Down 20% at the moment, hopefully it'll pickup again.
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Down 20% at the moment, hopefully it'll pickup again.
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...
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...!
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 ! :)
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!
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...ened-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.
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.
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.
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).