I totally bookmarked that WallStreetBets reddit.
I totally bookmarked that WallStreetBets reddit.
Warning: The posts of this forum member may contain trigger language which may be considered offensive to some.
Music was better when ugly people were allowed to make it.
brah pitt (01-29-2021), Godfather (01-30-2021), PorkChopSandwiches (01-28-2021)
By Yael Halon | Fox News
Wall Street is "losing its mind" after a group of small investors with trading accounts ranging from $500 to $2,500 banded together to take "down the billionaires," Fox Business host Charles Payne told "Tucker Carlson Tonight" Wednesday.
The "Making Money" host addressed the dramatic surge in GameStop's stock price after a group of Reddit users teamed up to buy up the struggling retailer's call options – pushing the company's stock prices to unprecedented levels and hurting market short-sellers.
"These hedge funds selling this stock, they don’t own the stock, so they borrow it," Payne explained. "Imagine you borrow a stock that’s trading at $10 and then you drive the share price down and then you buy it back for a dollar. You make the difference, nine bucks."
Short-sellers, Payne explained, are investors who speculate the price of a stock or security will fall in value. The strategy involves borrowing shares in order to sell them with the hopes of buying them back at a lower price in the future.
"They are allowed to short so much stock," he said. " Do you know the amount of stock that was out on GameStop? Let’s just say 100% of the shares that are out, they shorted 140% of the stocks, so they borrowed the same stock over and over, and over, the same shares and sold it into the market.
"Their job, their mission was to drive GameStop to zero," he added. "No one said a word on any financial network, particularly CNBC, which always lets the shorts come on ..."
Fed up small-time investors revolted against Wall Street on Wednesday when they decided to collectively drive the stock price up.
"It’s called a short squeeze," Payne said, "and it’s working.
"Wall Street is losing its mind and Wall Street now wants to change the rules of the game because a bunch of people with accounts ranging from $500 to $2,500 are taking down the billionaires."
Yeah, they're crying all over the place.
Warning: The posts of this forum member may contain trigger language which may be considered offensive to some.
Music was better when ugly people were allowed to make it.
FBD (01-28-2021)
good let the hedge funds BATHE in it
Discord Bans r/WallStreetBets For Hate Speech Violations
Brianna Provenzano - Gizmodo
After kicking off a historic rally around GameStop stock that has incited the ire of hedge fund tycoons and the SEC, the r/wallstreetbets channel was banned from Discord on Wednesday over apparent hate speech violations.
While some on Reddit were quick to speculate that the server had been taken down by hackers as part of a covert attempt to disrupt their push to drive the stock’s price higher, a Discord spokesperson told Gizmodo that the channel had been banned “for continuing to allow hateful and discriminatory content after repeated warnings.” On both Discord and Reddit, wallstreetbets users frequently refer to themselves collectively as “retards” and “autists,” and have been known to deploy the kinds of racial slurs and deliberately offensive language that have become commonplace in 4chan-style posting forums.
Here’s the full statement from Discord:
The server has been on our Trust & Safety team’s radar for some time due to occasional content that violates our Community Guidelines, including hate speech, glorifying violence, and spreading misinformation. Over the past few months, we have issued multiple warnings to the server admin.
Today, we decided to remove the server and its owner from Discord for continuing to allow hateful and discriminatory content after repeated warnings.
To be clear, we did not ban this server due to financial fraud related to GameStop or other stocks. Discord welcomes a broad variety of personal finance discussions, from investment clubs and day traders to college students and professional financial advisors. We are monitoring this situation and in the event there are allegations of illegal activities, we will cooperate with authorities as appropriate.
Moments after confirmation of the Discord ban surfaced online, the official r/wallstreetbets subreddit was set to private by its moderators, but has since been made public again. In a new post, moderators for r/wallstreetbets argued that the staggering growth of the community in just a few days’ time had made moderating it effectively impossible, and blamed Discord and Reddit’s software for any shortcomings in cracking down on offensive language.
This post will be updated as more information becomes available.
Pelosi said Congress will investigate Gamestop and now everybody's panicking.
Warning: The posts of this forum member may contain trigger language which may be considered offensive to some.
Music was better when ugly people were allowed to make it.
funny cuz what they're doing isnt illegal, and its less dubious than what the hedge funds are doing
PorkChopSandwiches (01-28-2021)
By ELANA DURE - Investopedia
Robinhood has become the latest platform to restrict the trading of several highly shorted stocks following an unrelenting trading frenzy led by retail investors and day traders.
The company said in a blog post that it is restricting transactions for certain securities to position closing, including GameStop, AMC Entertainment, Blackberry, and Bed Bath and Beyond, among others. Robinhood also raised margin requirements for certain securities, it said.
“We continuously monitor the markets and make changes where necessary,” Robinhood said. “Amid significant market volatility, it’s important as ever that we help customers stay informed.”
The move comes one day after TD Ameritrade became the first online broker to place restrictions on the trading of these highly shorted stocks amid a multi-day rally spearheaded by retail investors and day traders.
Shares in GameStop have jumped 1,300% so far this year, while shares in AMC popped 308%.
The trading frenzy has led to several broker outages Wednesday, and several of the stocks, including GameStop and AMC, experienced trading halts.
The World is Watching
The unprecedented volume of trading was prompted by a new class of retail investors and day traders that have flooded the market since the beginning of the pandemic. Many of them were part of a buying boom last year as they chased struggling stocks they believed deserve a second chance. Online forums like Reddit's WallStreetBets have become a place for these new day traders to discuss the stocks.
“Individual investors are being stripped of their ability to trade on @RobinhoodApp,” the moderators of the Reddit forum wrote on Twitter. “Meanwhile hedge funds and institutional investors can continue to trade as normal. What do you call a market that removes retail investors [sic] ability to buy to save institutional investors shorts?”
Short sellers betting against these stocks have lost billions of dollars so far. As shares of GameStop soared on retail investor-fueled euphoria, short sellers who were faced with mounting losses and high borrowing fees were forced to close their positions and buy, prompting what is known as a short squeeze.
The Biden administration, including Treasury Secretary Janet Yellen, is “monitoring the situation,” as are the SEC and FINRA. Market regulators typically do not favor day-trading manipulation of the stock market, and regulations are likely to follow.
fuckers should change their name to Prince John
/r/ClassActionRobinHood/
Last edited by FBD; 01-28-2021 at 05:13 PM.
Yun Li and Jesse Pound - CNBC
Shares of GameStop, the center of a trading frenzy fueled by a Reddit message board, were cut in half on Thursday after brokers restricted trading on the stock.
Trading in the stock was halted shortly before midday ET with GameStop down 44% to $196.14 from Wednesday's closing price. Earlier in Thursday's session, it was up over 25% and trading had been halted several times.
Shares were soaring at one point in premarket trading, briefly topping $500. The stock started to fall as word spread that Robinhood and Interactive Brokers were restricting trading, and it opened trading solidly in the red.
The shares recovered and rallied only to turn rapidly lower as the day went on. It was the first decline in GameStop six days and cut its gains for the week to just 200%.
The wild moves followed a more than 130% rally on Wednesday in heavy volume. The stock was worth about $40 just a week ago.
Other speculative names with high levels of short interest also dropped sharply on Thursday. Shares of theater chain AMC Entertainment lost 60%, while Blackberry and Bed Bath and Beyond shed more than 40%.
The dramatic slide came as some retail brokerages limited trading in several of the heavily shorted names to closing positions only, meaning that traders could not buy up shares as the prices fell. Robinhood and Interactive Brokers also hiked their margin requirements on trades, making it harder for traders to use leverage to load up on stocks and options.
The brokers cited the extreme volatility as a reason for the moves, and Robinhood said it did not believe the dramatic price moves would stop "until the exchanges and regulators halt or put certain symbols into liquidation only."
Billionaire investor David Tepper told CNBC early Thursday that investors should be careful playing in speculative names.
"It was 'party on dot-com' in 1999 that screwed the shorts, and now it's 'gang up inc.' It didn't end well in 1999 when the dot-com bubble popped. Been there, done that. Old scars," Tepper told CNBC's Joe Kernen on "Squawk Box."
GameStop has been a red-hot target in the WallStreetBets Reddit chat room, where an army of at-home retail investors banded together in pushing shares higher and squeezing out short-selling hedge funds. The forum, which now has more than 4 million members, briefly went private Wednesday night as the moderators said they were "unable to ensure Reddit's content policy."
One trending post Thursday said "don't be scared of the drop in $GME $BB. Hedge funds trade after hours to scare y'all...KEEP BUYING AND HOLDING." The post quickly drew more than 1,000 comments in an hour.
Another top post in the community said "buy high, sell never," featuring a photo of GameStop.
Some of the passionate Reddit users have been sharing screenshots of their brokerage accounts, showing monstrous returns from trading in GameStop and other names.
"The action in GameStop's stock is a game of musical chairs and my advice for investors is to sell before the music stops," said David Trainer, CEO of New Constructs. "As fickle as the trading mob has been to select GameStop as one of their favorite stocks, they could be just as fickle as to when to let the stock drop."
The Reddit crowd started targeting other heavily shorted names including Bed Bath & Beyond and AMC Entertainment.
AMC skyrocketed 300% on Wednesday alone, bringing its weekly rally to over 450%. In the previous session, more than 1 billion shares changed hands in AMC, marking its highest volume day ever. Bed Bath & Beyond has also surged 75% this week. The duo dipped slightly in premarket trading on Thursday.
The extreme speculative behavior among rookie investors unnerved many on Wall Street worried that mounting losses by hedge funds could spill over to other areas of the market. Some also believe this buying frenzy could hurt overall market confidence and destabilize the conditions.
The S&P 500 and the Dow Jones Industrial Average suffered their biggest loss since October on Wednesday as concerns about the mania deepened.
Reddit co-founder Alexis Ohanian told CNBC on Thursday that GameStop's trading frenzy marked a turning point in the U.S. investing landscape.
"I do think this is a seminal moment. I don't think we go back to a world before this because these communities, they're a byproduct of the connected internet," Ohanian said in a "Squawk Box" interview. "Whether it's one platform or another, this is the new normal."
brah pitt (01-29-2021)
I sure hope so, I have a lot of it sitting here sucking balls cuz of covid. I could use the bumpOriginally Posted by Teh One Who Knocks
FBD (01-28-2021)
Did you sell this morning when it was at $450
StupidMinotaur
@StupidMinotaur
·
16m
Replying to
@disclosetv
What are the three zero-fee platforms that have Citadel execute their trades (the firm with the most to lose from $GME trading)?
Robinhood, Schwab and TD Ameritrade
What platforms halted $GME trading today?
Robinhood, Schwab and TD Ameritrade
https://chapmanalbin.com/investor-al...-class-action/
The securities arbitration and class action law firm of ChapmanAlbin LLC announced today that it is investigating claims on behalf of Robinhood users that were affected and suffered losses as a result of investing in Gamestop or AMC through the Robinhood brokerage platform.
“Just a month ago, the Massachusetts securities regulators filed a lawsuit against Robinhood for aggressive, dishonest marketing practices geared toward inexperienced investors,” says Philip Vujanov, an attorney at ChapmanAlbin. “Now, Robinhood appears to be up to the same old tricks, recruiting social media influencers to encourage individuals to sign up and fund a Robinhood account and beginning purchasing shares of securities such as Gamestop and AMC, with no consideration as to the suitability of the purchases. To make matters worse, Robinhood proceeded to place trading restrictions on the securities just a day later.”
ChapmanAlbin has helped investors, worldwide, recover millions of dollars in savings invested in fraudulent investment schemes or lost due to the misconduct of broker-dealers or financial advisors.
If you wish to discuss this announcement, please contact Attorney Philip Vujanov of ChapmanAlbin LLC at contact@chapmanlegal.com
PorkChopSandwiches (01-28-2021)
Posting Permissions
Reply With Quote
