GameStop (GME) stock price

[StevieWonders]

Post 11 clearly written by someone mightily fucked off at getting up at 4.00am.Not really - I’m usually up for the last hour of trading on the NYSE.

[Zebedee]

Not really - I’m usually up for the last hour of trading on the NYSE.

Have you been following GME prices....unbelievable whats happening. And it seems its not over yet!
David and Goliath battle.


Off topic I know.

[Nirish guy]

Have you been following GME prices....unbelievable whats happening. And it seems its not over yet!
David and Goliath battle..

Yes, some crazy underhand market manipulation stuff going on by Wall Street traders right now to cover their shorts. I'm in / down around £5k just now so watching it all closely through clenched butt cheeks :-) Perhaps a new thread required though if others are doing the same.

[Zebedee]

Yes, some crazy underhand market manipulation stuff going on by Wall Street traders right now to cover their shorts. I'm in / down around £5k just now so watching it all closely through clenched butt cheeks :-) Perhaps a new thread required though if others are doing the same.

Yes you're right about the thread.
God, I hope you got in early and a low buy. I'm not well up on stock,shorts,long,and Puts etc etc. But I swear watching that rollercoaster share price and then I'd switch to Reddit Wallstreetbets, to read what the small traders were saying and reactions was really really exciting...and I did not have any money on it.!!!! And the big boys nobbled ROBINHOOD the APP, so the small traders could not buy! There is talk about a class action, you don't have to be a Robinhood user to benefit just be able to prove your loss....I think!
How the hell did you manage to sleep? I hope your butt cheeks recover. LOL

Best of Luck.

[Nirish guy]

Ha no unfortunately I was late to the party and only took a mad glass of wine "fuck it" punt last night on reading some of those Reddit group posts myself and liking the concept.

I jumped in for the ride at at $338 :-( which isn't great based on todays action, but we'll see that just might come good over the next week of so ( or not more likely knowing my luck of late :)!!) .

But as you say either way that was a fairly momentous day and one which I fully expect a Hollywood movie to be made about sometime, especially when you could see all the dirty tricks and underhand moves Wall Street at their worst were ( and still are) pulling - but as I'm sure you've read too it's not over yet ! There are still a high percentage of Trader shorts out there still out needing to cover their deals one way or other and actually today even though the price was up and down like crazy the actual dealing volume was quite low, meaning that it was simply Wall Street moving stocks about among themselves to try and manipulate the price and scare the small investors off but with little net result in the end actually!. So IF everyone holds their nerve in the next few days ( which of course they'll not as Wall Street tried to scare the shit out of them) you just never know ! They could end up with a bloody nose yet perhaps - lets hope !

BUT as you've seen there on Reddit there's definitely a massive ground swell of ordinary investors now saying "FUCK THEM, LETS DO THIS" for sure now and if they hold that just might be enough to generate a decent profit for everyone in the end - but it really is casino stuff at this stage and for me anyway is more just a case of sitting back with the popcorn and letting it all play out, I'm just glad I didn't get sucked in further this morning as I nearly dropped another £10k at it just out of excitement - although at the price it was around ironically I'd of made a nice profit on that ! :-( See, my luck, typical as I say :-)

So, 'll be holding out for a while yet I think just to see where it goes, as sure it's great entertainment if nothing else ! :)

[Zebedee]

I think you have the right strategy in holding on. I read that Melvin Capitol closed out after heavy losses ( not sure if its true as difficult to believe anything in that environment ) but as you say there are still a lot of shorted shares remaining.
There had been talk of it hitting $500 even $1000,so you might get a big payout yet! But the small traders need to be able to buy and sell as they want,not held to ransom by Robinhood and others under the influence of the Wall Street barons.
"No place for widows and orphans"

[Nirish guy]

Good to see the main guy behind this on Reddit didn’t cash out today when he had the opportunity to.

If he had of he would have made a neat 14 million dollars instant profit !!! So that perhaps shows where his head and heart genuinely thinks things are going that he passed up on THAT trade in the hope / belief that there’s still an even better pay day to come !

Let’s hope he’s right !

[NitNoi]

A lot of little people are going to get burnt. There WILL be a crash in GME price - no buy-and-hold investor would pay more than $20.
A wild ride for those who cash out in time but tears for those left holding the bag.

[Nirish guy]

Im not sure if you're aware of the shorts issues with this one Nitnoi but it's not normal trading by any stretch of the imagination.

[cdnmatt]

If I was the SEC I'd force "Robin Hood" to change its name. Talk about false advertising...

[NitNoi]

Ok Nirish. So the hedge funds are (have been?) forced to buy at any price or collapse - then what? All those nice little redit people - who will buy the shares they bought above $100?

[Zebedee]

NitNoi
"A lot of little people are going to get burnt. There WILL be a crash in GME price - no buy-and-hold investor would pay more than $20.
A wild ride for those who cash out in time but tears for those left holding the bag."



Oh yes NitNoi, that will happen eventually,I think everyone is aware of that,( I don't mean that in a smartass way ) there has to be losers in this. But it seems the "small" traders are trying to hang-on long enough to "burn" the big guys. Maybe Nirish can answer this question,is there a time limit on the the big guys "short" agreements with the brokerages before they have to repay them? Thats my understanding,and the small guys are using that time limit to hold their shares at the higher prices. Also I believe the big investors actually shorted more than 100% of available trades! Those big guy practices have made them vulnerable. But,I am genuinely new to all of this...still I find it exciting (and educational)....even as a spectator.

[Zebedee]

Ok Nirish. So the hedge funds are (have been?) forced to buy at any price or collapse - then what? All those nice little redit people - who will buy the shares they bought above $100?

The "Prisoner's Dilemma" .

[Zebedee]

Nirish, Im probably showing my lack of understanding here,but it seems other countries ie Germany ( not sure about Canada) are also supporting wallstreetbet's strategy. I hope this helps your situation.

The fact that you have "skin in the game" adds to my interest. Good luck!

I see Germany are also supporting the wallstreetbet strategy. Also here is a link on an explanation from the german reddit site that explains the Robinhood APP situation....if its to be believed that is. I used the translate function on my screen to read it.

https://old.reddit.com/r/mauerstrassenwetten/comments/l7lox1/warum_der_kauf_von_gmememeaktien_wirklich/

actually there are very good comments on the whole page.

[Zebedee]

Nirish, get out of BED! Forget about work, get back on here and feed me, this stuff is mesmerising!!! LOL

Nirish to the MOOOON!

[cdnmatt]

Correct me if I'm wrong, but isn't this basically a pump and dump with some malicious intent thrown in for good measure? Then it just ended up viral on the internet?

[Zebedee]

Maybe Nirish will correct me here, but this present situation with GME is unique in that the small guys "caught " the big guys in the act, and it seems the big guys are, or many of them are, still trapped by the higher stock price as long as the small guys hold their positions...until??
Excuse my highly technical financial terms . LOL

Yesterdays fall in the GME price was caused by Robinhood blocking small traders from buying ie keeping the price high. this action by Robinhood is being described as dirty tricks. But its not over yet.

[cdnmatt]

Here, this popped up on my Youtube recommended list. Founder of Wall Street Bets gave an interview.

https://www.youtube.com/watch?v=pH2GXmRDaSA

[Nirish guy]

Sorry guys I was away working myself this morning ( you know that real work thing as opposed to all this stocks and shares fantasy land stuff lol).

So, firstly let me be clear in saying that I know no more or less than anyone else here re all of this, nor to I profess to be that well versed in the whole markets / share dealing thing. I've tended to ignore the whole shorts and contract buys end of things etc and usually just stick to normal everyday buying and selling.....or HOLDING actually is more my thing usually leading to me MISSING most of the best day trades until it's too late it seems ! :-(,

So I certainly dont profess to have any great knowledge re all of this either and for sure it's a buyer beware and strictly at your own risk if anyone's buying stocks re this ! I too am simply reading a lot of what's going on both on Reditt and elsewhere on the net too. I'll answer a few pf the points above below if I may (excuse me not using the correct "quote" function as I'm trying to save time as the market opens at 2.30pm and I want to be there myself :)) So...

Matt - If I was the SEC I'd force "Robin Hood" to change its name. Talk about false advertising…

100% ! I dont know what Wall Street paid them behind the scenes but they've certainly fucked any reputation they ever had with ordinary people ! I'm guessing they'll end up seeing a class action being taken against them once the dust settles from the people they STOPPED buying. No doubt their terms and conditions cover their decision but PR wise it looked terrible - but they must have known that and been well compensated by SOMEONE for that. Mind you as it seems that at least two of the Wall Street trading Companies are large shareholders in Robinhood its not perhaps THAT surprising that pressure was applied and acceded to perhaps

Nitnio - Ok Nirish. So the hedge funds are (have been?) forced to buy at any price or collapse - then what? All those nice little redit people - who will buy the shares they bought above $100?

As Zebedee has already mentioned above I think the point in this case is that the hedges HAVENT bought ( or been able) to buy the shares that they need so badly as they've massively over extended their position on this one ( i.e hard to believe but were even more greedy than usual on this one !) and so the little guys "should" if they hold on "should" ( on paper at least) be able to then sell them their $100 shares whenever they chose ( in theory) at ANY price ( or at least whatever price the market / the traders pockets ( and their Brokers if the traders go bust !) that will sustain by then).

Zebedee Im probably showing my lack of understanding here,but it seems other countries ie Germany ( not sure about Canada) are also supporting wallstreetbet's strategy.

Yep, spot on, it's actually turned into a bit of a worldwide thing now. Germany stepped into the overnight trading and did a great job keeping the price up and ( what should be scarily for the traders) the Asian markets have now become aware of this and are now also starting to buy in too it seems ( which can only be good for the little guy here!)

Matt- Correct me if I'm wrong, but isn't this basically a pump and dump with some malicious intent thrown in for good measure? Then it just ended up viral on the internet?

Yeah Matt I initially thought exactly the same ( and deep down I'm still not convinced it's not btw) OR I actually think it's one hedge trader totally FUCKING over his mates / competitors more like ?!! BUT the main big difference here is the shorts issue again and the fact the hedges have shorted up to 140% of the available 100% of stock and now that the little people own a large chunk of that 100% which the hedges URGENTLY need to avoid HUGE costs in closing their short positions - again almost at any price - they might be in for some eye watering losses ( billions) in the next few days ahead.

Zebedee - but this present situation with GME is unique in that the small guys "caught " the big guys in the act, and it seems the big guys are, or many of them are, still trapped by the higher stock price as long as the small guys hold their positions.

Exactly, got it in one ! HOWEVER me being the cynic that I am I find it hard to believe that Wall street wont pull out yet more / every trick in their book to try and shake down the little guys into selling ( as they tried and failed to do yesterday), but it's just hard to image they WONT win ( in the end ) and yes a lot of small guys ( myself included) may be left holding their asses. You'd asked also where the shorts time limited and No I believe is the answer there - wall street are trying to suggest they are and Friday is "it" (so the little guys sell in fear of missing out) but many of the shorts run into next week and each day they're not closed the traders can opt to carrying on paying (huge) interest / fees to extend, but they cant (afford) to keep on doing that indefinitely of course financially hence the call for the small guys to HOLD ON and sock it to them for once. Again it's amazing as if you or I didn't cover a short our position would the called instantly and our houses would go if it were necessary and yet Brokers are now letting the traders extend and extend i.e scratching each others back when it matters to help them fuck over the small guys - the whole system IS rotten to the core there's no doubt about that !

Personally I'm in it for the fun / ride now and depending on the opening price I might throw another bit of money today again depending what happens on opening. Amazingly due to the hedges manipulating things yesterday the price has charged from from $20 to £60, to $350 then plunged to $125 then $380 again within a few hours and is now sitting at $375 pre-trading.

Sure if I wasn't doing this I'd only be spending my money on alcohol and hookers - so I may we well get fucked by Wall street as a Thai guy and sit here and have a Jack Daniels or two here while they're doing it - all same same net result in the end - ending up broke and with a sore head !! :-)

it's going to be an interesting few days ahead thats for sure !

[Zebedee]

Nirish please dont take offence,but it seems its important you have your 'Sell" limit on a high setting to stop the brokers loaning out your shares .
Also and I coube wrong here , the "squeeze" could be on today!!! from what i read. opening bell in a minute .good luck

destiny MOON!!!

[cdnmatt]

It's kind of funny and ironic at how stable bitcoin is looking right now. :)

[Nirish guy]

Thanks Zebedee - I;'m going to just go check that again now but from memory as I use a UK broker I know they dont actually allow me to set stop limit when trading US shares ( which is scary sometimes if not watching things closely enough) so I'm guessing it's the same with Sell limits, but as Im working at a screen most of the day I leave a share window open anytime it matters and keep and eye to it. but I'll go and check just to be sure about that.

I think what a lot of that was referring too was that Brokers software CAN SEE everyone's limits ( again a great way of them manipulating things) and so they then can see just where they need to get to to be able to buy - whereas by putting a high "sell" figure on there that fucks them even more - it also stops your software SELLING when you forget to change it after you'd set it to $200 when they were at $50 !! :-)



EDIT - Yep, as a I thought, with my Broker, limit sets not available for US stocks, just manual buying and selling options ( which is fine for me usually)

[Zebedee]

Youre right Nirish, go with your own understanding.
Up about 70% so far and fluctuating .

[Nirish guy]

Up about 70% so far and fluctuating .

I think all of this pricing is just noise, whether it be up or down even by that 70%, the big shifts will come later, either one way or the other depending who wins I guess.

The other companies that had been bandied about as other likely "targets" ( AMC, BB, NOK) after also plunging yesterday are also slowly returning, personal I think a lot of those were red herrings sent out by BOTS etc to distract from the main game ( no pun intended :)

BUT there is a bit of movement there and so there could be a chance of a quick buck there too perhaps. Maybe helping to offset any possible loss from the GME action.

Although I'm also mindful of the first two rules of betting of course which are "to never gamble more than you can afford to loose in the first place" and whatever you do DONT start chasing your losses !!

( HA perhaps someone should have told Wall Street that on this one it seems :-)

[Zebedee]

Bloody hell, I think Im more excited by this than you are! LOL

Again you are correct, not to get caught up in the hype.

[Nirish guy]

I see CNBC and the Daily Mail have now found ( or been given !) and PUBLISHED the name and full details, address, ex employers, family members etc of the guy "deep fucking value" who is behind the whole reditt push thing !!

And again that for sure is 100% traders quietly releasing that information to the press ( as he did as I suspected previously work for a trading company himself so was now very much a poacher turned gamekeeper).

BUT for them to publish the address etc of for an "ordinary guy" is shockingly dangerous ( and they know it) as based even on the stock price as it is now he's already worth well over $15 million and rising and IF things go as he's hoping and with the amount of stock he owns hes on target to end up a multi MULTI millionaire perhaps - so to publish his and his families address etc, when he nor his family have any security in place even from kidnappers etc never mind hitmen hired by disgruntled bankrupt traders perhaps lol ! is fairly criminal - and yet another scare tactic by the Wall Street set no doubt to try and shake him and everyone else.

[Zebedee]

Wow, I hope hes ok. But in a way its really confirming the trap the big guys are in,ie the lengths they're prepared to go to try and wriggle out .

[Brad the Impala]

Again you are correct, not to get caught up in the hype.

Ha! I think it's too late for both of you on that count judging by your posts!

[Nirish guy]

Ha! I think it's too late for both of you on that count judging by your posts!

There is of course a difference between "hype" i.e something that's made up for effect and simple "fact", but if following it elsewhere it's certainly an interesting tale to read and a lot of people are paying attention to it just now it seems - and sure the fun beats sitting at home in the UK bored out of my mind during lockdown so why not ! ;-)

[Zebedee]

And Nirish, not to mention the fact that you personally might make quite a lot of money!!! And all the boys you can eat! LOL

[Nirish guy]

And Nirish, not to mention the fact that you personally might make quite a lot of money!!! And all the boys you can eat! LOL

Ha after this lockdown I think it's more a case of after all the PIES I have EATEN more like though !

Still at least the one thing is if and when we ever get back in to Thailand the boys there dont care WHAT size we are or what we look like - mind you THAT is if there are any boys or even a Pattaya left to go back to by the time this is all finished !

Now THERES a bet I'm not so sure I'd be willing to put that much money on as a futures contract perhaps ! :-(

[Zebedee]

BTW, I hope you have access to "Real Time" stock price,as it would be crucial if the squeeze starts. You would...I'd imagine need to respond as quickly as possible in the event you want to sell at a high price.
I read the usual stock price the general public sees is 15 or so minutes delayed....thats a lifetime in your situation.
Just mentioning it in case.
You probably already have it covered.

[Nirish guy]

Yep, just a quick google search on any stock will show their real time live figures usually, with the share platforms for the other more detailed stuff if you want it then.

Been a quiet day as you can see I'm sure, will be interesting to see if there's a large dip just before close or not .

[cdnmatt]

https://www.youtube.com/watch?v=ebyHUu9zCvY

[arsenal]

"Not really - I’m usually up for the last hour of trading on the NYSE."
SW

Have you been following GME prices....unbelievable whats happening. And it seems its not over yet!
Zebs.

And answer came there none. Chinny Chin Chin.

[goji]

Yep, just a quick google search on any stock will show their real time live figures usually, with the share platforms for the other more detailed stuff if you want it then.

Whilst Google has live pricing for some markets, I thought it was necessary to pay brokers more to get live data, rather than the 15 minute delayed figures.

Having noted all this interest in the more short term speculative end of the stock markets, does anyone else here do more long term stock picking ? Like several years. I'm typically buying with the intention of holding for a decade.

It sounds like N Irish turns over stocks as quickly as turning over boys on a fortnight in Pattaya.

[Zebedee]

Yes, he likes TRADE.

[Nirish guy]

Whilst Google has live pricing for some markets, I thought it was necessary to pay brokers more to get live data

Nope, Google and many other sites provide live pricing free of charge and I find them both up to date and fine to use - even when on my brokers site on my phone ( if I'm thinking of buying) when it's using the 15 minute delay pricing, I simply open a second window, check the live price and then when you give you buy / sell request it will always go and get and show you the live price first to enable you to proceed or not as you prefer, so it's not like you're actually dealing on a 15 minute old info at that point.



does anyone else here do more long term stock picking ? Like several years. .

I'm a bit biased here I guess but Telsa is hard to look past - I KNOW some people will give you a hundred reasons "why not" and that's fine and up to them, Tesla ( IMHO) aren't "just" a car company and are aligning themselves more as a power / battery company too and THAT is where things start to look interesting in the future too of course, not to mention the whole EV car thing seems to be going quite well for them just now and should keep going that way for certainly a few years to come until others catch up ( or buy) their battery technology. But that's all I'll say about that as I cant be arsed getting into the whole "oh but Tesla" conversations with those who seem to like to ( on many boards).

Its very much a case of you like them or you dont I guess. I just know their stick has done very well for me of late and I'm hoping will continue to do so for several years yet. Thats just my take on that though so 'buyer beware and at your risk etc etc" - and as a board we should always be careful not to be seen to be giving out "advice" re stocks etc as that starts swaying into all sorts of regulatory awares I'm sure Moses wouldn't want us to go.


Oh and re "It sounds like N Irish turns over stocks as quickly as turning over boys on a fortnight in Pattaya"
Ha, No as I've said previously I'm actually more of a holder rather that a quick flipper, which is of course the exact OPPOSITE of me when on a trip to Pattaya perhaps ! ;)

[Nirish guy]

[QUOTE=arsenal; And answer came there none. Chinny Chin Chin.[/QUOTE]

Yet - seems to be the general thinking there so far, watch this space perhaps over the next week or so maybe. There was actually LOTS happened on Friday with Wall Street at their lark across several stocks and there are plenty of graphs which show "someone" ( them) attempting to manipulate prices at various times throughout the day in an organised way, but with the number of ordinary stock holders buying in they didn't manage it as they'd wished.

Or they perhaps didn't have the necessary 6 BILLION in liquidated funds sitting there to hand overnight ( that they'd lost the day before) to enable them to move things just as much as they would have liked. That plus them also getting their shareholder mate trading platform Robinhood ( who they've just given a billion pounds "investment" loan to this week funnily enough) to restrict the purchase of all GME stock from new customers ( i.e ordinary people who use their App.

Instead they firstly totally blocked and then after Government comment re that then restricted their clients ability to buy GME stock at all and left them only being able to buy UP TO FIVE shares in TOTAL each - and if they already had one or two shares ( from days before) they could only them make that up to five shares again in TOTAL.

So all totally unheard of that you / we cant buy shares in a publicly trading company on an open market all because your platform ( basically owned by the traders) simply says so and just says "no, I'm not letting you" - as of course every share bought by ordinary people costs the traders dearly.

Also interesting to see that just now here in the UK that IG ( the UK's biggest broker) has also blocked "ordinary people" from buying GME stock with a statement explaining their actions as being "Due to the recent extreme volatility, and in order to prioritise the service we give our existing clients". So again a pubically traded stock being refused to be be sold by two (and more) brokers to the public on the flimsy excuse that "the stock is volatile" ( since when does your broker care if you buy a risky stock or not as it's not his job to worry or care about that) and "so they can give their other clients service' - when it's the public of course who are meant to BE their clients - but in effect it IS of course the brokers who are and THAT is who they are stepping in to protect when the chips are down for them.

* Correction IG have confirmed that the public can still trade that GME stock with them - BUT they wont let you BUY stock, only SELL - funny that eh as that's what Wall Street has been trying to achieve all week - and that's exactly what Robinhood tried to pull off last week too ! :)

So yes the stock price dipped and came back yesterday several times but that didn't mean there was still nothing going on behind the scenes there thats for sure.

No doubt they'll have another go next week and things will go one way or the other for many people - either them or the ordinary people - who knows !

[Zebedee]

Well, I wonder is today going to be the big day? This is nearly as exciting as "who shot JR Ewing" ?

sad comment....I use to have a life pre covid. LOL

[Zebedee]

Down 20% at the moment, hopefully it'll pickup again.

[cdnmatt]

I find it amusing that so many people are absolutely loving this, and are enthralled about it...

Yet, when it was bitcoin everyone shunned it and stuck their noses up at it. Go figure...

[Zebedee]

to be honest I understand Bitcoin even less than I understand the stock market. But this particular event is interesting, given the comments on reddit and watching the share price graph. Plus I'm on lockdown...!

[Zebedee]

Down 20% at the moment, hopefully it'll pickup again.

It seems despite the stock being in RED , according to Reddit guys nobody is selling and its a ploy by the institutional investors.!!!!
They ( redditors) say " look at the volume it hasn't changed" .

[Nirish guy]

Yeah the truth is very hard to pin down as so many differring narratives being put out, both by the media, wall street and those on Reddit who would claim to know about these things.

The key point being of course being HAVE Wall Street managed to cover their positions or not as they are claiming or is it all subterfuge to scare people into selling so that they can do so ! My "guess" is that the truth lies somewhere in the middle and that the City will carry on playing just the same game as they have been today and on Friday with a few ladder attacks thrown in every now and then just to unsettle things and shake people up and slowly chip away at them ( as all their talk of "Im holding until the moon is all very good until they start to see those big red losses appearing on their screens Im betting !).

Speaking of which I do wish some of the rediit types would stop with all this silly 'going to the moon" every other sentence nonsense, I di realise it's all part of their vocabulary and that its "cool" but it's all so bloody excitably "American" - I mean whats wrong with just a quiet "yes, it seems we all quite like this and so I think may perhaps all just sit back, have a nice cup of tea and see where it goes from here" (yes I know all terribly British in reverse but same net result ;-)

The one thing that IS scary no matter and who turns out to be right or wrong are the posts with people saying "I've never bought or owned stock before but I've just gone out and cashed in my pension to buy this" or "I've just maxed out 5 credit cards and I've sold a lung" ( ok the last part I made up but it's not far off the truth !).

Those people suggest they are buying at around $280 or so by GOD they may hope that things go the right way for them as if not and their buy in stories are true ( as I suspect some of them are) if may not be just Pattaya who witnesses the amazing flying farang from a hotel balcony displays perhaps over the coming weeks ! :-( Ha Mind you considering I popped another £5k in on Friday myself maybe I'll join them ! ( I'm joking, if it all goes to shit it'll be fine :-)

Still, no matter what is going with these particular stocks it's a nice relief to see the rest of the usual suspect stocks such as Tesla and Nio etc all starting to return to something close to their usual trajectories after friday's plunge there too ( which I'm guessing was caused by some Traders having to pull some of their easy money from anywhere they could just to cover their asses perhaps !)

PS Bloomberg are lying fucks !!! The amount of "news" they've released all designed to back up the traders is incredible - such as now " stock now halted" as their head line - when it clearly hasn't been ! is crazy - they go on later to say they mean it's run has been halted but even that it's assured for now - why you'd almost think that the main stream media LIE to us sometimes or something ! :)

[Zebedee]

Yes there are all sorts giving advice,conspiracy theories....some true I'd say...and the constant rocket memes etc. all can be off putting. Another ₤5K ! Well that answers my curiosity as to whether you still in the game.
I thought time was against the big guys and they'd be forced to buy back the shorted shares, but so far they're not doing that. But somethings gotta give!

[cdnmatt]

Robin Hood is doing Damage control. They're even doing paid advertising on this blog post, hence how I found it... via a sponsored / paid link in Reddit.

https://blog.robinhood.com/news/2021/1/29/what-happened-this-week

Basically, had to put a stop on trading due to clearing house rules requiring hundreds of millions in order to settle the trades, or something like that... don't know, I'm not a trader.

[Nirish guy]

Yeah, so they say - and they're still restricting purchases of only up to 20 trades and only if you already own stick it seems. Whether their actions were intentional or not they surely killed momentum and saved the traders asses last week - which considering several of the trading companies are major shareholders in Robinhood is just a tad coincidental perhaps eh !

Certainly if a lot of the credit graphs are to be believe the volume of trading is very small which would suggest that it is traders bouncing the same ( sometimes just 100) stocks back and forwards at ever decreasing minuscule amounts of lower price to create the playing field as it stands now. For sure I were them I'm be playing (this?) long game in the hope of people losing interest and simply selling up - but given the energy behind this thing I cant seen that happening for a few days at least - but that's maybe exactly the time they're happy to hold to anyway to match that, so we'll see.

Certainly the press BS re the whole Silver rush etc has been off the scale all day after clearly being discounted on the Reddit etc ( even though the press have claimed the exact opposite) and you can clearly see BOTS posting there in large numbers to try and entice people away from the main action.

[Zebedee]

RH, have limited buying GME, but it seems they have no problem letting people sell as much as they want...seems a little odd, especially given others e.g. Fidelity, are allowing people to buy GME. Do they even have the legal authority to do this? I thought that was up to NYSE to stop trading.

[Nirish guy]

Their argument is / was that under SEC rules they need X amount of liquidity to cover their sales ( at any given time) and when this blew up they simply didn't have that liquidity so HAD to stop selling, they've since gone out at found 6 billion ! of new funds ( you can guess where THAT can from ) and so can start selling again - but only at a maximum of 20 shares per account ( still a great way of limiting sales whilst avoiding the bad PR and possible court cases later ( which are sure to follow).

[Zebedee]

Yes the whole thing stinks of foul play. The only thing that will bring them undone is if the small investors continue to hold,but that requires discipline which seems lacking going by many of the redditors. Hopefully i'm wrong.

[Nirish guy]

oh I don't know, I don't think there was too much sold off today by retail, tomorrow will be more fun and games no doubt. Sure it beats sitting watching TV ! :)

[Zebedee]

Nirish, please excuse the big copy n paste,but I thought you should see this,assuming you haven't already.
Mind you I don't pretend to understand it . lol
It goes without saying ,this could be a load of nonsense or could be precisely whats happened, i'm in no position to say...that's for you to decide...lol


TLDR; Melvin and gang hasn't covered shit. They've been illegally "closing out" their short positions and if we hold they will 100% get fucked. There is far more nefarious shit at play.

So this morning I saw the S3 and Ortex data both report significant covering of short positions for GME. This absolutely threw me for a loop because Friday morning they reported above ~120% short interest still. I could not for the life of me figure out how someone could close >50% of short positions on such a tightly held stock in ONE day with very little trading volume in the week. This got me digging around to figure out what's up.

I started by looking into GME failed to delivers (i.e. short sellers not able to cover their position on a stock) for the first half of January and I was shocked to find that just in the first 15 days of Jan, GME had ~1.2 MILLION failed to delivers. This is before most of wsb or mainstream began buying.

What was interesting though, is that of that ~1.2million, ~700K shares were covered in chunks throughout the two week period. I dug further back into the SEC failed to deliver reports for GME and saw that pattern extending back months. It seemed almost as if the short positions were just being kicked down the road.

Having spent some time looking at the pattern, it's clear a large amount of failed to delivers come in, then a small chunk of coverage, then another large amount, and so on. To me this looked shady af so I looking into reasons that could cause that and discovered this article: https://www.sec.gov/about/offices/ocie/options-trading-risk-alert.pdf

In it, a specific section is eerily similar to what we've experienced with GME:

"Assuming that XYZ (e.g. GME) is a hard to borrow security (e.g. apes holding strong), and that Trader A (Melvin), or its broker-dealer, is unable (apes again) to borrow shares to make delivery on the short sale of actual shares, the short sale may result in a fail to deliver position at Trader A’s clearing firm. Rather than paying the borrowing fee on the shares to make delivery, or unwinding the position by purchasing the shares in the market, Trader A might next enter into a trade that gives the appearance of satisfying the broker-dealer’s close-out requirement, but in reality allows Trader A to maintain its short position without ever delivering on the short sale. Most often, this is done through the use of a buy-write trade, but may also be done as a married put and may incorporate the use of short term FLEX options. These trades are commonly referred to as “reset transactions,” in that they have the effect of resetting the time that the broker-dealer must purchase or borrow the stock to close-out a fail. The transactions could be designed solely to give the appearance of delivering the shares, when in reality the trader has no intention of meeting his delivery obligations. Such transactions were alleged by the Commission to be sham transactions in recent enforcement cases. Such transactions between traders or any market participants have also been found to constitute a violation of a clearing firm’s responsibility to close out a failure to deliver."

It's almost like a play by play of what we've seen (in combination with the ladder attacks). My guess is we'll find out more when the failed to deliver report for the second half of Jan comes out on the 17th.

I 100% think that Melvin is committing massive securities fraud. In fact, I would bet all my money on it - oh wait, I did 96 GME @ 290.

I am now holding on principle to see these fucks fail.

More DD: https://www.reddit.com/user/bcRIPster/comments/labq6u/follow_the_crumbs_gme_exposed_the_meta https://www.sec.gov/data/foiadocsfailsdatahtm

Not a financial adviser, I eat paint chips for dinner

EDIT: Ok, so I've been reading some comments and I wanted to clear a couple things up:

The failed to deliver number is reported cumulatively. So if you sum everything for the Jan time period it'd come out incorrectly as 5 million. What I'm doing is summing all the debits to get an aggregate view of all the failed to delivers in the time range. This process is validated and discussed in other /r/wsb posts

I know ETF's could have been redeemed by some MM's to gather up GME stock. However I'm not convinced there is enough GME held in ETF's to be a significant factor. Someone in the comments reported this amount to be about ~10M. We would know if a bunch of ETF's rebalanced and dumped GME.

My number for the Ortex short interest was incorrect, I got mixed around when I wrote this initially. The short interest reported by Ortex on Friday morning was ~80%. The 120 figure for S3 was correct.

Please checkout the linked DD - it goes into much more detail and covers things far better than I can.

Share this post and the related DD. We need to hold wall street accountable if this is true and I think that starts by spreading the word.

I'm going to continue to dig into this tonight / tomorrow. Look forward to a new post tomorrow evening.

If I take an L to 0, I take an L to 0. I don't invest what I can't lose. But you can bet your ass I'll be holding till this blows open.

WE LIKE THE STOCK

[Nirish guy]

Yeah as I’m sure you’ve read there are a ton of theories flying around, some sounding very logical and practical and others in full “make America great again” full trump support style.

For every positive take there’s a negative one and for every negative one there are 50 people happily claiming “it’s the man manipulating even more”.

Personally I’m not so sure about that. But there has certainly been plenty of manipulation going on in general but as to whether the traders have / has already managed to find some smart way to cover already on Thursday / Friday perhaps is the ( multi) million dollar question !

My gut feeling tells me they possibly have as this IS what they do ( very well usually) for a very good living and I’d be amazed if they could come up with some work around between themselves to avoid getting shafted and being made look bad by mere amateurs.

As I said yesterday I am more concerned for the people who “sold the farm” to Juno on this and I’m just hoping a lot of them were exaggerating their claims, but I’ve a sneaking suspicion perhaps not though.

Personally more out of stupidity and stubbornness to see things through to the end as I usually do I’ll sit tight ( I think) fir now as i always knew it was a punt from the start and whilst of course no one likes losing money thankfully I didn’t break any of the two rules ( well ok maybe the one Re chasing the loss lol but that ok :-)

So we’ll see, still all very interesting to watch and “who knows” it could still go either way depending who’s right or wrong or blatantly lying. Honestly I don’t claim to know which of the two camps that might apply to more even anymore harder. But we’ll see over the next week or three I guess.

[Zebedee]

Nirish, it just dropped again by nearly $100 ! Is this actually happening or is it a ploy?

[Zebedee]

Mark Cuban, giving an AMA on r/wallstreetbets at the moment.

Where are my heart tablets?

[Nirish guy]

My GUESS is as I said above that the shorts DID actually cover last week as they claimed and if so that changes the entire reasoning for holding

don't think they've have covered in the normal manner but using those ETF's that are being talked about perhaps and exchanging them, I assume there's a ton of backroom ways they can play these games long before anyone sees them coming - BUT that IS just a gut feeling guess and both sides have reasons to claim otherwise.

Personally if I had to call it I'd say it's fairly much all done and over now possibly and if it's true as some are claiming they're going out and buying £1000's worth of stock but buying on margin calls then they seriously need their heads look at - no matter WHO is right or wrong as thats basically like using the casinos credit card to gamble with but know that they can call you into the office at ANY ( usually the very worse) time and ask for their money back that you had to borrow in the first place and if you cant cough up they break your legs ! ( or in this case take your house perhaps).

Saying that it seems the younger generation don't seem to give a flying fuck about debt the way us older guys do / did as I know at least three younger friends who all maxed out various credit cards and loans and ended up going full on bankrupt - and not one of them gave a damn about any of it and in fact two of them did it TWICE !

So as I'm sitting watching the counter slowing counting down close to zero dollars per share ( or there abouts) I doubt there'll be any of the huge spikes that people ( I ) was hoping for, thankfully for me it's no real odds and was only money I'd made on other stocks all getting lost and won anyway so it's only really wooden dollars ( in my head) - mind you when I'm next heading to the shops I'll probably look at my account and wonder "hmm where did that ten grand go to again" and quietly kick myself, buy hey al part of the game and part of the fun and why you don't risk what you can't or shouldn't really afford to lose.

BUT saying ALL of that....you just never know - and I'm holding ! ( just in case :-)

[Zebedee]

Great attitude,honestly.
But , it a'int over 'till the fat lady sings
I understand less about the whole business now than I did a few days ago. lol



Not asking for explanation...relax.lol

[Nirish guy]

Not asking for explanation...relax.lol

Thank god for that as Im not sure i'd have one !! :)

But hey if anyone wants to buy a game stock share worth probably about $20 bucks shortly for lets say ohhh I don't know, maybe £10 grand.....be sure to drop me a message ! lol

[Zebedee]

You are not in the same situation as many of the redditors. I hate to say it but they looked at this GME thing as a way out, they see themselves as trapped and unlikely to break free...so they took a punt....which is understandable.
You on the other hand have an excellent lifestyle, Thailand,Philippines, Bali, I think you mentioned Spain at some stage,and you still have your job/business. This is just a bump in the road for you.

[Nirish guy]

You are not in the same situation as many of the redditors..

Ha don't you believe it as £100 or $150k would have been a very nice addition to funds to accommodate exactly those trips ! But as you say thankfully it'll not be reduced to beans on toast for the rest of the year "just" yet - mind you a few more investments ( gambles ) like that and who knows :) Thank fully as I'd said I'd literally made around £7k the day before on another trade so it doesn't really feel like "lost money" more just an annoyance of not "making money" - but as I also said that's all very well until it comes to those shopping trips and that's where reality kicks in - who know perhaps all those geeks and weirdo gamer types on Reddit will go out and buy games at GameStop and their ACTUAL stock will increase and likewise their new CEO does actually have a good track record of turning businesses round so things may just improve a bit anyway. For some reason I seem to be in a glass half full mood today so I'll go with that for now. :-)

* I see that the drop in price actually triggered the SECs alarm mechanism which means that from tomorrow the traders wont be able to short the stock as they have been doing, meaning anyone buying has a clearer picture and a better run at lifting it a bit so "if" there is any uplift that could well be a help to people for that, who knows eh.

But I'll let it all sit as these things usually have a way of sorting themselves out - they say the Lord looks after his own" so I'm sure with my clean living Christian outlook on life I'll be fine ! lol ( Ha or perhaps I SHOULD sell actually if thats the case more like :-)

[Zebedee]

No point selling now. You may as well see it through at this stage...and pray. you might be going shopping yet!



whooo. Not quite a rocket more of a fireworks now. check the trajectory now!!! $137!

[Nirish guy]

No point selling now. You may as well see it through at this stage...!

Exactly .....oh and yes thats an interesting wee lift ......it's peaked my interest again :-)

Anyway either way it's just a matter of cutting ones cloth to suit ....so I've just called my yacht broker and amended my pre-sale purchase instructions to take me from this.....10701 to THIS......10702

So, that should just about level out the loss :-)

[Zebedee]

Hard to say if its profit taking or the HFs are still controlling the buys.

Ive had enough for one night.

[cdnmatt]

So at the end of the day, basically just a big pump and dump that went viral?

[Zebedee]

No not at all. Whats happening with the share price falling is manipulation by RH APP. They have choked / stopped investors buying. This is unprecedented. On a level playing field the hedge funds would have suffered.
RH has been ( compensated !!! ) to do this,and will probably lose in the many court cases lodged against them. But they don't care,it's better for them to get the big money and take a chance in the courts than the certain huge financial losses if buyers are permitted to trade.

The share price is still about 20 times the price it was about 12 months ago...

Pump and dump by comparison is just bullshitting potential buyers.

[Nirish guy]

So at the end of the day, basically just a big pump and dump that went viral?


No, I know you'd love it to be so that could do the "I told you so" dance :-) ( as remember I said I thought that too at the start) - but honestly I don't think "in general" it was - I think there was a massive shorting issue ( not i think that's just a fact that no one actually disputes ) - the issue was always more as to whether the traders had managed to cover their their asses in time or not before the Reddit guys piled in to try to screw them,

The big lift in price ( up from say $20 to nearly $500) may well have in fact been them actually trying to do so.

So as much as "I told you so" might be nice to say sometimes, it wasn't actually a simple pump and dump in the true sense that we all know it - quote the opposite in fact as the market fought like a bitch to keep the price DOWN not up - although it may well end up more of a mini pump and dump perhaps over the next week or two trying to entice new people and new money in perhaps - although IF the shorts hadn't covered if that happens that could cost them dear too ?!

[Zebedee]

Well if it does actually soar in price, to say $1000 or more a share, then if some people start "pumping" it up further, that is to be expected. At that stage its up to every small investor to decide for themselves whether to sell or not. It was always going to come to that. At the end of the day people are trying to make money regardless about some saying they want to teach the HF's a lesson....that.. I'd take with a grain of salt.

[goji]

At that stage its up to every small investor to decide for themselves whether to sell or not.

This is more like speculation than investing. I'd imagine by the stock price is at least 10 times what the underlying business is worth, but it's not worth my while to investigate, since I like to protect the downside.

It's slightly surprising to see this thread get so much attention, when I would have thought more members would have been interested in steady investments.

[gerefan2]

It's slightly surprising to see this thread get so much attention, when I would have thought more members would have been interested in steady investments.

Time may not be on their side!

[Zebedee]

THIS IS WORTH READING.

Nirish, I know ,I know you MIGHT have seen this already but just in case you haven't I'll post it. My usual, "sorry about the big copy n paste, dunno if its true or bs, up to you blah blah". lol
Also, do not buy that dinghy just yet, because if the stocks take off,---- "you're gonna need a bigger boat".
Good Luck.



----"Oh my god! GME is down to $150! It's down to $100! It's down to 30 cents! The hedgies are going to cover all their shorts at that 30cent price point! It's over!

Wrong.
No one is selling at these prices. Sure, maybe a few scared folk who don't know any better. Maybe they trigger a few stop losses. Maybe some margins get called. But it's not enough. Say it with me:

PRICE DOESN'T MATTER

WHAT?!

You heard me. 30cent GME? No problem.

They don't need a low price, they need your shares. If 10 people sell at 30c cents, and that's the only market activity, it's a "30 cent stock" but Melvin only netted ten shares. They are still fucked. They aren't buying 50 million shares at 30c, nor $100, nor $300, and that's their problem. It's an availability issue. Sometimes it's ALSO a price issue (too high for them) but primarily it's the availability.

All the activity driving down the listed share price are illegal ladder attacks (not that legality should be expected at this point, these folk are crooks). Those aren't actual sales though, it's just shares trading hands from hedgie to hedgie. They aren't gobbling up value. These people don't admit defeat, they are neither smart nor humble, they are crooks. They need 50 million+ shares. They need over 100% of the float to sell to them (that 50% float you hear about is accounting shennaigans, ignore it, they are still exposed). You can NOT close that many positions sniping a few shaky handed noobs. We aren't talking about a few shares they need to buy, we're talking about fucking ALL OF THEM.

I'll explain that in a second, but first let me repeat:

PRICE DOESN'T MATTER

So let's say you want to buy 50 million shares, let's look at what shares are being asked for in my hypothetical example market:

# of Shares - Price

x 20 - $0.30c

x 80 - $5

x 400 - $20

x 600 - $40

x 900 - $60

x 2,000 - $100

x 5,000 - $150

x 10,000 - $200

x 30,000 - $300

x 50,000 - $400

x 150,000 - $500

x 1 mil - $1,000

x 15 mil - $5,000

x 30 mil - $69,420

Get it? There are only a few people willing to sell at those low prices. By the time you've bought a quarter million shares (0.5% of what you need to buy) you're back up to the sustained highs. And these are just exaggerations to make a point. A stock price only reflects current trade values, not availability at those prices. If the hedgies are trading their shares back and forth to each other to drive down the price and they have ladder attacked down to a Nickel, that doesn't mean anyone's shares are only worth pocket change, that just means that that is what things are trading at in the moment. There's no volume to buy up at those costs. No one can force you to sell at a Nickel.

Get it?

PRICE DOESN'T MATTER

They need our shares, not a low price. The price does not reflect whether we are 'winning' or not. Their financial reserves indicate that, but there isn't a ticker for that. But be sure, every day the inevitable closes in. Sell out of fear if you like, but you'll just miss out in the end. People like me, as we shore up more funds, snipe these low prices, stealing away shares the hedgies use to ladder and taking shares away from shaky hands and putting them into steady ones.

This isn't financial advice, I just want to make sure people on this sub have the knowledge to not make fools of themselves in casual conversation."

https://old.reddit.com/r/wallstreetbets/comments/lbe80d/gme_and_80_stocks_why_to_not_worry/

[Nirish guy]

yeah all that is fine Z - just as long as they haven't covered their shorts - THAT - is the million dollar point and one that no one CAN answer as that data doesn't come out until the 9th of Feb I believe. As I've sure you've seen your self there are widely ranging opinions on this that go from they're in deep at 140% shorts right down to they've covered the lot and this is just a done deal and everyone should leave the party. Truthful answer is that NO ONE ( except the hedge funds) know the TRUE answer.

My guess is that the hedge funds have managed to cover a hell of a lot as the retail percentage stock ownership isn't actually that high to begin with - again some would like you to believe "we own the lot!" - we don't, we're lucky if it's even 30% of the stock - the rest is owned.....you guessed it, by other hedge funds.

So to me it seems quite logical that they would all help each other out at this time their industry was under attack and even if it cost them all tens of millions they'd band tougether to see this thing off and finished - and may a lot of money on taking NEW short positions on the new money that new retail traders are still throwing at this.

BUT I could be totally wrong as hedge funds are well known cheaters, liars and scammers and then LIE !! and so the higher percentage of non covered shorts could well be a thing, only time ( and may a long time ) will show that as Wall Street can stretch this game out and play it for much longer than the average 20 year old kid who's dumped his first wage cheque into this perhaps but needs that money back at some point soon.

So, for me I'm looking at this as nothing more than a fun game of poker and playing to see who blinks first and who's either bluffing of has the lower hand and if if means me "holding" and blowing the last of my pot in this trade to "see" them in a few weeks time then so be it, thats all part of the fun I guess and we'll see will I wipe out the rest of my pot OR if the Reddit guys were right all along that it starts to rise and we make a little money - my best guess for now is the first route there by the way about an empty pot as to me that seems the most likely and logical outcome here - BUT - that's not when I "gambled" in the first place - so, we'll see ! :-)

[Zebedee]

Yes.
If it turns out thy have already covered all or most of the shorts,then they are now only hoovering up more money. But as you say if they have not covered,then all this fluctuation of share price is a ploy, and they are still trapped,and everything in my last post will play out in your favour. The plot thickens...lol

[goji]

Learnings (as Borat would say):

1 Never short anything with a high percentage of shares shorted. Although I rarely short anyway.

2 Ignore all this hype and carry on looking for stocks I'm happy to hold for 10 years or more. There is less competition when trying to get rich slowly, as people have short attention spans these days.

[Zebedee]

Sorry to say Nirish, I think it's over. Had RH not been the main platform for the retail buyers it would have been a different story, but once the HF were able to control/ stop the buyers the "die was cast", now its just a mopping up process.
WBS was also overrun with BOTS and their memes rockets ,diamonds etc making it impossible to believe anything,where once serious strategies were discussed,and valuable insights explained.


C'est la vie.

[Nirish guy]

Yes i think you're probably correct about all of that - mind you I'm so stupid / stubborn ( take your pick) I've literally just went on and bought another 30 shares ! ( what was someone saying on another thread earlier about a fool and their money being easily parted !?) :-)

But whilst that may seem crazy just now ( and most probably will turn out to be very soon as it nosedives) there is some ( very questionable) logic in my thinking ....

So after me originally buying it late and high i.e 40 @ $338 i.e a $13520 total cost or so, unless something miraculous happens the chances of it getting back anywhere even close to that figure again is slim to NEVER happening and not a bloody chance I'd say just now.

So my "loss" if selling now at $66 would be around $10800, but by buying another 30 shares I am of course lowering my average share cost price and whilst if selling now at $66 my losses would increase by $300 dollars or so to $11080 IF !!! there's ANY increase my losses will then reduce pro-rata of course and |F (notice there's a lot of IF's here eh :)) but if somehow ( perhaps on the 9th of Feb?) we somehow sneak back up a bit, say even to around say the $120 mark again - as thats certainly more realistic than my previous $338, then if I sold that would reduce my overall loss to around the $7300 mark i.e about £5k sterling - which whilst it's still a bit shit isn't the end off the world thankfully.

IF ( there's that if again) but just IF it ever goes up more than that ( perhaps after several months and after their new CEO being in place and maybe doing something miraculous with the company (as I'll just hold these now for a while I think) well any other rise there would of course help to reduce that loss even further ( he said not quite believing it himself but you never know ! :-)

Oh and of course if it all turned out to the lie that people thought re the funds not covering yet ( ha they SO have !) then this time next month I might be bathing in champagne and booking my yacht after all lol ( don't worry I don't ACTUALLY think that ever happening anymore but hey some people believe in God and to me that's even crazier so you just never know !!! :)

[Zebedee]

Stranger things have happened I guess. Clearly money is no object ..to you! Lol .
In any event best of luck.

[Nirish guy]

Clearly money is no object ..to you! Lol ..

I ONLY that were the case !!!!!

[latintopxxx]

a nirish and his money...sad to say..are soon parted

[cdnmatt]

a nirish and his money...sad to say..are soon parted


But at least he has money to part with... :)

[Nirish guy]

Had ..... HAD money to be parted from it seems - I think that’ll do with losing money for a while - at this rate I’m going to have to go back on the game and go back to being a Money (old) boy ! :-)

Hell things are getting that tight I’m (seriously) thinking of messaging Matt for advice on Bitcoin !! ( or Dogecoin perhaps which seems to be the cool thing just now if Lord and master Elon Musk is to be believed)

[Zebedee]

“Maybe it’s not as much of just the little guy versus the big guy,” JMP Securities analyst Devin Ryan told CNBC. “I think that it’s reasonable to say that institutional investors were also very active in those stocks last week because there are institutional investors that participate in names that have elevated volume. I think most likely that was also expressed in some of the options activity last week as well.”

https://www.theguardian.com/business/2021/feb/05/gamestop-retail-investors-wall-street

[Nirish guy]

Ive no doubt he's correct, actually I think I already mentioned in a previous post that the small retail investors didn't hold anywhere near the percentage of stock that some of them seemed to think they did and IF traders covered then I've no doubt that deals where made at a mutually agreeable price with the institutional investors to allow them to do that as that would have been in both parties mutual interests to do that.

There does still seem to SOME form of "short" position ongoing still though perhaps ( albeit that maybe being NEW shorts at higher prices now which isn't just as lucrative ( if some of the figures being bandied about online are correct) so in my view it's all still worth a watch - purely from a car crash TV point of view if nothing else :). But i doubt that that huge instant lift that they were hoping for will now be happening anytime soon maybe.

What IS worth watching in the longer term IS their new billionaire CEO, who has a great track record in taking companies exactly like this one and making them become billion dollar worth companies and THAT is where a genuine share rise could follow (over the longer term of course), I see just now he has also announced that he's just hired a few top people from amazon, QVC and Walmart, so it seems he's really going for the injection he promised to keep them away from "retail only" sales ( which was what killed their stock in the first place due to covid of course).

So personally I am going to hold for a while yet just to see how that all develops - oh that and of course in the (vain) hope that something magical happens and it all "goes to the moon" after all ( god I HATE all those phrases !) ;)

[Brad the Impala]

This was always just gambling rather than investing, nothing wrong with that, but unless you have got an edge, the bank, in this case the professionals, usually wins.

Anyone want to buy tulips?

[Nirish guy]

Totally agree with you Brad and I did say that from the start, this was no normal "investment" and you're right 100% a casino bet - I think everyone involved ( or most at least) realised that.

The only difference here being that the players DID think that for once they'd found an edge - and in fact they had in that it's fact that traders HAD shorted the stock by up to 140% of the total shares available, meaning that "whoever" held the majority shares could (in theory) name their price to allow the traders to escape their doomsday scenario positions and the MASSIVE losses they were about to endure.

As I've said above I personally think the traders managed to outfox the small guy and go and buy a lot of shares on Friday past ( not the Thursday as they claimed in the press) BUT that hasn't been proven yet and the figures that may show that wont come out for a while yet so until then it is just a guessing game and a continuation of the roll of the dice for some.

As I've said re me personally while no one likes "loosing' I went in with open eyes and I considered it nothing more than a bit of fun flutter at the tables to pass the time during a VERY boring lockdown and while it wasn't "worth it" I actually passed a few hours and entertained myself reading a load of entertaining posts on the Reddit groups involved with it all ( and learnt a bit about stocks too even - ha aye, mainly don't "gamble" being one main thing of course :-).

But it's not the end of the world and while I don't expect to make anything I'm quietly confident over time, whether that be days, weeks, months or years even, of just letting those stocks lie there and I think the loss will reduce to an not so wallet annoying amount ( as do understand I'm not saying "oh it's nothing, £11500 STG is still a kick in the balls in anybodies money and I could certainly do with it rather than losing it too of course!)

But thankfully not the end of the world and all part of the rich and fun tapestry of life just I say :-)

* Plus did you not read it on there, myself and everyone else are all going to "the moon on rocketships" apparently......just anytime now, just i think someone forgot the matches to light the blue touch paper of the rocket it seems !! :-)

[goji]

If the reason for the rapid price appreciation is purely a short squeeze, then after that's played out, the price of the stock ought to return to something similar to the true value of the business.

So it becomes an exercise in trying to figure out the psychology, how many forced buyers there are and so on. That's way too difficult for me and it comes with a massive downside risk.

I'll try to keep it boring and look for stocks that should steadily compound over the next 10 or 20 years. Preferably purchased at a bargain price as well.

[Nirish guy]

I'll try to keep it boring and look for stocks that should steadily compound over the next 10 or 20 years. Preferably purchased at a bargain price as well.

I assure that THAT is my standard MO as well - this as I've said now a few times was never a "normal" investment decision, but merely a punt / gamble / roll of the dice as to IF the traders fucked themselves TOO much for once and left themselves exposed for a killing ( which they did actually and this whole escapade has cost them around half a billion or so they reckon( which they'll make back again of course ) but either way they didn't get it quite right this time round and it has highlighted their blatant manipulation of the markets from something everyone knew about to something everyone that wanted to look at could see happening right in front of their eyes - and THAT could well cost them more in regulation in the months to come as it did no one any favours and made government look bad too for not addressing it sooner perhaps.

Re the working out the maths etc - you're right there too, but in this case that "hard" work had already been done and the shorts position was known ( albeit with the figures being out of date perhaps) but that's yet to be seen. But for sure anyone who "invested" here using their normal investment portfolio pot is and was CRAZY. Personally I don't believe half the stories I'm reading about how people put in "everything" and cashed in their pension plans etc to load money into this as "surely' people cant be THAT stupid !? But hey when greedy kicks in who knows I guess ! ( says he sitting here around £8k down just now himself eh :-)

[Zebedee]

This ( GME shorting ) over the last few weeks or so is not normal. The HF's were caught napping by a well clued up small investor. He knew he needed lots and lots of small investors to buy and drive down the share price hence redditors. They did not carry out any due diligence,the smart guy did that. So yes it was a gamble,actually the subreddit name says it i.e. wallstreetBETS. But it seems it wasnt just small investors doing the buying according to the guardian newspaper i posted on earlier.
This was never your typical blue chip long term investment....this was more like ...musical chairs,and when the music stops you better have a seat!

But for me it was very exciting.

Lol

[goji]

I assure that THAT is my standard MO as well - this as I've said now a few times was never a "normal" investment decision, but merely a punt / gamble / roll of the dice

I'm sure that you, Zebedee and others invest sensibly. Also, even I allow myself to put 1 or 2% into something more short term, when an opportunity crops up. Not GME though.

I'm just bemused that the only stock discussion that gained traction is something highly speculative.

Likewise, if exchange rates are ever discussed, people love the speculation on where rates are going. Even though they have no clue and a sensible response is to balance assets and liabilities. So if you spend 40% of your money in baht, invest 40% of the money in Thailand. Since that's a bit too risky, make it 40% in Asia. But it seems there's more excitement in the speculation and no one is ever interested in discussing steady sound investment.

(Tumbleweed blows past)

[Nirish guy]

I'm just bemused that the only stock discussion that gained traction is something highly speculative.

Im not sure if you mean here on the board or out there on the net in general there.

I think GME was just a weird media / Reddit driven thing and was never actually a proper discussion by anyone on it's merits as a sound investment, it was always more about some people wanting to "stick it to the man" and others "making a quick buck - and a lot of those quick bucks at that too !"

While I was always firmly in the second camp it would of course have been nice added bonus to see just one (overly) greedy hedge fund getting screwed for once too perhaps - and in fact the one fund who were mainly involved ( Melvin Capital) lost over $6.5 BILLION Dollars and over 53% of the value of it's investors funds when having to buy their way out of their mistake / greed, so they certainly didn't walk away unscathed either by any stretch. Of course they'll male that back again elsewhere but it was still nice to see them feeling the pain too somewhat. I

t should be noted that a lot of ordinary small investors and mainly the ones who got in early on the whole story DID in fact make a lot of money too and many bought low and sold high, with many also still holding their shares in the hope of selling them again later at a profit too, so unless GAME goes bankrupt and there stick becomes worthless ( hopefully not) a lot of people did ok out of their "gamble" - ( unfortunately I wasn't one of them as I got in to late - but i've still the stock and i'm not to worried about that either way thankfully)

For anyone who's interested here's the FT's view on what occurred.....

https://www.ft.com/content/3f6b47f9-70c7-4839-8bb4-6a62f1bd39e0

[Zebedee]

Some of your large fan base Nirish guy! Lol

https://old.reddit.com/r/wallstreetbets/comments/lmupc7/everyone_on_wsb_when_they_see_udeepfuckingvalue/









originally a soccer match clip.

[Nirish guy]

Ha ha - although I dont know what they were all cheering for as I'm guessing quite a few of them lost a bit - or perhaps that was only me !!! :-) Still things are looking up, I think I only lost about £500 more in the last week so that's less that the week before so there we are a DEFINITE improvement !!! lol I've decided to take on the style of the Donald Trump school of economics now and only report the "good" news ( to myself) and then everything will be just fine !! lol

I'm more pissed that Telsa has lost around $100 a share over the last short while as THAT does start to hurt in very real terms over a period if it persisted ! But i'm sure that'll bounce back again shortly ( he says crossing his fingers, legs, toes and anything else that's long enough to cross ! :-)

[goji]

I'm more pissed that Telsa has lost around $100 a share over the last short while as THAT does start to hurt in very real terms over a period if it persisted ! But i'm sure that'll bounce back again shortly ( he says crossing his fingers, legs, toes and anything else that's long enough to cross ! :-)
GameStop, Telsa ?
What next ? Dogecoin ? https://m.youtube.com/watch?v=s3NWyh8a5t0

Semper Augustus?

[Nirish guy]

well now Tesla I'm not complaining about as i've been holding that a while now and have made a nice amount out of that so far - and long may that continue ! ( as to whether it will or not is a different matter of course !)

But if you think that's all risky ( tulip ) investing ( which of course it is to some point) let me just tell of you of my own Financial Adviser who after investing a sum of money me for me in a locked Bond for over a year just came back to me there with something crazy like a 2% growth ( and even that was only gained in the last two months as it was in a negative position for months before that) and then proudly handed me a bill for his "advice" of over £3000, thus wiping out any profit made on that particular investment.

In the meantime had taken some money ( all against his "professional advice") and dumped it into Tesla and a few other similar stocks ( NIO etc) and went back to him in less that 9 months with WELL over 120% returns !!!

The most grating thing was that he STILL tried to argue that 'his advice" was best and his "strategy" was sound as "if it wasn't for the Covid crash he was sure he would have delivered maybe 6-8% returns year on year where as mine "probably" wouldn't continue to grow ( it DID !) ! Him also totally missing ( or ignoring the point !) that my 120% + returns had ALREADY blown him out of the water for several years to come ! But no, he was still admament that his "professional" ( and bloody expensive) advice was best and so he was worth his fee !

You can imagine the reply he got from me ( after I paid him in full by the way - much to MY annoyance )


So yes Tulips it may be - but THAT is where the money seems to be just now and like everything knowing when to get in and out is half the battle, if you ever work THAT part out then DO please let ME know too ! Thanks ! :)

[cdnmatt]

Any of you guys holding some bitcoin? Holy shit, I'm smiling.

Ever since Tesla dropped $1.5 billion into bitcoin it's been roaring, and I don't believe there's an end in sight. Tesla will be accepting bitcoin as payment for cars shortly, Mastercard said their going to offer cards / products for bitcoin, BNC Melon some huge fund management company on Wall Street are going to open their trading channels to bitcoin, there's rumors Apple is about to drop a large investment, et al.

[Zebedee]

Yes cdnmatt I saw that,it seems you were right all along! I sincerely hope you have a large hoard of them,oh and becareful where you store them!
https://www.businessinsider.com.au/man-offers-council-70-million-dig-up-bitcoin-hard-drive-2021-1?r=US&IR=T

[cdnmatt]

Ouch, 7500 bitcoin gone? That's gotta hurt.

There were times I had like 500 BTC in the past, but well, I had bills to pay... don't have anywhere near that right now, but still enough to put a smile on my face.

[Nirish guy]

Zebedee - if you've money in GME are you watching whats going on there just now !?? Very interesting ! :)

[Zebedee]

Just saw it now thanks. No I'm not a player in this game....I like to watch! LOL

There's an article in the Guardian with an explanation,they seem to think it may have something to do with the Financial Director resigning,but who knows . Anyway,I hope you've made a few bob.

https://www.theguardian.com/business/2021/feb/25/gamestop-shares-surge-more-than-100-as-trading-frenzy-returns

[Nirish guy]

Zebedee],I hope you've made a few bob

Well losing less by the day which is something, it seems as I'd hoped that the new CEO is going in an kicking ass. He's appointed a new board and has stated his intention to is to turn into an online retailer in the form of Amazon or such like - which has piqued the investors interest again it seems........lets hope that continues and he succeeds .....I'm just sorry now that I didn't double down more than I did when I bought my last load of shares when they were at $40 ( as they're currently at $180 or so and climbing !) so, now the next dilemma - to fold or hold when if and it comes to break even time ($233 in my case) ! Decisions decisions lol

[goji]

Cognitive Biases In Investment. See #3.

Although, it's quite possible our professional speculators who ignore all this do way better than me on the stock market.


https://www.magellangroup.com.au/insights/10-cognitive-biases-that-can-lead-to-investment-mistakes/

[Nirish guy]

Yes perhaps Goji but the cognitive bias card gets thrown about a lot too mind.

Tell me it's "wrong" to think / hope " a new CEO may improve things as he has a great track record in doing that elsewhere: - then when he's appointed that starts to happen - is that bias or just plain facts taking place as one had hoped in front of your face? Perhaps a bit of both. As I've said all along Gamestock was never a serious "investment" trade and all the usual parameters one might use were never really applied in the first place - it was a punt, nothing more.

So, whilst you're right in that many a golden investment rule has been broken here, on the other hand it's a punt and "sometimes" it's ok just to go with ones gut - biases aside or not, well I think anyway.

Ps I perhaps wouldn't put TOO much sway on that link you added as I see on that page they talk about "...we run the Magellan Global Fund like a football team where we have the ability to put many players onto the paddock at any one time" - Well now, I'm not a sports fan but even I know that paddocks are for horses so Im not sure why they'd want to be sending their many players there and if they dont know the difference I think I'd be treating their advice with caution perhaps !!?? lol

[Zebedee]

Well losing less by the day which is something, it seems as I'd hoped that the new CEO is going in an kicking ass. He's appointed a new board and has stated his intention to is to turn into an online retailer in the form of Amazon or such like - which has piqued the investors interest again it seems........lets hope that continues and he succeeds .....I'm just sorry now that I didn't double down more than I did when I bought my last load of shares when they were at $40 ( as they're currently at $180 or so and climbing !) so, now the next dilemma - to fold or hold when if and it comes to break even time ($233 in my case) ! Decisions decisions lol

Its looking good now $237, yes it is a tough call as it " appears " to be on the rise ,hopefully as a result of your analysis above.

[goji]

Market cap $16.8 bn
Turnover in last FY: $6.47bn
LOSS in last FY: $470m

Personally, I MIGHT, at a stretch, considered this to be worth investigating further at the $5 or so back in August 2020. If holding some @ $243, I'd be selling as fast as possible.
This is one of the most insane share price charts I've ever seen, particularly since the underlying business appears to be crap and they have not had some game changing event to support the price movements. e.g. test results for some wonder drug, discovering a trillion barrels of oil or making nuclear fusion work. Unless I missed that part.
However, I hope N Irish does well out of his speculation & then takes the money off the table in good time. Hopefully tax free within an ISA, SIPP or spread betting account.

[Nirish guy]

Market cap $16.8 bn, Turnover in last FY: $6.47bn LOSS in last FY: $470m t.

Again Goji you're looking at this through the lens of a standard trade and it NEVER was.

Gamestock as a Company were more or less DONE and on the way out last year anyways and then Covid came which was probably going to be their final nail in the coffin ( as your figures clearly show).

BUT as you've read in previous posts no doubt after the whole Walls Street "shorts" issue (wether that be real or imagined) there was then a concerted campaign by their nerdy fanbase to keep the the Company afloat whilst also trying to stick it to the Wall Street traders by the Reddit nerds buying the stock.

So very much like Tesla, the price you're seeing rising there today has NO bearing whatsoever on the past performance of the Company but is based solely on what their new CEO (might) be able to do with the Company in the months ahead ( which is a crazy position to invest on I know but hey that seems to be the order of the day in some investment circles of late - rightly or wrongly).

But yes you're also right that based on their recent stock numbers and my own break even point, getting out now while it's in the green for me at any level ( rather than the £11.5k LOSS I was at a week ago!) would seem to any sane person be a very sensible move and one that I'm certainly open too ......

Saying that :)..... and as I've said before, this one was always a bit of crazy punt and so I'm tempted to perhaps give it a few days just to see how it all develops (or not) - but do rest assured if it takes a tuen and looks like it's heading south again then to hell with that and I will sell this time as just now I can do without all that excitement and drama in my life - it was fun while it lasted but now I'd like some $ or time to move on I think.