The chans come to mind.
Posted on 01/28/2021 8:06:20 AM PST by SeekAndFind
The craziest financial story of the week has got to be GameStop stock’s meteoric rise from $6 a share to $340 a share overnight. It all began when Melvin Capital hedge-fund managers decided to short GameStop, betting the stock would fall. But a lot of retail investors viscerally hate billion-dollar hedge-fund managers who make a living manipulating the stock market and driving small investors out of the game.
The investors on Reddit’s “Wall Street Bets” page got together to buy, buy, buy GameStop and drove the stock way up, costing Melvin Capital billions of dollars. You could say it was a massive redistribution of Wall Street wealth to Main Street traders.
Kickboxing champion Andrew Tate said, “If I have to lose six million to destroy Wall Street, I’m ready to f*cking go. F*ck ’em. These people on Reddit are geniuses.” He went on to explain why he and a lot of people don’t like Wall Street hedge-fund tycoons:
They’re the worst people on earth…they have no talent, they don’t make money, they just have a pot of money and they manipulate markets to make their pot go up with other people’s money and they get bailed out by the government anyway. They’re the worst people in the world.
Tate laughed uproariously imagining Melvin Capital financial teams waking up to the news that GameStop had a 600% increase overnight and wiped out 30% of their entire net worth. (Tate can be seen in the YouTube video at the bottom of this article.) Rumors of bankruptcy prompted a cash bailout of $2.75 billion by billionaire investors to keep Melvin Capital solvent.
Steve Cohen’s Point 72, Ken Griffin’s Citadel, and other partners are plowing a total of $2.75 billion into Melvin Capital, the hedge funds said on Monday.
(Excerpt) Read more at pjmedia.com ...
I’ve read that other hedgefunds not exposed to GME have been providing funding to ones that are exposed. IMO this probably means the exposed hedge funds are making private, off-the-books asset transfers to the hedge funds bailing them out. Not much of a silver lining there so yeah, the GME naked-short hedge funds are getting killed.
This has put a smile on my face for the ENTIRE day yesterday OUR SIDE bites back!! WE have a whole lot of VERY SMART younger people on our side and NOW it s possible to bite these people in the ass!! Hedge funds whining their asses off screaming for the regulations to begin!! I absolutely LOVE Dave Portnoy!!!
Shirting needs to go back to the old rules whereby only a certain amount of shares can be shorted
If you want to go behind that there’s always options trading for stock movement
I don’t think you can oversubscribe if you go long
Where the hedge fund managers will likely have a point....with the SEC
is that individuals on sites like Reddit etc are conspiring together in unison to manipulate stock
Of course NASD market makers kind of do that too
Wall Street Bets
Fairly small group on Reddit posters started it....after they discovered Game Stop being shorted a lot
Not enough available game stop shares around to cover or the hedge funds ran out of cash to cover the short
Most shorts I’ve done ...I was a SOUS trader ....I had stop loss if the stock went north...
I guess here there isn’t enough stock out there for the stop loss to activate ?
We all like hedge funds getting hit ...unless we owned them lol...not all are owned by Libs
One is owned by one of Trumps biggest money men
This is a new thing....govt will react
Wrongly probably
The big money will flow to Mitch and Chuck
What triggered the buying of Gamestop was people on Reddit noticing that short sellers had sold 140% of the actual amount of Gamestop stock. The hedge funds not only sold stock they didn't have (Naked Short Selling, which is illegal, at least when mere mortals do it), but 40% more than exists.
And once this becomes painfully obvious to the general public, too many uncomfortable questions are going to be asked.
They will require the exchanges to use Dominion trading software.
The chans come to mind.
The markets are full of vulnerabilities right now, to the point where the economy is looking more and more like a game of Jenga. Like that game, there are any number of ways to make the tower fall down, and every play makes it more unstable, with no way to reinforce it until it is rebuilt.
There’s a report that Robin Hood is auto selling shares....
https://patriots.win/p/11SKBwcLaN/report—robinhood-auto-selling-s/c/
...for “users own good”.
I think also of the Matthew McConaughey scene in “The Wolf of Wall Street.”
Mark Hanna : Number one rule of Wall Street. Nobody - and I don’t care if you’re Warren Buffet or if you’re Jimmy Buffet - nobody knows if a stock is going to go up, down, sideways or in circles. You know what a fugazi is?
Jordan Belfort : Fugayzi, it’s a fake.
Mark Hanna : Fugayzi, fugazi. It’s a whazy. It’s a woozie. It’s fairy dust. It doesn’t exist. It’s never landed. It is no matter. It’s not on the elemental chart. It’s not _______ real.
Jackie and his dad Charlie?
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