Posted on 01/29/2021 3:09:59 AM PST by knighthawk
GameStop shares soared again this morning in pre-market trading as Robinhood lifted its restrictions on the unlikely stock which has surged by 1,700 per cent this month because of the 'Wolves of Reddit.'
Robinhood, a cheap trading platform favored by the WallSreetBets Reddit group, even started selling its users' stock without their permission on Thursday after market volatility put the White House on alert.
GameStop soared by 103 per cent to $393.01 at 4.05am in New York, while other meme-driven surges were seen in AMC - up by 62 per cent - and in clothes firm Express Inc. which rose by 43 per cent.
(Excerpt) Read more at dailymail.co.uk ...
Is it wrong for me to chuckle about this?
I don’t know anything about stocks, shorting and all that, but to me, it looks like a whole bunch of little guys got together to screw the billionaires out of what they thought (the billionaires) was their rightful place as the only ones to make money off the market.
The billionaires don’t like it and are now complaining about the little guys doing what the billionaires have been doing forever.
Turnabout is fair play IMO.
Cha-ching.....the sound of silver and gold draining from the pockets of short selling billionaire leeches.
The power of citizen action .
These millennial mass traders MUST BE DESTROYED say the Dems.
Dem Wall Street lefty party contributors are taking a YUGE hit from the Populist Movement on the Stock Market.
You gotta love it. Hoisted on their own petards.
4500 share position liquidated at $118, the lowest price of the day? These idiots will be lucky if they only get prison sentences.
4500 share position liquidated at $118, the lowest price of the day? These idiots will be lucky if they only get prison sentences.
In addition the big guys got the trading sites to rob the little guys and help make the big guys financially whole again.
It stinks.
Just like everything in our society does at this point.
Steve Bannon and Raheem Kassam are laughing their buns off about it, because the Xiden wizards of smart haven’t got a clue as to how to react to it to bail out their benefactor headge fund managers.
In addition the big guys got the trading sites to rob the little guys and help make the big guys financially whole again.
It stinks.
Just like everything in our society does at this point.
.
.
yep
“The billionaires don’t like it”
I don’t know the guy’s name, but one billionaire was being interviewed and was supremely pissed — almost apoplectic — about it. It was like, “HOW DARE the wrong people make money screwing US? We’re supposed to screw THEM!” We laughed.
And since they’re being compared to Trump, I guess what they did is a good thing.
You’re basically a sucker if you play by the rules, especially now.
Rush explained in plain terms yesterday on his program.
Basically when a short-seller is betting a stock will go down, they have to put up REAL money. So when the stock goes up, that bet has to pay out. So essentially these guys are losing their shorts, underpants, and etc.
Now, based on the way our markets work there is a chance if enough ‘Robinhoods’ went after the ‘short market’ they could crash it. Why would it crash? Because the buyers don’t have to put up REAL money in order to buy.
So this situation is worrisome as the Reddits just rattled the plug. At least this the way I understood Rush yesterday. But America has always been a country where we’ve had economic mobility, it is what make our nation great.
I am sure another FReeper will come along and explain this better or more technically. But there is a significant risk to the market and global economy if it is allowed to continue. Little chinks in their armor is amusing, but storming the wall could be really bad. In fact, it could accelerate the collapse into the WEF Great Reset.
It is my understanding they haven’t broken any laws...yet.
This morning one could read in our Swedish business paper that small traders in Asia had started to buy GameStop and helped to (re-)lift the share price. If that is true then bye-bye to those hedge funds that tried to short the stocks.
Good riddance say I.
do you have a link to the show where they disgust this?
tia
never mind I found it. :-)
Biden can't get on his bully pulpit and say it's wrong for people to cheat and steal. Shouldn't twist the rules and injure others for their own gain.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAHAHA
We are all cutthroats, backstabbers and thieves now. Thanks, Democrats.
― George Carlin
Rush tackled this yesterday. Hedge funds are taking a bath with ice water. Good.
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