Posted on 01/28/2021 2:29:19 AM PST by Reverend Wright
(Reuters) - The battle between small-time traders and hedge funds that has shaken U.S. and European stock markets moved into Asia on Thursday, with surges in several Australian companies squeezing another batch of financial institutions that have bet on the stocks falling.
(Excerpt) Read more at msn.com ...
In Europe trading, GME is currently (@02:28 pacific) at $360 US, a new high.
Pretty wild stuff - from what little I’ve heard (only on FR have I heard about it)
Financial data company S3 says short sellers lost $23.6 billion on Gamestop - so far.
https://twitter.com/PrisonPlanet/status/1354734598966685697
This is fantastic....it’s a sign of how rapidly things can change, technology works both ways, when large numbers of individual investors get together, many using their $600 stimulus checks to take on Wall Street Billionaires and kick their ass, it’s a fun thing to watch.....
GameStop will hit a breaking point...but it won’t be today or tomorrow. It’ll flip somewhere next week, and in 48 hours go all the way back to $19 a share.
Yes, that is out of business losses for multiple hedge funds. That’s not just Melvin Capital. Melvin was $12 billion total assets.
And that’s not counting the losses from AMC quadrupling, BB quadrupled, BBBY, NOK.
These jokers are going to want a bailout. If Congress has to vote on it, they are going to need to bring back all the National Guard troops and the 12 foot fence !
I watching CNBC to catch the latest news on this situation.
$470 now. Wild.
If I understand short-selling at it’s most superficial level, it’s the equivalent of commodity trading. You give a promissory note based on a predicted trading price and you pay out of profits made on your prediction.
This is going to hurt a lot of predatory traders. I’m not saying that I’m exactly concerned about predatory traders.
When investors and retirement funds go bankrupt-
Hedge fund elites in Congress: Hey, that’s how it goes. Sometimes stuff happens.
When investors make huge gains and hedge funds lose billions-
Hedge fund elites in Congress: Oh, hell no! We’re gonna make that illegal!
Just spiked over 510 !
I dont think so. I think it will settle in the 40’s or slightly higher. The shorts oversold the market jacking up supply and artificially depressing the price. 120% of your stock being “borrowed” to be resold means there was that much more supply than natural. Then there is the fact that Gamestop has had a massive capital infusion with this run up. Solvency is not an issue. One of Chewy founders being added to the board is what set this thing off jacking their price from 18 to about $20 and what convinced the reditteers initially that the shorts were wrong. Also, the publicity Gamestop is getting is worth a hell of a lot. When they roll out their online portal how much advertising will they need to do and how many of these “gamers” will show some loyalty to the cash cow they just created? Remember how much gamers spend on gaming.
It is a LOT of moolah. It is not worth $350, or $100 or even the north of $40 I am calling for, but that is where I think it will settle within 30 days.
It’s now at $500 in before hours trading. Wish I’d bought 1000 shares when it was at $3. I’d sell today and retire. LOL.
Hysterical! Love it! Big things happen when we unite.
Just wait until they jump to Telegram or Signal, where their communications are encrypted. The rules for trading will change, bet on it.
You just need to go back in time and correct your error.
It’s easy with a Democrat run government to fulfill fantasies.
Steve Bannon talked about it on his show.
OK, down she goes to $420.
A lot of the Reddit jokers had sell orders at 420.69... LOL !
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