Posted on 01/26/2021 11:58:57 PM PST by Reverend Wright
The top securities regulator in Massachusetts thinks trading in GameStop stock, which has been skyrocketing, suggests there is something “systemically wrong” with the options trading surrounding the stock.
The videogame retailer’s stock was up 93% on Tuesday and has roughly quadrupled in the past week. It was up another 40% in after-hours trading Tuesday, to eclipse $200. Traders have been bragging on online forums about taking large bets the stock using options—often out-of-the-money calls that pay off only if the stock soars.
William Galvin, the Secretary of the Commonwealth of Massachusetts, said in a statement to Barron’s that he’s been watching the stock.
“This is certainly on my radar,” Galvin said. “I’m concerned, because it suggests that there is something systemically wrong with the options trading on this stock.”
(Excerpt) Read more at marketwatch.com ...
There is something "systematically wrong" when ordinary people start making money, and this SwampMan's A-hole Wall Street cronies start losing !
Ordinary people are being manipulated. There is no way this stock is worth $200 a share. Someone is going to make a fortune short selling this stock. Everyone else is going to go broke.
I am sure there were lots of margin calls coming in this past week. Imagine shorting the stock when it was around $20.00 and now having to cover a $130.00 per share spread.
It’s ok when the Hedge fund managers manipulate and short the retail investor into oblivion. But when things are turned around it must be investigated.
It’s Melvin Capital who is going broke. He had a short position at $20, now it’s $200+
Too bad. Plotkin is going to have to sell his Miami mansion he bought in Demember.
Grand Theft Tulip?
Several hedge funds have lost several fortunes shorting GME.
Many ordinary folks have already secured fortunes going long GME.
According to regulators only the reverse is legal.
The solution would be to ban short-selling. But of course they’re going to regulate the retail investors.
The question is not short selling. The question is how is it short interest in the stock at one point represented 140% of the available shares.
Naked puts.
Two sides are going to lose on this.
The original short sellers, if they can’t cover. They can make their $ back, ironically, if they short again now that the price is ludicrous, but they will need to raise cash to do it. Don’t know if they can. Probably.
The many thousands of reddit and other buyers. If they are wise they would have individually put in just token $, and can accept a small loss for the fun of annoying the hedge funds.
Now THAT is corrupt dealing by the shorts and their brokers.
Celebrity stock.
No different than all the celebrities that have zero talent being so celebrated.
The Kardashians.......
“The many thousands of reddit and other buyers. If they are wise they would have individually put in just token $, and can accept a small loss for the fun of annoying the hedge funds.”
that’s whats happening, mostly. it’s moe political gainst the elite and hedge funds. Soem think they will be rich, and may be, on paper.
Got to $350+ a few minutes ago, but Melvin is now out, announced on CNBC.
The peasants are revolting.
Why does the “top securities regulator” think options trading has anything to do with this short squeeze?
Because his A-hole hedge fund cronies are losing money. “We don’t lose money. Only the little people lose money.”
Does that make it an 'existential threat'???
Elites are so full of BS...
Sure, but the fund guys are the ones causing it.
No, autists on Reddit and gab and other sites are collapsing a hedge fund that shorted their beloved GameStop. It has now become a cause celebre - and Elon Musk has joined the fun. Fascinating and hilarious overnight development that was so entertaining to watch in real time.
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