The Battle of GameStop
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The Battle of GameStop
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Re: The Battle of GameStop
#2They're not winning. They're just minting a different set of losers and pushing the drawing out by a couple weeks.
And Reddit being Reddit you can never really be sure whether organic interest is pumping the stock or if they are being manipulated by an astroturfing campaign. If day trading weren't a conflict of interest for me I'd be looking into doing something like that (and consequently not blabbing about it on HN).
Re: The Battle of GameStop
#3That site on an iPad is no bueno
Re: The Battle of GameStop
#4It's market hot potato/ponzi scheme. You buy in to capitalize on growth, funded by increased interest in the meme, and try to cash out before the meme isn't funny anymore.
Re: The Battle of GameStop
#5They're not winning. They're just minting a different set of losers and pushing the drawing out by a couple weeks. And Reddit being Reddit you can never really be sure whether organic interest is pumping the stock or if they are being manipulated by an astroturfing campaign. If day trading weren't a conflict of interest for me I'd be looking into doing something like that (and consequently not blabbing about it on HN…
the bull thesis has been laid out in detail for months and it's a good one, this is organic interest, Ryan Cohen and others coming over from Chewy was the most recent catalyst
Re: The Battle of GameStop
#6> The same emotion that caused us to root for the thieves in Ocean’s 11 is what makes Wall Street Bets so enticing. Put frankly, Millennials are tired of getting fucked by the man. When you’re underemployed with $100,000 in student loan debt, your financial situation feels overwhelming. You really don’t want to take the advice of your parents or CNBC talking heads [5] to invest 10% of your salary for a 4% annual return. At that point, what’s another $5,000? Might as well buy some short-dated GME calls.
Well put. I was explaining to a friend of mine a few weeks ago why cynicism is so prevalent in our generation: we graduated in 2008 where banks, not our parents, got the bailouts; we got stuck with thousands in student debt; the dream of marrying a pretty wife and having a few kids, working for a company for 40 years, and retiring in Cabo is a relic of the 1950s; we lived with our parents until our 30s, and in spite of being so "connected," we are more lonely, have less friends, and are having less sex than previous generations; unless, I guess, you count the COVID shutdowns screwing young people yet again.
It's a never-ending shit-show. At least some of us are getting rich in /r/wallstreetbets.
Re: The Battle of GameStop
#7Citadel can see 80% of retail orderflow such as Robinhood and is massively long since last Friday as can be seen from the calls they are selling.
Now it is likely the steam has run out(gamma cascade) so they are placing their bets on the opposite side by taking over Melvin which is massively short without causing too much market impact.
Re: The Battle of GameStop
#8"Winning" because they collectively own millions of dollars of a worthless stock?
Re: The Battle of GameStop
#9They're not winning. They're just minting a different set of losers and pushing the drawing out by a couple weeks. And Reddit being Reddit you can never really be sure whether organic interest is pumping the stock or if they are being manipulated by an astroturfing campaign. If day trading weren't a conflict of interest for me I'd be looking into doing something like that (and consequently not blabbing about it on HN…
the bull thesis has been laid out in detail for months and it's a good one, this is organic interest, Ryan Cohen and others coming over from Chewy was the most recent catalyst
People exist who in the past two days paid $150 for a share that most analysts think is worth about $14 — at a company with negative earnings for six of the last seven quarters, and minimal earnings growth over the past few years.
I'm sure there was some bull case for the company, and it might have had a snowball's chance in hell around $14 or even $20/share. But at $60+ ? What on God's good earth is supposed to make the company worth that much?
Re: The Battle of GameStop
#10Isn’t the underlying problem here that hedge funds have shorted more stock than the float?
They got themselves in this mess. Don’t be so greedy, you short more than shares that trade.