Lurker > red sox 777

GME volume by day:

Jan 22: 196.78 M
Jan 25: 177.87 M
Jan 26: 178.59 M
Jan 27: 93.4 M
Today (with an hour and 15 min to close roughly): 46.55 M

It would appear that very few long shares are being sold onto the market. Shareholders are holding. Probably most of the volume that does exist is short sellers trading with each other.

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September 1, 2003; November 4, 2007; September 2, 2013
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https://twitter.com/VoteMarsha

Senator Marsha Blackburn joining in. There seems to be a lot of bipartisan support for this, so......

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September 1, 2003; November 4, 2007; September 2, 2013
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https://twitter.com/AOC/status/1354868780648845312

AOC going to discuss Gamestop trading on Twitch tonight.

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September 1, 2003; November 4, 2007; September 2, 2013
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Ted Cruz and Ro Khanna support AOC on this. If the hedge funds don't have Biden in their pocket I think they are screwed.

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September 1, 2003; November 4, 2007; September 2, 2013
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$300 breached!

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September 1, 2003; November 4, 2007; September 2, 2013
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masterplum posted...

The fact that GME is holding above 200 is honestly incredible. I was SURE it was going to completely collapse at the selloff.

This Redditors are complete morons, but they are OUR morons

I think the only morons are the people that decided to risk what is increasingly looking like 100 billion or more (collectively across all short sellers) to make a maximum possible profit (again, collectively across all shorts) of about 400 million driving a game retailer into bankruptcy.

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September 1, 2003; November 4, 2007; September 2, 2013
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Halted at $273 now. Volume for the day still only 33 million.

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September 1, 2003; November 4, 2007; September 2, 2013
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Sunroof posted...

A coworker was telling me that the reason these platforms are restricting trading is to protect themselves for when investors lose money and want to sue them....

Makes no sense but lets add it to the fray!

That's what they say but I think my theory is much more plausible. If they have a margin requirement of 100%, what do they do when a short loses 1000% and they can't close the position in time? The brokerage eats a loss of 800%.....I dunno how many people at non-prime brokerages are shorting, but even with a pretty small number, that could be very very expensive.

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September 1, 2003; November 4, 2007; September 2, 2013
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This is speculation:

So some of these brokerages may be afraid they have major exposure if this does squeeze to 1000+. They have not been maintaining margin requirements for shorts needed to deal with a sudden squeeze to 1000+, so if it happens the broker would be on the hook. If they are indeed manipulating prices to protect themselves from liability they incurred with too lax margin requirements for shorts, that is probably illegal.

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September 1, 2003; November 4, 2007; September 2, 2013
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Peace___Frog posted...

https://twitter.com/AOC/status/1354830697459032066?s=19

YESSSSSS AOC!

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September 1, 2003; November 4, 2007; September 2, 2013
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Dude Moonroof, we can't predict the future like that. You need to be able to react as new information comes in. Sell when it's a good decision to sell, but that could be in an hour, it could be Friday, it could be in a year. We don't know.

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September 1, 2003; November 4, 2007; September 2, 2013
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GME was at $126 three halts ago. Now at $196. Hedge funds, now you begin to understand your position!

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September 1, 2003; November 4, 2007; September 2, 2013
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So GME is spending more time halted than not. Volume today after more than 2 hours is still only 27 million. Nothing's really changed.

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September 1, 2003; November 4, 2007; September 2, 2013
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I just bought more SPCE, VLDR, VGAC, and AI. Buy the dip when it's caused by massive market manipulation by the shorts (not on these stocks, but on the meme stocks).

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September 1, 2003; November 4, 2007; September 2, 2013
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So the thing about GME is volume is very light today compared to the past few days. In fact it looks like last Friday was the peak day for volume. Don't think many shorts can escape on today's volume.

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September 1, 2003; November 4, 2007; September 2, 2013
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I tried to buy AMC at Merrill but also saw a message saying they aren't allowing opening new positions in AMC and GME as of today.

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September 1, 2003; November 4, 2007; September 2, 2013
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This AMC collapse appears to be driving down sentiment with other stocks that are heavily sold short. Get a move on recovering, AMC!

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Sunroof posted...

Do you understand that 300% gains, like, practically never? It happened here with GME and AMC but those are incredibly rare instances. There is nothing wrong with taking a continued 3% gain every month.

It happens for him a lot because he buys OTM warrants. But uh, it also happens a lot for buy and hold investors. They just hold for years to achieve it.

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September 1, 2003; November 4, 2007; September 2, 2013
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SPCE back over $50. I am actually much more exposed to SPCE than GME today so this is having a bigger impact on me than the more chaotic GME stuff.

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September 1, 2003; November 4, 2007; September 2, 2013
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In fact, honestly, I think this makes the hedge funds' position worse. One of their escape routes was hoping that FOMO retail traders got in and then panic sold them their stock when it dropped some. This is almost like closing off their own escape route.

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September 1, 2003; November 4, 2007; September 2, 2013
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There's the $400.

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September 1, 2003; November 4, 2007; September 2, 2013
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Never FOMO. Never panic sell. I honestly think close to half of investing skill is just those two things.

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September 1, 2003; November 4, 2007; September 2, 2013
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Okay, I went and raised my limit sell order ramp a bit. Only have a very small position left after yesterday's sales, so comfortable with the higher risk!

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September 1, 2003; November 4, 2007; September 2, 2013
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GME green for the day. Off we go. Tempted to raise my limit orders honestly.

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September 1, 2003; November 4, 2007; September 2, 2013
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IBKR now as a 300% margin requirement for GME for shorting GME, AMC, BB, EXPR, and KOSS. So to short GME at $300, you need to put up $900. IBKR is feeling the risk, because if your margin isn't enough to cover your shorting losses, your broker will have to cover it and then try to collect the money from you.

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September 1, 2003; November 4, 2007; September 2, 2013
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Nanis23 posted...

Of course it does
More sellers than buyers is what drives a stock down and vice versa. Letting Robinhood users only sell makes it heavily tilt in the "more sellers than buyers" direction

It temporarily lowers the price. What happens when Robinhooders finish panic selling (don't think it will be that many people)? The short interest will still be over 100%. And now they won't even have people prone to panic selling left to buy from. They will be staring down the reality that the float is held by WSB diamond hands people and long hedge funds out for a big profit at their expense.

I could be wrong but honestly, if I had to guess I would say that long hedge funds and super rich have already bought a big stake in GME over the past few days as retail traders who bought at $20 and below took some profits off the table.

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September 1, 2003; November 4, 2007; September 2, 2013
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Personally, even if GME literally goes to zero I would still have a profit of hundreds of percent already from the shares I've cashed out. So in no mood to panic sell my remaining shares.

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September 1, 2003; November 4, 2007; September 2, 2013
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TBH, does it really matter? Shareholders already own their shares. The shorts still have to buy it back. The volume has been declining the last couple days. The shorts are trying every trick they can think of to get shareholders to part with their shares for cheap, but none of it has really worked so far. If volume does not go up dramatically, their position is not really changed.

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September 1, 2003; November 4, 2007; September 2, 2013
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I think I have only actually done 2 true day trades since last March. One was HPR in June, which made me $60 and collapsed shortly after I got out. The other was GME in December when I decided I had bought too much and decided to lower the amount I was holding a bit. Well, that one was a mistake lol.

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September 1, 2003; November 4, 2007; September 2, 2013
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$471 in pre-market. Up we go!

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September 1, 2003; November 4, 2007; September 2, 2013
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2 days in which I think this topic has made more than over the past 14 topics combined.

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September 1, 2003; November 4, 2007; September 2, 2013
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I think I need to listen to Peter Schiff more so I can buy the things he thinks are bad. He seems to have a fundamental misunderstanding about the goal of investing - to make money.

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September 1, 2003; November 4, 2007; September 2, 2013
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He says things aren't good stores of value just because they keep going up (that seems like something I would want in a store of value). Says that BTC doesn't pay dividends or interest and isn't useful for anything. I can't believe he can say that unironically while he's singing the praises of gold to the rooftops.

This is so bad that I think I have to consider selling my position in AU (a gold mining company) tomorrow.

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September 1, 2003; November 4, 2007; September 2, 2013
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Peter Schiff sounds like he's having a meltdown. Trying to claim that GME and BTC have no value but gold does. Also claiming that the people who shorted GME at $3 were smart.

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September 1, 2003; November 4, 2007; September 2, 2013
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And yes, I expect some people will still sell too late because it's possible for a share to be returned, sold by the owner back to a short seller, and then be returned again to cover a different loan. However, there's risk in any investment. If you don't take any risks, you can't expect to generate any returns. Everyone buying stocks should understand the risk, and no one to my knowledge has been pitching GME to people as a sure thing. Nor have people been advising to buy and hold forever regardless of price. You sell when the price on offer is high enough that you prefer it over keeping the stock.

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September 1, 2003; November 4, 2007; September 2, 2013
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LordoftheMorons posted...

The relevant thing is the total number of stocks that need to be sold vs how many stocks shorters are on the hook to buy. Unless I'm wrong and the former number is smaller (which I doubt given the almost 20 fold increase in the stock's price) there are going to be a bunch of other shares where non-hedge fund people have to take a hit. Once it starts tanking, everybody is going to want to sell.

Like yeah it's hypothetically possible that people could sell in the reverse order that they bought and everyone besides the wall street guys comes out a little ahead, but realistically the orders will not be the same and some people will be making huge gains while others lose most of their investment.

Yes, LOTM, that's what everyone has been trying to tell you. The number of shares the shorts are on the hook to buy is about 140% of the total number of shares.

Yes, you're reading that right. Over 100%. That's why this whole thing is happening, and why it's rare (the last time a big squeeze like this happened with a major company was 2008). The shorts basically built a trap for themselves and then walked into it. Then they doubled down on it. Now the market is punishing them for their stupidity.

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September 1, 2003; November 4, 2007; September 2, 2013
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LordoftheMorons posted...

And yes, some people are definitely playing with disposable money (hence my "unless you're just writing it off as an entertainment expense" comment earlier). It is pretty clear that some people are treating it as a good investment opportunity, though, and a big fraction of them are going to get burned.

I think you are just wrong on this. It has been an amazing investment opportunity for nearly everyone but the shorts. No one needs to be buying at $350 - other than the shorts.

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September 1, 2003; November 4, 2007; September 2, 2013
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LordoftheMorons posted...

Nobody's done well until they've cashed out

Presumably everybody here acknowledges that a share of GME is not actually worth $350. It'll equilibrate around $20 or whatever it was before. As people sell off their stocks, the price will go way down, and any money that some people are making is going to be at the expense of others who bought/sold at worse times (and nowhere near all of those losses will be from the hedge funds).

The hedge funds are short around 140% of the float. They have to buy back those shares. That's WHY the stock is up so much.

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September 1, 2003; November 4, 2007; September 2, 2013
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LordoftheMorons posted...

He's right though!

I mean I guess we'll see how people feel when they end up losing big

No one is forcing anyone to buy in and people have been very transparent about their thesis for this stock. All investments involve risk. By and large, GME shareholders have done very well and short sellers, mainly hedge funds, have lost something like $30 billion.

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September 1, 2003; November 4, 2007; September 2, 2013
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Lopen posted...

I'm not sure this is true btw.

Like they kept shorting Gamestop until oblivion you think they got common sense now?

Probably not them. Smarter hedge funds adding to their long position.

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September 1, 2003; November 4, 2007; September 2, 2013
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And now WSB is back. By the way, the Reddit founder tweeted to Chamath Monday night to tell him to buy GME.

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September 1, 2003; November 4, 2007; September 2, 2013
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LordoftheMorons posted...

is there literally any evidence that Reddit didnt lock WSB of their own accord?

If I was then and wanted to minimize any potential risk to my company Id do so too.

(They dont have any actual legal liability even if WSB users might, but given all of the heat FB/Twitter/etc take theyd have good reason to fear blowback from lawmakers)

The WSB mods took it private themselves. But they did this previously just last week, for a couple hours.

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September 1, 2003; November 4, 2007; September 2, 2013
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Sunroof posted...

Should I putt my 4x margin power to work and invest $490k into AMC?

NO. Don't be like these hedge funds and get margin called.

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Assuming this is a coordinated effort, this is a nice try at scaring people, but it's not really working that well. Volume for GME for after hours is still running at about 1/6 of yesterday. They're gonna need a lot more volume than that to cover.

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September 1, 2003; November 4, 2007; September 2, 2013
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So according to what appear to be reputable sources (Bloomberg and Citron Research's Twitter account), Melvin Capital escaped from GME with heavy losses but without going bankrupt and Citron closed most of their short position under $100, at a loss of only 100%. Andrew Left looks so so so much happier now than in the video he made last week about how it was going back to $20. I imagine he's not stressed out about going bankrupt anymore.

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September 1, 2003; November 4, 2007; September 2, 2013
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Lopen posted...

I feel like this is almost a reasonable move

Like if WSBers were working in collaboration with Gamestop insiders I could see there being some sort of wrongdoing and a justification for giving the shorts a reprieve

This is just a bunch of randos buying a stock because HODL so it seems a lot harder to really justify by any stretch

But Lopen. You gotta remember, in 1923 insider trading was completely and perfectly legal!

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September 1, 2003; November 4, 2007; September 2, 2013
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BS rule changing has happened before:

https://memphismuseums.wordpress.com/2014/08/05/clarence-saunders-corners-himself-in/

This is about a corner that happened in 1923. It should have crushed the shorts. Instead, NYSE changed the rules and delisted the stock.

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September 1, 2003; November 4, 2007; September 2, 2013
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Lazy_Haar posted...

I've never gotten into stocks before, always meant to, and all of this hubaloo is reminding me that I still need to look into it. Is there a good "beginner's guide" of sorts somewhere for this, e.g. something safe to invest in while I figure out how everything works? I'm looking into using Robinhood, since transfers seem to be free, but if those of you with experience have another suggestion, I'd be grateful for the advice.

I'm also trying not to get swept into the GME madness, but it's tempting. Being new to this and also a complete idiot, however, I'm telling myself that, since it's so alluring, it's not a good idea. Are people still expecting it to rise?

It's late in the game on GME. It was a once-in-a-decade find at $4, an amazing investment at $20, a good trade at $65, still a good trade at $100. And now......well.....I think it's still a good bet, but very risky. You could double your money, you could also lose 90%+. It's not a great way to learn about investing because this kind of thing is super rare. The last big short squeeze of this scale was Volkswagen in 2008.


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September 1, 2003; November 4, 2007; September 2, 2013
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Sunroof posted...

Nice find on NAKD!

A bit alarmed that AMC is still double digit red.

I hope you saved some of the gains from yesterday on AMC dry and reentered with a smaller position.

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September 1, 2003; November 4, 2007; September 2, 2013
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Nanis23 posted...

Can we talk about "normal" stocks for a bit

TSLA fucked up earnings
FB earnings were "fine"
AAPL earnings were great but "it's priced in lmao" fuck this shit

Gotta love when a stock goes up after earnings it's because of good earnings but when it doesn't "it's priced in" or "sell the news"

Truth be told trading GME has been so exhausting emotionally and time-consuming that I haven't really paid attention to any of my holdings other than GME and SPCE this week. SPCE since it's my biggest holding and also been having a great run. The other movements don't seem to register very much on the overall profit/loss compared to those two.

Globally I see this week as very possibly analogous to that week in June when GNUS and NKLA went crazy. Fortunately, I don't need to sell stocks to take risk off the table because I haven't bought anything with the GME sale proceeds yet, which have grown the overall account size. Will be looking for opportunities.

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September 1, 2003; November 4, 2007; September 2, 2013
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