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?
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.
The "Prisoner's Dilemma" .Originally Posted by NitNoi
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 myselfSo...
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!!!
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