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Redditors gave Wall Street traders an absolute pasting

Something people might not know is that the subreddit responsible for this doesn't conform to normal investment behaviour. They literally glorify massive losses, the megathread there is just full of people adamant that they're not going to sell no matter what.
 

Hugh Gains said:
You could sell, not buy. Therefore deflating the price, distorting the market and allowing the funds to win on on the way down.

Worth noting that tomorrow see a vast number of call options expire and its within the interest of the hedge funds to see these expire worthless, hence the action today.
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Looks like Robinhood might be in trouble when you get support from everyone from AOC to Ted Cruz. both who are on US committees

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Bukowski said:
The point is the share price is tanking from its high today and 100s, possibly 1000s who were enticed at the top end will be sitting on huge paper losses instantly. Even if you bought 1 share at the top today, you're 75% down on your investment, hundreds of dollars in hours. There's no way of telling who was in it to make an ethical point or who wanted to make profit? No way of telling who was investing what they could afford either.
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I understand that
if people bought the shares out of greed and not principle then I don't care

this was a prinicpled stand not a pyramid scheme
 
CatRyan said:
I understand that
if people bought the shares out of greed and not principle then I don't care

this was a prinicpled stand not a pyramid scheme
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Started off principled perhaps but it's telling how many people are @ing Robinhood / Trading 212 on Twitter threatening civil suits re: their losses today. Have a look. I feel for all the people suckered in by it hoping it was legit... there's a lot of them, very naive.

Seems pretty futile tbh, just a completely mad story all in all.
 
Whatever the rights and wrongs of this, it’s fascinating to watch happen as a cultural thing: a bunch of random posters on a niche internet sub-forum forcing at least one hedge fund to its knees, driving up the stock of a number of other companies in a short squeeze, forcing discussion about regulation and emergency SEC action - encouraged and escalated by a single one-word tweet from a weed-smoking oligarch who has revolutionised the space race and is intending to send people to Mars when he’s not making self-driving cars.

I find it endlessly fascinating how the world is changing and particularly those changes that feel like they belong in a William Gibson novel.

I have no stake in this particular financial arms race, just find it really interesting. I went long on k-pop meme futures and sea shanty bonds a couple of years ago and it’s working out pretty well for me.
 
Bukowski said:
Started off principled perhaps but it's telling how many people are @ing Robinhood / Trading 212 on Twitter threatening civil suits re: their losses today. Have a look. I feel for all the people suckered in by it hoping it was legit... there's a lot of them, very naive.

Seems pretty futile tbh, just a completely mad story all in all.
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well I think 212 and RH have acted illegally, they can't do that... it's like the referee holding the opposition players so the other side can score
 
MonkeyLove said:
Well it will be for Robinhoodapp PR disaster
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Big time.

To coin @monkeytassle here - they haven't been caught disrobed when the tide goes out, rather took a giant, sloppy dump with all their gear firmly on. Brand new gear as well, Moncler trousers and that, covered in the stuff.

RH will say they were protecting new investors from buying at the very top of the market, thus safeguarding them from huge losses on the inevitable drop. Reddit wrecking crew will say SP wouldnt have dropped if they hadn't put a block on buys (it would have eventually of course as GameStop is a dog of a share if we're being totally honest).

Weird incident but very compelling.
The King of Um said:
Whatever the rights and wrongs of this, it’s fascinating to watch happen as a cultural thing: a bunch of random posters on a niche internet sub-forum forcing at least one hedge fund to its knees, driving up the stock of a number of other companies in a short squeeze, forcing discussion about regulation and emergency SEC action - encouraged and escalated by a single one-word tweet from a weed-smoking oligarch who has revolutionised the space race and is intending to send people to Mars when he’s not making self-driving cars.

I find it endlessly fascinating how the world is changing and particularly those changes that feel like they belong in a William Gibson novel.

I have no stake in this particular financial arms race, just find it really interesting. I went long on k-pop meme futures and sea shanty bonds a couple of years ago and it’s working out pretty well for me.
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This bit actually drew a proper guffaw here
 
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Looks like the attention is now turning to the shorting of Silver, be interesting to see if any of the profits taken go into that
 
Top and bottom of it is that numerous funds got caught with their dick in the cookie jar, they continually shorted the stock and then shorted it again with greed knowing no bounds. Only for their massive short position to be discovered by a retard on reddit who discovered the extent of the short with publicly available information.

They're talking collusion among the retails traders, yet not a blip about the meetings between hedge fund managers who successfully manipulated, suppressed and milked a number of entities through shorts.
 
monkeytassle said:
Incorrect but you don't care about that.
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Additionally worth noting that whilst Citadel Securities fills Robin Hoods trades as stated earlier, it's Citadel Investments which bailed Melvin out of GME shorts. Both companies headed by Griffin, see the correlation.
 
If I have understood this correctly Joe Public is only allowed to sell the shares now. Whilst the hedge founders can buy and sell. There are rumors they are buying and selling to each other in such a way that it both panics Joe Public and sets algorithms thinking there is a stock crash.
Traded volumes are much lower than has been for the last few days so it doesn’t look like JP is selling.
The hedge funds need to have these shares tomorrow or next week for some reason.

Caveat - I know fuck all about this so it could all be shite!
 
Hugh Gains said:
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Additionally worth noting that whilst Citadel Securities fills Robin Hoods trades as stated earlier, it's Citadel Investments which bailed Melvin out of GME shorts. Both companies headed by Griffin, see the correlation.
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Confirmed you have no idea what you're talking about
Market Where? said:
If I have understood this correctly Joe Public is only allowed to sell the shares now. Whilst the hedge founders can buy and sell. There are rumors they are buying and selling to each other in such a way that it both panics Joe Public and sets algorithms thinking there is a stock crash.
Traded volumes are much lower than has been for the last few days so it doesn’t look like JP is selling.
The hedge funds need to have these shares tomorrow or next week for some reason.

Caveat - I know fuck all about this so it could all be shite!
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You're right. It is shite. It's some conspiracy theory. Phone up your broker and sell some amc. You'll be able to.
 
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