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GameStop Is Rage Against the Financial Machine

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Re: GameStop Is Rage Against the Financial Machine

#331

Post by fwip »

diarrhea wrote: post #105
thepasswordis wrote: post #86

There's a mantra among these people of "I just wanted to play video games, why couldn't you leave me alone?" The culture of a lot of redditors and internet trolls in general seems to be that they feel like they are the eternal punching bag of society. They were the punching bag in high school, they didn't get into a good school (or go to college at all), and now they're the punching bag of society as "incels" or "whi…

I'm not sure there's much of an overlap. Incels are a rather small group, and I think most wallstreetbets users are surprisingly... normal. You can't bet on stocks if you're poor. So you'll have lots of mid/late 20s educated guys with decent incomes. This to me really feels like a classic "for the lulz" (and some personal profit), avalanche-style event.

"for the lulz" isn't really a normal-person thing to do.

Re: GameStop Is Rage Against the Financial Machine

#332

Post by rantwasp »

TrackerFF wrote: post #168

But let's not kid ourselves here - a lot of WSB users are trading under the pretense that this is some great class war against the "elite". Here's what's going to happen, in the end (my predictions): - Some institutional investors will make an absolute killing - Some retail investors will make a killing - A bunch will make fast'n easy gains - A good share of retail investors will stand holding the bag. Sure, some sho…

this is not about who and how wins. this is about a level playing field. the field is not level now and the sheeple are waking up

Re: GameStop Is Rage Against the Financial Machine

#334

Post by chromaton »

QuesnayJr wrote: post #294
piva00 wrote: post #173

Earlier quoted context omitted.

This is absolutely fucking ridiculous. Someone is getting fucked by their own leverage, they got caught, isn't that what the market is supposed to do? Kill the overleveraged non-sense to redistribute wealth to more efficient investments? It isn't a bank run to be blocked for the sake of society, this is just a bunch of rich people paying the price for risking too much... Boils my blood so deeply.

So you think GameStop shares are genuinely worth $375? GameStop traded around $20 a share for the past couple of years. You think that right now the company is worth almost 20 times what it was worth two years ago?

It's worth whatever somebody will pay for it. And right now the short sellers will pay a lot for it to stop their losses.

Re: GameStop Is Rage Against the Financial Machine

#335

Post by thebean11 »

beervirus wrote: post #161
xorx wrote: post #117

Earlier quoted context omitted.

Yes, but retail is going to get destroyed in the end. The power elite always get what they want. Right now there appear to be curbs on GME and AMC buy orders for TD Ameritrade and Schwab customers. If you have to pull strings with your drinking buddy from Dartmouth to blow up a bunch of propertyless zoomers in order to prevent a margin call on the account you've leveraged to buy your house in the Hamptons, then that'…

> Right now there appear to be curbs on GME and AMC buy orders for TD Ameritrade and Schwab customers. Yes indeed. Ameritrade won't even let me exercise the calls I already own. It's ridiculous.

Remember you can file a dispute for things like this. Gather as much evidence as you can that you attempted to exercise. If you win the dispute they have to exercise at whatever the price was during your attempt (IANAL, this is just my understanding).

Re: GameStop Is Rage Against the Financial Machine

#336

Post by levesque »

admax88q wrote: post #315
AdmiralAsshat wrote: post #20

> These points doubtless make me appear to be a complacent shill for the financial industry, talking down to the rubes. For the record, I’m still angry about the way workers were ripped off in Britain more than three decades ago, and about the way the little guy ended up bearing the brunt for the financial implosions of 2000 and 2008. But it looks horribly to me as though the same thing is going to happen again — and…

> The "little guy" refers to the Reddit traders that are making a killing right now, with the expectation that eventually the stock price will crash again. The reddit traders are only making a killing if they're selling these inflated positions. At some point somebody will be left holding the bag, odds are it will be a bunch of people from wallstreetbets and other retail investors that are late to the party. There's…

That's not the point. This is a purely technical play, fundamental valuation methods have been thrown out the window a long time ago. Game stop is maybe worth 5-40$, but these reddit WSBers think the stock will keep rising due to the short squeeze, beyond 1000$ even. Just grab some popcorn and watch the show.

Re: GameStop Is Rage Against the Financial Machine

#337

Post by TuringNYC »

bilegeek wrote: post #178
jimbob45 wrote: post #138

Earlier quoted context omitted.

Same stuff goes down on 4chan and several other sites. Not to mention the fact that the SEC has neglected to investigate insider trading for years now. IMHO why the fuck is shorting legal to begin with. Short insurance should be mandatory for short trading.

Well, the IRS doesn't go after rich people because they don't have the funding[1]; they only go after the people they can afford to go after[2]. I know the IRS is different from the SEC, Apples to Oranges. But like you said, they've neglected insider trading; it's probably for very similar reasons, because those being investigated just have too much power to take down. I'm sure the SEC will hammer these easy targets…

Prediction: SEC will go after one or two retail traders who are minorities and blame the entire episode on their probably harmless tweet or post.

Re: GameStop Is Rage Against the Financial Machine

#338

Post by chromaton »

hoka-one-one wrote: post #272
cwhiz wrote: post #68

I am loving every minute of this. The "professionals" gamble on the market all the time, front run, high frequency trade, and relentless tactics to get rich at the expense of the "retail" investors. Now they are upset that apps like Robinhood has provided unprecedented access to the markets. Their exclusive access to insane gambling nonsense is being torn down in real time. If Wall St can gamble and cause a global fi…

Have you completely discounted that this thing was calculated? Plenty of professionals probably foresaw the squeeze.

The WSB thing could just be cover for them. There were more shares shorted than were outstanding, so it's a great opportunity for a trader/raider with a pile of cash.

Re: GameStop Is Rage Against the Financial Machine

#339

Post by jerry1979 »

scarmig wrote: post #260
krok wrote: post #118

Earlier quoted context omitted.

> These points doubtless make me appear to be a complacent shill for the financial industry, talking down to the rubes For context, in 2008 John Authers was a (very senior) Financial Times reporter on Wall Street. He became aware that there were queues of financial workers outside retail branches of banks in South Manhattan. These people had cash in various US banks, more than the insured deposit limit, and were with…

For the interested: https://www.ft.com/content/1fcb4d60-b1df-11e8-99ca-68cf89602... "Was this the right call? I think so. All our competitors also shunned any photos of Manhattan bank branches. The right to free speech does not give us right to shout fire in a crowded cinema; there was the risk of a fire, and we might have lit the spark by shouting about it." Enraging. You're allowed to shout fire in a crowded theate…

unwalled:

https://www.businesstelegraph.co.uk/in-a-crisis-sometimes-yo...

Re: GameStop Is Rage Against the Financial Machine

#340

Post by chasebank »

mdoms wrote: post #166
boringg wrote: post #23

Earlier quoted context omitted.

I don't think you understand what's happening here. There's only so much volume available as a result of the short positions. WSB et al are putting in money on a long hold. As a result that drives up the price. Yeah gamma's are in for sure making money. There are some people who have made multiple millions. One individual sitting at $31M currently on a $50k investment. Some retail will lose, but wall street instituti…

> One individual sitting at $31M currently on a $50k investment. What happens when one tries to cash out this kind of position? Does he or she actually walk away with $31M?

FWIW, he was sitting on $31M at close yesterday (~$141/share), Jan 26th. It's mid $300's now, Jan 27th, easily doubling his position from yesterday north of $60M.

Edit: He just updating his daily position. Cashed out 13M, has 35M still riding in shares and options.

[1] https://old.reddit.com/r/wallstreetbets/comments/l6ekdz/gme_...

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