive with peaceful protests in the past. But surging into Congress while it's in session to stop a certification vote? Yeah, that's a problem, it's no longer discomfort, but rather danger, both to then and our country. Want to play revolutionary? Better be prepared to go all in, and not just for the selfies or likes, because there are going to be very real consequences for your actions.
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1 hour ago, jazzdude said:

 


I don't think the violence/riots we saw last year over racial issues were justified, and there seems to be a fair amount of people looting and destroying things and taking advantage of the protests. Don't think anyone really is justifying or condoning those actions.

It'd be a different discussion had the protesters/rioters/insurrectionists stayed outside and peacefully protested outside the Capitol. Sure, it'd be uncomfortable for Congress. And Capitol police have been more aggressive with peaceful protests in the past. But surging into Congress while it's in session to stop a certification vote? Yeah, that's a problem, it's no longer discomfort, but rather danger, both to then and our country. Want to play revolutionary? Better be prepared to go all in, and not just for the selfies or likes, because there are going to be very real consequences for your actions.

 

Ok.... So you also agreed noone was condoning the violence in the capital and AOC over reacted to Ted Cruz then?

You seem to view the capital riots as more dangerous because they were an assault on our democratic institution. Thats a matter of opinion though that you use to support your view point. I can argue the race riots were more dangerous because they had larger scale and often targeted police officers who are personified symbols of the rule of law. How many small business owners do you think were "uncomfortable" when molotovs went through their storefronts?

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Ok.... So you also agreed noone was condoning the violence in the capital and AOC over reacted to Ted Cruz then?
You seem to view the capital riots as more dangerous because they were an assault on our democratic institution. Thats a matter of opinion though that you use to support your view point. I can argue the race riots were more dangerous because they had larger scale and often targeted police officers who are personified symbols of the rule of law. How many small business owners do you think were "uncomfortable" when molotovs went through their storefronts?


Much of the violence associated with the race riots was opportunistic by people who wanted an excuse to be violent. AOC was in the wrong here voicing support for the violence.

Small business owners were in the crossfire, which was unfortunate. But again, much of that violence appeared to be by people who just needed an excuse.

Police were the intended target for the protests due to perceived and likely some real injustices. That was the whole point: police being biased against a particular race, and any concerns from the community being swept under the rug. Doesn't mean it should've escalated to violence, but just as some protesters escalated to violence, some jurisdictions also did just that using their police. It's still a valid shot, and still needs to be addressed at all levels of government and policing.

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Well, it'll be interesting to see what, if any, laws or regulations come out of the whole gamestop short squeeze.

Seems to be a decent amount of support for the individual traders by members on both sides of the aisle: let's see if that support on Twitter actually translates to law or policy.

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Mostly nothing.  The billionaires (Bs) won't like the scrutiny, so they'll fund their politicians to play dumb.  The SEC won't change rules on shorting other than slapping Robinhood for halting trading for certain customers.  Plus the lawsuit against them should help stop that practice. Reddit may delete the club if the SEC says "insider or collusion", but they'll find another place.  In summary, the Bs shorting game will slow considerably, but won't go away.  They've got a target on their foreheads and the Joes are not going to let up.  Maybe next time the Bs will keep their yaps shut on their shorts. 

Why I do I keep thinking there was a dollar bet made sometime last year.  Hey Citadel, bet you a buck you can't make Gamestop go bankrupt.

To the everyday Joe investor, "Looking Good Billy Ray"

Out

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7 hours ago, WTFAF said:

I thought this was an investment thread? Oh well, I'll check in next year to see what the latest political bitch session is all about. Carry on.

You are correct and I am guilty of it as well. 

Obviously politics and policies that flow from politics have a great impact on the market and investing but we (I as well), should limit that to focused impact comments rather than political bitching...I'll do better and help others do the same.

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19 hours ago, Hacker said:

Yep...and all of the failing banks and investment houses that were bailed out with taxpayer money in 2008 were also not based on anything fundamental.

Still gets back to manipulation being okay for a certain group of people, but not okay for others.

 

100% agree. It’s why I laugh when people say we have a capitalist system. We don’t. If you have the money to pay for play, you can diddle the system to work for you. Privatize the gains and socialize the losses.

That said, and it’s probably deeper than anyone wants to get here, but it’s never cut and dry. I’m a huge believer in reaping what you sow, but letting banks die in 08 was a double edged sword. The culprits of the collapse already had the ill-gotten gains in their pockets and the average folks out there relying on banking would have actually been the ones to suffer if they failed. The FDIC didn’t have the funds to insure the number of banks that failed, the credit freeze would have decimated non-bank players, and the system would have collapsed. 

Did it mostly just bail out the rich and powerful. Yup. Should they have paid with jail time and fines? Yes, they should have. But, the wealthy only go to jail if they over other wealthy people. Madoff robbed powerful people and went to jail; Dick Fuld/Angelo Mozillo/etc. just played vital parts in screwing millions of average folks out of their homes/jobs/savings...of course they got off with golden parachutes. 

In the words of Carlin, “It’s a big club and you ain’t in it.”

As for the current market diddling, sure, some hedge funds are losing money. But, a lot of it’s not THEIR money; it’s investors’ money. Sure, most are wealthy and can afford it, but I know my FDNY pension has hedge funds in its portfolio. They’ve had to go to alternative investments with interest rates in the shitter for nearly two decades. So, the victory is pyrrhic, in some sense. There are average people gonna suffer because of the manipulation and a game. 

Hopefully it brings about change in the system, because the big boys manipulate the market at will; always have and likely always will. But, I’m afraid the best antidote for this is the dreaded “Regulation” word.

Edited by FDNYOldGuy
English, MF, do I speak it? Apparently not with those misspellings and autocorrect errors.
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100% agree. It’s why I laugh when people say we have a capitalist system. We don’t. If you have the money to pay for play, you can diddle the system to work for you. Privatize the gains and socialize the losses.
...
Hopefully it brings about change in the system, because the big boys manipulate the market at will; always have and likely always will. But, I’m afraid the best antidote for this is the dreaded “Regulation” word.

We are generally pretty capitalist: but that also means the more capital/money you have, the more influence/power you have to affect change in your favor, whether it's the market or government. That's not a flaw, that's the system. The whole gamestop situation is showing if "regular" people band together and pool their resources towards a common goal, they collectively can also weild a small amount of influence as well.

Regulations and government are the only check on that to keep the extremely wealthy from screwing over the average person completely, outside of the extremely wealthy also having "good" values/morals and self regulating. But that's also dependent on government representing their constituents as a while, and not personal gain for themselves or friends.

So it'll be interesting to see where this goes, but I think you're right, Robinhood gets a slap on the wrist band that's about it.
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It's a mania for sure. And I have to admit I've recently been adding options on to many of my more speculative plays. F'ng WSB got me all excited about a market short YOLO this spring which I think everyone is well aware of how that all played out. In the ensuing mania I made so much more back even though most of my TSP and 401k assets remain in cash. This market has confounded me since March so I'll just lurk and be grateful when folks keep the politics out of the "investment" discussions.

Okay, I'll allow myself one pleasure...

BCRX to the moon!

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