Stock market drama llama: GameStop shares dramatically rise in price from some Reddit users' trading in it

[Jimmy Higgins]

So would now be a good time to short on Gamestop? Could you buy $50,000 in shares from a few months from now, based on the price today?

 

[ZiprHead]

I've had that thought. I'm too old for adventure like that though.

(And may I just say, that "cybertruck" is one butt-ugly car. )

Yabut do you know of any other vehicle to which you could do six figures worth of damage in a 5mph collision?
(Just sayin' it looks like one mighty fragile "truck" to me, no bumpers, lightweight skin...")

But I'd like to have a Model S P100D ... we have lots of old school redneck muscle cars around here and it would be fun to blow their doors off once in a while (0-60 in 2.5 seconds!).
100k does seem like a lot to invest for 2-3 seconds of gratification though.

Just came across this.

[YOUTUBE]https://youtu.be/PLxPAwIeL0w[/YOUTUBE]

 

[ZiprHead]

2 short sellers admit defeat, bail out at huge loss as GameStop share surge hits 1000%

Short sellers Andrew Left and Melvin Capital take huge losses to cover their bad bets

In the David and Goliath saga surrounding the struggling retail chain GameStop, Goliath has fallen.

Two Goliaths, actually.

A pair of professional investment firms that placed big bets that money-losing video game retailer GameStop's stock will crash have largely abandoned their positions. The victors: an army of smaller investors who have been rallying on Reddit and elsewhere online to support GameStop's stock and beat back the professionals.

One of the two major investors that surrendered, Citron Research, acknowledged Wednesday in a YouTube video that it unwound the majority of its bet that GameStop stock would fall. Andrew Left, who runs Citron, said it took "a loss, 100 per cent" to do so, but that does not change his view that GameStop is a loser.

"We move on. Nothing has changed with GameStop except the stock price," Left said. He did acknowledge that Citron is taking a fresh look at how it bets against companies, in light of the GameStop campaign.

 

[repoman]

ZiprHead, you will not like a lot of Awaken with JP's other videos much at all.

I agree with him that in some key ways that the covid response is overblown (but in other ways like how it wrecks blood vessels this info is not getting out) and really is destroying small businesses but holy crap his motivated reasoning makes it seem like covid is just only like the flu.

You can both skewer pretentious SJWs and also realize that covid is a fairly serious disease.

AWJP is of the mindset that covid overreach is designed to make a socialist gulag state and I don't think this is me overstating it.

 

[ZiprHead]

ZiprHead, you will not like a lot of Awaken with JP's other videos much at all.

I agree with him that in some key ways that the covid response is overblown (but in other ways like how it wrecks blood vessels this info is not getting out) and really is destroying small businesses but holy crap his motivated reasoning makes it seem like covid is just only like the flu.

You can both skewer pretentious SJWs and also realize that covid is a fairly serious disease.

AWJP is of the mindset that covid overreach is designed to make a socialist gulag state and I don't think this is me overstating it.

I've never heard of the guy before and I don't plan on hearing anything from him ever again. The video was posted on an automobile oriented site I follow and I thought it was a humorous response to Elixir's post about him wanting a Tesla.

Maybe you're the one taking JP too seriously.

 

[J842P]

So would now be a good time to short on Gamestop? Could you buy $50,000 in shares from a few months from now, based on the price today?

You would *borrow* shares at today's price, sell them, then buy them back before you have to return them. This is incredibly risky, though. You also have to pay interest on those shares. Shorting is not for the lighthearted, and generally, asking "how would I short Gamestop" is a good sign you shouldn't be shorting things.

Less risky is using a put option, but again, you should really take the time to understand this. Especially if you are playing with 50k unless you don't care about losing it all. The problem with shorting is you could end up losing much more than your initial investment.

 

[Jimmy Higgins]

So would now be a good time to short on Gamestop? Could you buy $50,000 in shares from a few months from now, based on the price today?

You would *borrow* shares at today's price, sell them, then buy them back before you have to return them. This is incredibly risky, though. You also have to pay interest on those shares. Shorting is not for the lighthearted, and generally, asking "how would I short Gamestop" is a good sign you shouldn't be shorting things.

No intent to do it, as you'd need enough capital on hand to keep whomever you are lending from calling to liquidate it.

Less risky is using a put option, but again, you should really take the time to understand this. Especially if you are playing with 50k unless you don't care about losing it all. The problem with shorting is you could end up losing much more than your initial investment.

Well this exercise has taught us that.

 

[Elixir]

ZiprHead, you will not like a lot of Awaken with JP's other videos much at all.

I agree with him that in some key ways that the covid response is overblown (but in other ways like how it wrecks blood vessels this info is not getting out) and really is destroying small businesses but holy crap his motivated reasoning makes it seem like covid is just only like the flu.

You can both skewer pretentious SJWs and also realize that covid is a fairly serious disease.

AWJP is of the mindset that covid overreach is designed to make a socialist gulag state and I don't think this is me overstating it.

I've never heard of the guy before and I don't plan on hearing anything from him ever again. The video was posted on an automobile oriented site I follow and I thought it was a humorous response to Elixir's post about him wanting a Tesla.

Maybe you're the one taking JP too seriously.

All beside the point!
Repeat after me:
2.5 seconds!

 

[Axulus]

Markets open in a few hours. It will be interesting to see how GME fares.

Assuming this price collapses, it will be interesting to see what plans prosecutors have for Keith Gill (aka Roaring Kitty, aka DeepF---kingValue). Will he be careful about his sell orders, minimizing his profits to create an evidence trail that his was in no way a "pump and dump"?

By Wall St. standards Gill is just a little guy. His several millions of GME profits hugely dwarfs my meager savings, but he is in turn hugely dwarfed by the Real Players. That makes him a likely target for the Powers That Be.

Recall the 2000 bubble when firms like Merrill Lynch engaged in "pump and dump" on a massive scale. Recall Eliot Spitzer (now most famous for his $2000 call-girl!) getting that firm to settle for $100 million. But pump-dumper Henry Blodget never returned his multi-million dollar bonuses, let alone went to jail. That's the American way, I guess. Betray your country to Russia and get Secret Service protection. Steal billions from the public via stock market lies and drive a Lamborghini. Sell loosies on Staten Island and expect an extrajudical execution.

I don't know to what extent Keith Gill pumped it after buying low, nor if he did anything illegal. Pump and dump is only illegal if you mislead and lie to people I think.

I think it is pretty clear though that some people bought before the hype and then encouraged others to pile in and never sell, and have or will profit greatly as a result (partly at the expense of the hedge funds, and partly at the expense of other retail investors).

 

[Derec]

All beside the point!
Repeat after me:
2.5 seconds!

As somebody who has done ~2.5s 0-60, I can vouch that it feels great. That is over 1g of forward acceleration. I wonder how much lateral acceleration a Tesla can do though.

 

[Elixir]

All beside the point!
Repeat after me:
2.5 seconds!

As somebody who has done ~2.5s 0-60, I can vouch that it feels great. That is over 1g of forward acceleration. I wonder how much lateral acceleration a Tesla can do though.

Only one way to find out:

G-Meter: Tesla’s G-Meter will automatically track and record peak lateral and longitudinal accelerations. The G-Meter can be viewed in the Cards area of the touchscreen.

 

[ZiprHead]

Only one way to find out:

G-Meter: Tesla’s G-Meter will automatically track and record peak lateral and longitudinal accelerations. The G-Meter can be viewed in the Cards area of the touchscreen.

Touch screens in a moving car suck.

 

[J842P]

Markets open in a few hours. It will be interesting to see how GME fares.

Assuming this price collapses, it will be interesting to see what plans prosecutors have for Keith Gill (aka Roaring Kitty, aka DeepF---kingValue). Will he be careful about his sell orders, minimizing his profits to create an evidence trail that his was in no way a "pump and dump"?

By Wall St. standards Gill is just a little guy. His several millions of GME profits hugely dwarfs my meager savings, but he is in turn hugely dwarfed by the Real Players. That makes him a likely target for the Powers That Be.

Recall the 2000 bubble when firms like Merrill Lynch engaged in "pump and dump" on a massive scale. Recall Eliot Spitzer (now most famous for his $2000 call-girl!) getting that firm to settle for $100 million. But pump-dumper Henry Blodget never returned his multi-million dollar bonuses, let alone went to jail. That's the American way, I guess. Betray your country to Russia and get Secret Service protection. Steal billions from the public via stock market lies and drive a Lamborghini. Sell loosies on Staten Island and expect an extrajudical execution.

I don't know to what extent Keith Gill pumped it after buying low, nor if he did anything illegal. Pump and dump is only illegal if you mislead and lie to people I think.

I think it is pretty clear though that some people bought before the hype and then encouraged others to pile in and never sell, and have or will profit greatly as a result (partly at the expense of the hedge funds, and partly at the expense of other retail investors).

I mean, if you read through the subreddit, they are pretty up front about everything. Now that it is in the news, though, I bet there's a lot of people who have no idea what they are doing. A bunch of people bought into the dogecoin pump and dump, but I don't think that was the subreddit in question's doing. There are a bunch of organized crypto "pumpers". Not sure what the law says about crypto. Seems like the wild west all around.

 

[Elixir]

Only one way to find out:

G-Meter: Tesla’s G-Meter will automatically track and record peak lateral and longitudinal accelerations. The G-Meter can be viewed in the Cards area of the touchscreen.

Touch screens in a moving car suck.

It records! You’re not s’posed to be messing with it while driving at the cornering limit.

 

[Alcoholic Actuary]

Good description of what you were talking about before.
Minor niggle.... Tesla is out of the gate, but if President Biden has his way Ford, GM and the other usual suspects will all be players very soon - of their own volition, once the incentives landscape changes a little.

Maybe that will turn things around for Ford*. I'll bet somebody out there is shorting Ford; maybe it would be worth taking advantage of the opportunity to get some bargain stock that has an upside. (Disclaimer: This is not investment advice; I have no qualifications to give such.)

(* And I don't mean to be dumping on Ford -- kudos to them for actually paying back their Great Recession loans, unlike a couple other car companies I could name.)

Ford didn't take any TARP fund loans (they received other program assistance). GM and Chrysler were loaned $80b and paid back 90% of it to date.

aa

 

[Jarhyn]

Markets open in a few hours. It will be interesting to see how GME fares.

Assuming this price collapses, it will be interesting to see what plans prosecutors have for Keith Gill (aka Roaring Kitty, aka DeepF---kingValue). Will he be careful about his sell orders, minimizing his profits to create an evidence trail that his was in no way a "pump and dump"?

By Wall St. standards Gill is just a little guy. His several millions of GME profits hugely dwarfs my meager savings, but he is in turn hugely dwarfed by the Real Players. That makes him a likely target for the Powers That Be.

Recall the 2000 bubble when firms like Merrill Lynch engaged in "pump and dump" on a massive scale. Recall Eliot Spitzer (now most famous for his $2000 call-girl!) getting that firm to settle for $100 million. But pump-dumper Henry Blodget never returned his multi-million dollar bonuses, let alone went to jail. That's the American way, I guess. Betray your country to Russia and get Secret Service protection. Steal billions from the public via stock market lies and drive a Lamborghini. Sell loosies on Staten Island and expect an extrajudical execution.

I don't know to what extent Keith Gill pumped it after buying low, nor if he did anything illegal. Pump and dump is only illegal if you mislead and lie to people I think.

I think it is pretty clear though that some people bought before the hype and then encouraged others to pile in and never sell, and have or will profit greatly as a result (partly at the expense of the hedge funds, and partly at the expense of other retail investors).

I mean, if you read through the subreddit, they are pretty up front about everything. Now that it is in the news, though, I bet there's a lot of people who have no idea what they are doing. A bunch of people bought into the dogecoin pump and dump, but I don't think that was the subreddit in question's doing. There are a bunch of organized crypto "pumpers". Not sure what the law says about crypto. Seems like the wild west all around.

Oh, dogecoin is absolutely on WSB. The primary core here is Bed, Bath and Beyond, AMC, Dogecoin, and GameStop.

Silver is a lie.

They are buying and holding. There's not much more to it.

If market volumes are any indication, they are winning, too.

 

[J842P]

I mean, if you read through the subreddit, they are pretty up front about everything. Now that it is in the news, though, I bet there's a lot of people who have no idea what they are doing. A bunch of people bought into the dogecoin pump and dump, but I don't think that was the subreddit in question's doing. There are a bunch of organized crypto "pumpers". Not sure what the law says about crypto. Seems like the wild west all around.

Oh, dogecoin is absolutely on WSB. The primary core here is Bed, Bath and Beyond, AMC, Dogecoin, and GameStop.

Silver is a lie.

They are buying and holding. There's not much more to it.

If market volumes are any indication, they are winning, too.

Well, I got in to doge at 0.011 and out at 0.05. Payed off a credit card, put the rest of the gains into AMC. But it's all with money I couldn't give a fuck about. The vast majority of my money goes to old-man target-date funds and my 401k which is just a Vanguard target-date fund.

 

[Bomb#20]

All beside the point!
Repeat after me:
2.5 seconds!

As somebody who has done ~2.5s 0-60, I can vouch that it feels great. That is over 1g of forward acceleration. I wonder how much lateral acceleration a Tesla can do though.

Only one way to find out:

See if your Tesla can beat a freight train through an intersection, but just come out tied?

 

[Jarhyn]

Looked at WSB and some other market manipulation going on. Looks like the game may be up as EToro threw in on the bullshit: GME (and for some reason only GME, apparently) was forcing users onto a stoploss that they couldn't remove. Once the short ladder attacks lowered the stock enough, there were a few massive (~50m total) buys that rocked the GME volume greatly. This timing coincides with when users were reporting the EToro hijinks.

At any rate, the mask is off: wallstreet has declared that the plebs shall not be allowed to do to them what they do to each other and to us. You must HAVE money, all to yourself, to make money, so sayeth they.

I really can't wait for the trials to start.

But I doubt they will on account of all the criminals here being rich

 

[Elixir]

Only one way to find out:

See if your Tesla can beat a freight train through an intersection, but just come out tied?

MY Tesla? I gots no Tesla!
For one thing, I live almost a mile from pavement. For another... the railway has been shut down here for 20 years.
Just sayin' that any appeal that this faux-tree-hugger's delight might hold for me, would be its acceleration (though the handling reports are ... different), NOT anything to do with carbon footprints, saving the world etc..

I have always wondered at the acceleration of golf carts, FTM.

Not to distract, though -

Market Summary > GameStop Corp.
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Feb 2, 9:35 AM EST · Disclaimer