Gamestop down to 195 after reaching 483. This is borderline illegalI think it's pretty sketchy. No valid reasons given. I saw a note on my TDA account on this yesterday about this. Only allowing people to close positions. Not open new ones.
Gamestop down to 195 after reaching 483. This is borderline illegalI think it's pretty sketchy. No valid reasons given. I saw a note on my TDA account on this yesterday about this. Only allowing people to close positions. Not open new ones.
Look. I like you in spite of your Tom Brady worship. Am I’m doing this if only to beat McMurtry to the punch so he can’t do it.
but.....
trump trump trump trump Trump.
better me than him.
Trading Places - Bookies - YouTubethank you and krafty for explaining it. sounds more like gambling to me? the borrowing of the shares is still kind of murky though, does the original shareholder do this to raise capitol
Not having used Robinhood or the like, what if you wanted to sell after they closed the trading? Could you go to other brokers or shit out of luck?
Not having used Robinhood or the like, what if you wanted to sell after they closed the trading? Could you go to other brokers or shit out of luck?
Clueless
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WH's Psaki on GameStop: Yellen "Monitoring The Situation"
White House press secretary Jen Psaki fielded a question about the sudden rise of GameStop's stock at Wednesday's press briefing and assured reporters that Treasury Secretary Janet Yellen and the White House economic team are "monitoring the situation." "Is the White House concerned about the...www.realclearpolitics.com
It’s always identity politics with Democrats and you’re not gonna win over this Trump-loathing Republican with identity politics. You’re only going to push me further away."What do you think of the Gamestop situation?"
"We have a woman treasury secretary!"
I think it started yesterday with TD Ameritrade and went from there.
I saw the CNBC report yesterday that Interactive brokers stopped options trading on AMC, BB, EXPR, GME, and KOSS.
Driscoll with the Ricky Megan take.![]()
Instapundit » Blog Archive » ROBINHOOD HALTS BUYING OF GAMESTOP AND OTHER HOT STOCKS, INFURIATING USERS: Robinhood also shut dow…
ROBINHOOD HALTS BUYING OF GAMESTOP AND OTHER HOT STOCKS, INFURIATING USERS: Robinhood also shut down buying of AMC (AMC), BlackBerry (BB), Bed Bath and Beyond (BBBY), Express (EXPR), Koss (KOSS), Naked Brand Corp (NAKD) and Nokia (NOK). Users can only liquidate or close positions. The GameStop...pjmedia.com
Yeah, yeah, I know about the source not being a favorite of all of you, but it is this stupid bull shit as to why you get Trump. We give @ivegotwinners shit, but the markets basically shut out investors to protect the big hedgefund. Melvin Capital should have been allowed to crash and burn. They got out over their surfboard so they should have been allowed to fall off and drown.
People are sick and damn tired of the different sets of rules. What happened is not capitalism, it is cronyism. This was not going to sink the market, it was going to hurt people who could afford to pay Janet Yellen $800k in speaking fees. And they should have been hurt. There are no rules that say Joe Blow investor can't lose his ass if he makes a mistake in the market, so why is there this de facto rule that the hedge funds can't fail?
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Instapundit » Blog Archive » ROBINHOOD HALTS BUYING OF GAMESTOP AND OTHER HOT STOCKS, INFURIATING USERS: Robinhood also shut dow…
ROBINHOOD HALTS BUYING OF GAMESTOP AND OTHER HOT STOCKS, INFURIATING USERS: Robinhood also shut down buying of AMC (AMC), BlackBerry (BB), Bed Bath and Beyond (BBBY), Express (EXPR), Koss (KOSS), Naked Brand Corp (NAKD) and Nokia (NOK). Users can only liquidate or close positions. The GameStop...pjmedia.com
Yeah, yeah, I know about the source not being a favorite of all of you, but it is this stupid bull shit as to why you get Trump on the right and socialist leaning folks on the left. This breeds populism.
This screams for populism. We give @ivegotwinners shit, but the markets basically shut out investors to protect the big hedgefund. Melvin Capital should have been allowed to crash and burn. They got out over their surfboard so they should have been allowed to fall off and drown.
People are sick and damn tired of the different sets of rules. What happened is not capitalism, it is cronyism. This was not going to sink the market, it was going to hurt people who could afford to pay Janet Yellen $800k in speaking fees. And they should have been hurt. There are no rules that say Joe Blow investor can't lose his ass if he makes a mistake in the market, so why is there this de facto rule that the hedge funds can't fail?
I agree 100%.
It's such a brilliant scheme of organization.
It reminds me of talking about markets in general how if people could organize, they could really impact any market.
For example I've long heard if we would decide as a nation to only buy gas from one company, it would fuel a massive price war between the giant oil companies.
This reminds me of that kind of thinking in play. Again, it's brilliant.
My worry as a retail investor that it will severely curtail shorting which sounds like a good think I know....I mean who wants to bet against a company.
I believe, with no proof, that shorting has actually kept the market from crashing for long periods of time.
That along with the massive increase of retail investing (along with decimal trading that tightened the bid/ask price).
There have been many things over the past two decades that should have sent us into a long ass recession, but it hasn't.
We've rebounded pretty quickly as trading patterns have been volitale overall, but able to shake off being slammed to the canvas.
I believe shorting and the covering of shorts have helped with that.
You always need someone to take the other side of a trade.
Shorting infuses the market with sellers and buyers during scary times.
Yeah, you want people with pitchforks at your doors....this is how you do it.Shorting has its place. It is supposed to be a risk though. The problem I have with Wall Street is that far too often they want a free market for gains but they want to socialize their losses. Capitalism is built on failure and success. They have to be allowed to fail when they are short 140% on a stock. They messed up, got caught, and should pay the consequences. There is no rule that says Melvin Capital has to exist. Let them burn.
“If they are all egging each other on using a social-media platform, they are effectively engaged in a crowdsourced pump-and-dump scheme,” said Daniel Hawke, a partner at Arnold & Porter Kaye Scholer LLP.
The traders “are making no effort to conceal their apparent intent to manipulate the price of the stock,” added Mr. Hawke, a former chief of the Securities and Exchange Commission’s market abuse unit.
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GameStop Stock Surge Tests Scope of SEC’s Manipulation Rules
The frenzy for GameStop shares has played out on public websites where investors exhort others to buy shares and options, which could make it easier for regulators to levy claims of manipulation.www.wsj.com
Advantage to the big boys who can conceal their intent to manipulate. VBG“If they are all egging each other on using a social-media platform, they are effectively engaged in a crowdsourced pump-and-dump scheme,” said Daniel Hawke, a partner at Arnold & Porter Kaye Scholer LLP.
The traders “are making no effort to conceal their apparent intent to manipulate the price of the stock,” added Mr. Hawke, a former chief of the Securities and Exchange Commission’s market abuse unit.
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GameStop Stock Surge Tests Scope of SEC’s Manipulation Rules
The frenzy for GameStop shares has played out on public websites where investors exhort others to buy shares and options, which could make it easier for regulators to levy claims of manipulation.www.wsj.com
How is what they are doing any different than the advice that is handed out on CNBC daily? Seems pretty clear that there is an awfully incestuous relationship between the SEC, these large Hedge Funds, Banks, and even the retail brokerages that allows them to manipulate the market too, no?
Advantage to the big boys who can conceal their intent to manipulate. VBG
How do conservatives pejoratively define identity politics?It’s always identity politics with Democrats and you’re not gonna win over this Trump-loathing Republican with identity politics. You’re only going to push me further away.
Read her response to this tweet. She’s an insufferable ass.
Because the institutional investors fed them a ton of data.What I can't figure out is why Robinhood would side with the hedge funds/institutional investors. Their whole brand was setup for smaller investors, hence the name. What a way to go down.
They definitely having some explaining to do. Probably in court.
Because the institutional investors fed them a ton of data.
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Robinhood’s Customers Are Hedge Funds Like Citadel. Its Users Are the Product.
The Wallstreetbets subreddit are furious after Robinhood stopped allowing trading on GameStop. Here’s how the “commission free” investing app makes money.www.vice.com
That seems like a flawed analogy on his part. The Redditors do not seem to be making false or misleading statements. To the contrary, they have announced to everyone what they are doing.“If they are all egging each other on using a social-media platform, they are effectively engaged in a crowdsourced pump-and-dump scheme,” said Daniel Hawke, a partner at Arnold & Porter Kaye Scholer LLP.
The traders “are making no effort to conceal their apparent intent to manipulate the price of the stock,” added Mr. Hawke, a former chief of the Securities and Exchange Commission’s market abuse unit.
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GameStop Stock Surge Tests Scope of SEC’s Manipulation Rules
The frenzy for GameStop shares has played out on public websites where investors exhort others to buy shares and options, which could make it easier for regulators to levy claims of manipulation.www.wsj.com
Fascinating article.
yeah, seems like the Redditors may have exposed the short but once there was blood in the water the sharks showed up. I can't believe those holding the shorts didn't get out long ago. Of course, this is a pretty ridiculous scenario.Fascinating article.
It also supports the conclusion that the Redditors may have started the snowstorm, but the institutional investors drove the blizzard (buying of Gamestop). The Redditors did not have enough cash to be responsible for all of the buying.
People who have a problem with Robinhood's restrictions should create their own retail investment app, amirite?
I don't think there's anything in the TOS that states Robinhood can sell your shit without your authorization. I would agree this will likely create an opening for someone to make some money creating a retail investment app which is focused on the retail investor (for real this time).People who have a problem with Robinhood's restrictions should create their own retail investment app, amirite?
In a roundabout way, this reminds me of when all those Trump opponents went online en masse and reserved most of the tickets for Trump's rally in Tulsa. After the Trump Campaign expected a big crowd, reserved a big arena and closed streets to set up an outdoor overflow area, not very many came.“If they are all egging each other on using a social-media platform, they are effectively engaged in a crowdsourced pump-and-dump scheme,” said Daniel Hawke, a partner at Arnold & Porter Kaye Scholer LLP.
The traders “are making no effort to conceal their apparent intent to manipulate the price of the stock,” added Mr. Hawke, a former chief of the Securities and Exchange Commission’s market abuse unit.
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GameStop Stock Surge Tests Scope of SEC’s Manipulation Rules
The frenzy for GameStop shares has played out on public websites where investors exhort others to buy shares and options, which could make it easier for regulators to levy claims of manipulation.www.wsj.com
That seems like a flawed analogy on his part. The Redditors do not seem to be making false or misleading statements. To the contrary, they have announced to everyone what they are doing.
Here's more nuanced analysis by someone more knowledgeable than me:
I think that in modern markets you could even do a bit better than that and have a completely honest pump-and-dump:
The point here is that it is at least theoretically possible that no one buys stock for any reason other than “hey it’s a fun pump.” That is, no one is deceived about the fundamentals (there’s no fake news about the company), and also no one is deceived about the technicals. No one says “huh this stock is up on a lot of good buying pressure, I should buy some”; everyone who buys says “hey this stock is up because it’s being pumped, and if I get in now I might still get out before it collapses, and that’ll be fun.” It is “respect the pump” as a quasi-mystical mantra.
- I show up on Reddit and say “hey let’s pump GameStop.”
- We all buy GameStop, knowing that we’re just doing it for the pump, with no real or fake catalyst for the stock to go up.
- It goes up, because we bought a lot of it.
- Other people see us doing this, read my Reddit post, know we are pumping the stock, and also buy it, because we seem to be having fun, and they like fun too.
- Eventually some of us get bored and start selling and the price collapses.
I bet the SEC would say that’s market manipulation, but I am not so sure. I suppose we did our trading “for the purpose of inducing the purchase or sale of such security by others,” but not by deceiving them about what’s going on. “Join us in a fun game of chicken,” was our basic message here. Did we try “to create or effect a price or price trend that does not reflect legitimate forces of supply and demand”? Who’s to say what’s “legitimate”? Surely the price did not reflect expectations about future cash flows, but just as surely the price reflected supply and demand: We all wanted to own it because we were having fun, so the price went up.
So who has the stones to short GameStop on the way back to reality?
Anyone other than Ted Cruz, I'd agree with you immediately. Since it's Ted Cruz, I...really need to think about this one.Read her response to this tweet. She’s an insufferable ass.
Luck?As an aside, how in the world is @i'vegotwinners not in this thread?
Because the institutional investors fed them a ton of data.
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Robinhood’s Customers Are Hedge Funds Like Citadel. Its Users Are the Product.
The Wallstreetbets subreddit are furious after Robinhood stopped allowing trading on GameStop. Here’s how the “commission free” investing app makes money.www.vice.com
The pitchforks and torches may be intended as a joke, but when those crazy poor people talk about burning everything to the ground, this is the kind of thing that sets them off.