Not really - I’m usually up for the last hour of trading on the NYSE.
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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.
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 ! :)
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"
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 !
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.
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.
If I was the SEC I'd force "Robin Hood" to change its name. Talk about false advertising...
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?
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.
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/mauerstrass...tien_wirklich/
actually there are very good comments on the whole page.
Nirish, get out of BED! Forget about work, get back on here and feed me, this stuff is mesmerising!!! LOL
Nirish to the MOOOON!
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?
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.
Here, this popped up on my Youtube recommended list. Founder of Wall Street Bets gave an interview.
https://www.youtube.com/watch?v=pH2GXmRDaSA
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 !
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!!!
It's kind of funny and ironic at how stable bitcoin is looking right now. :)
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)
Youre right Nirish, go with your own understanding.
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 :-)
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.
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.
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 .
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 ! ;-)
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 ! :-(
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.
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 .
"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.
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.
Yes, he likes TRADE.
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.
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 ! ;)
[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 !
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