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GameStop shares soar 113% and AMC jumps 85% after Robinhood reopened trading but the SEC warns of 'SEVERE losses' amid stock market volatility as 'Bounty Hunter of Wall Street' who sniffed out companies to bet against gives up after being burned
UK Daily Mail ^ | January 29 2021 | KEITH GRIFFITH

Posted on 01/29/2021 10:02:15 AM PST by knighthawk

GameStop shares are surging again, after the 'Bounty Hunter of Wall Street' conceded defeat and said he will no longer bet against companies, as the Securities and Exchange Commission is warning of 'severe' risk to investors amid the volatility.

GameStop shares soared as much as 113 percent in early trading on Friday as Robinhood lifted its restrictions on the unlikely stock, which has surged by 1,700 percent this month thanks to the 'Wolves of Reddit.' Stock in theater chain AMC, which like GameStop had been heavily shorted, also jumped on Friday, rising as much as 85 percent.

The Reddit insurgency against hedge funds was led in part by YouTuber 'Roaring Kitty', a 34-year-old financial advisor named Keith Patrick Gill, who broke cover on Friday at his suburban Massachusetts home and appeared to be leaving with luggage ahead of the weekend.

(Excerpt) Read more at dailymail.co.uk ...


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KEYWORDS: amc; gamestop
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To: ncfool

For closing stock trades?
Wasn’t the reason to cease certain stock trading to give hedge funds time to cover their positions?
Newbie here. Not sure what happened


21 posted on 01/29/2021 10:21:53 AM PST by griswold3 (Democratic Socialism is Slavery by Mob Rule)
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To: PGR88
"I wonder if, with the help of SEC and Fed.gov strong-arming the brokers, large hedge funds were already able to get out of their positions?"

Beyond a shadow of a doubt. If not, the WSB crowd would have been rounded up and paraded before us on MSM with tried and true statements like "so and so was arrested at his/her compound" (emphasis on compound). Narrative creators gotta do what they do, right?

The fact that they have not been rounded up tells me that someone placated the (sore) losers.
22 posted on 01/29/2021 10:23:09 AM PST by softengine
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To: knighthawk

If one buys an overpriced stock one may wind up owning the worthless bet of a bankrupt hedge fund.


23 posted on 01/29/2021 10:25:35 AM PST by Brian Griffin
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To: knighthawk

If you have any financial exposure to anything this guy owns or controls, you might want to limit your risk. FTA: “In an unusual move, billionaire ‘Bond King’ Bill Gross endorsed Warren’s call, saying there was ‘justification’ to demands to ‘control this new form of social media investing.’” I think this would be a poor time to be aggravating people on social media.


24 posted on 01/29/2021 10:25:53 AM PST by Savage Rider
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To: knighthawk

“the SEC warns of ‘SEVERE losses’ amid stock market volatility as ‘Bounty Hunter of Wall Street’ who sniffed out companies to bet against gives up after being burned”

A better name than “bounty hunters” would be “vultures”. They look for an injured animal and peck away at it until they kill it.

Looks like the vultures are getting their comeuppance. .


25 posted on 01/29/2021 10:28:09 AM PST by aquila48 (Do not let them make you care! Guilting you is how they control you. )
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To: knighthawk

If a stock is 115% shorted, unwinding 30% might cause the market to go back to near normal pricing.

I’m not an expert in the field.


26 posted on 01/29/2021 10:28:16 AM PST by Brian Griffin
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To: Avalon Memories
Does he seemed worried?
27 posted on 01/29/2021 10:28:33 AM PST by CaptainK ("If life's really hard, at least its short")
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Are the people stopping trading in the middle of the day the same people that halted an election in the middle of election night?


28 posted on 01/29/2021 10:29:46 AM PST by proust (Justice delayed is injustice.)
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To: knighthawk
REDPILLED MEDIA EXCLUSIVE: Jen Psaki’s Brother IS PORTFOLIO MANGER AT CITADEL, The Company That Owns Robinhood! He Was Director at Both Goldman Sachs and Barclays and VP of Lehman Brothers!
29 posted on 01/29/2021 10:30:46 AM PST by mewzilla (Break out the mustard seeds. )
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To: knighthawk

It seems like a great time to short gamestop, now. I bet that’s what the hedge funds are doing, now, to try and recoup some of their losses. Is this accurate? This stock is destined to fall, right? It just can’t stay near this level, can it? I’m probably missing something.


30 posted on 01/29/2021 10:31:02 AM PST by 2big2fail
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To: aquila48

After years of feasting on the carcasses of dead animals, the vultures are suddenly faced with the prospect of defecating a pile of crap the size of a football stadium.


31 posted on 01/29/2021 10:32:46 AM PST by Alberta's Child ("There's somebody new and he sure ain't no rodeo man.")
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To: Avalon Memories

The problem is that it wasn’t the hedge fund managers who were proposing the “pump and dump”.


32 posted on 01/29/2021 10:34:38 AM PST by Blood of Tyrants (If the meanings in the Constitution can change, why did they bother writing it down?)
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To: All

This has provided a template.

Soros made billions shorting currencies.

We could collapse the leftists who own and fund Dems with selective targeting. Look for this to evolve as a Vietcong-style tactic. Economic warfare.


33 posted on 01/29/2021 10:37:09 AM PST by TigerClaws
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To: 2big2fail

“the markets can remain irrational longer than you can remain solvent.”


34 posted on 01/29/2021 10:41:22 AM PST by Toddsterpatriot (TANSTAAFL)
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To: Intar

Jay Gould and his cohorts were stock manipulators, and were very good at it.

https://en.wikipedia.org/wiki/Erie_War


35 posted on 01/29/2021 10:47:02 AM PST by abb
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To: knighthawk

I think this is funny as crap! The small investor beats the huge hedge funds at their own game.

What a hoot! Great going y’all.


36 posted on 01/29/2021 10:48:52 AM PST by servantboy777
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To: knighthawk

What is this Bounty Hunter of Wall Street moniker?
And what is this “betting against companies”? I mean, what does it mean?, And what does it not mean?


37 posted on 01/29/2021 11:00:04 AM PST by Honest Nigerian
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To: Deo volente; Avalon Memories

I would love to see who has money in those hedge funds.

That might explain the targeting.

But the game is such that if you are not connected, you own all the losses. If you are connected, you get all the bennies. But the non connected can never take out the connected.

Since that is happening, there will be charges. The Reddit guy is going before the cameras basically pleading for his life. He knows that he just lost a lot of very powerful people a huge amount of money, and his time on earth as a free man is limited.


38 posted on 01/29/2021 11:28:43 AM PST by redgolum (If this culture today is civilization, I will be the barbarian )
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To: knighthawk

Some fun facts about the stock market - It was at its highest in history on Jan 20, the last day Trump was President.

It fell below 30,000 today.


39 posted on 01/29/2021 11:49:40 AM PST by Fido969 (,i.)
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To: a real Sheila

I will avoid libel by saying, there is a man who runs a company who is deceptive and uses faulty logic and rationalizations to write up large reports that have slammed scores of companies over the years at the behest of large short-selling clients. That man and his company are a gun for hire to create the illusion of arms-length between short selling traders and their shameless bashing in furtherance of manipulating stock prices downward.

That man is unscrupulous.

There is an old saying - “don’t fight the fed”. Or “don’t fight the tape”. Today they are basically the same thing. Short sellers have been crushed. Frankly, on some matters I don’t disagree with them. I see no real future for GameStop, or Bed Bath Beyond for that matter as a going concern unless they change their business models. But I am not in the business of investing in destruction and like to see the little guys and gals rise up against destructive forces.

I am personally out of the market entirely, but still watch it. It has, as some here said yesterday, been decoupled from reality. Stock valuations are mostly nutso in nearly all the big names that get thrown around. Main street is suffering. Unemployment is near the highest in decades. Evictions would be widespread if the states hadn’t enacted anti-eviction laws. GDP, though up last quarter, is way down vs the previous year. And we’re in a pandemic. And the market hits new all time highs? Makes no sense, except because Congress and the Fed have been pumping trillions of dollars into the economy. You can’t fight the fed, and you shouldn’t bet against the tape. The trend is your friend, until it isn’t. And short sellers have been totally crushed. Only a few shrewd players, also scummy manipulative types, can flip sides on a dime because they keep their eye on the bottom line, not on their investment thesis. They are in it for the money to be made by trading; and some of them have enough clout to move the markets in one stock or on sector just by speaking publicly. But this guy who recently quit selling his research was a tool used mostly by big players who didn’t want the spotlight on themselves while they looted the markets.

And the little guy doesn’t know it quite yet, but will by the time 2021 ends - inflation is going to rise big time. I wear many hats in my line of work, and the cost of everything from raw materials to source components to transportation is going up double digits percent. And energy prices will rise too with the new Administration. 6 months ago, getting a shipping container moved out of Asia to North America was cheap. Cheapest it had been in a while mostly due to the pandemic closures and lack of demand. As we reopen and demand increases, there is a massive shortage of containers. What used to cost $1500 now costs $5000 as exporters are paying top dollar to move their goods across the oceans. While you can fit a lot of goods into a container, it’s just another cost that will be passed along to end users. And the really sad part is that most of these containers come here full, and then sit as scrap because we do not export much back, and few want to pay the expense to ship an empty container across the Pacific. But maybe now they will given the increased demand and prices for them.


40 posted on 01/29/2021 12:15:03 PM PST by monkeyshine (live and let live is dead)
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