Posted on 01/29/2021 5:09:28 PM PST by Navy Patriot
Another bout of selling gripped the U.S. stock market Friday, as anxiety mounts over whether the frenzy behind a swift, meteoric rise in GameStop and a handful of other stocks will damage Wall Street overall.
The S&P 500 dropped 1.9%, giving the benchmark index its biggest weekly loss since October. The Dow Jones Industrial Average and Nasdaq each fell 2%.
GameStop shot up nearly 70%, clawing back much of its steep loss from the day before, after Robinhood said it will allow customers to start buying some of the stock again. GameStop has been on a stupefying 1,600% run over the last three weeks and has become the battleground where swarms of smaller investors see themselves making an epic stand against the 1%.
(Excerpt) Read more at newsmax.com ...
It is, in fact, a Defensive Reinforcement responding to a Predatory Short Assault initiated by two billion dollar hedge fund manipulators.
I have no problem with short sellers. But it can be a risky strategy. Speculators getting slaughtered is far more effective than government “regulations”.
These hedge funds who supposedly are naked shorting these stocks just have to ride this it out until they collapse again and then cover. Unless the paper losses trigger some liquidity or solvency issue on their balance sheet. Any finance guys care to comment?
Not once in the article does it list the price of the stock. Percentages mean nothing if there is no price to begin with. Journalism is empty.
I have no problem with short sellers either, just as long as the don’t engage in False Witness and remain in prison until they satisfy all contracts and debts.
Wonder If these managers will be jumping out of windows, like in 1929. Might be scary having to replenish funds as a percentage of stocks, especially if they don't have the cash to do so on a daily basis until the shorts are due; just ride it out! Yikes! Monday will be interesting.
Nice meme, sailor.
As we speak, GameStock holds steady at $325.
Molon Labe, short hedge fund bitches.
Ouch, say the hedge funds, my shorts are getting squeezed and castrating my balls.
Ugh!
NewsSmacks did not commit Journalism in this "article".
I’m not much of an artist, but thanks, and for the link too.
It is an epic stand. Many of the little guys in it don't care about losing their buy-in because they didn't invest more than they could afford to lose. That last is great advice. Somebody should give it to the hedge funders...
God, I hope Soros was one of the larger shorts! But I doubt that that’s the case. (sigh)
Look up infinite squeeze and gamma squeeze. pretty complicated. suffice it to say that the hedge funds and market makers have engaged in legal but shady business practices for years, the WSB gang figured out what could be glibly described as “a cheat code” and when it started to succeed the trading firms all engaged in a coordinated and massively illegal scheme to cheat millions of investors out of their money. and they have apparently partially succeeded and are now characterizing the WSB gang and tens of thousands of other people as being the problem, not them. Period. End of story.
Heard the reddit group might pick silver for one of their next adventures. Might end up like the price of rhodium before it’s over.
” Journalism is empty.”
Way past empty, more like a vacuum, it just sucks.
And anything that journalism produces is suspect.
What price do you want? There have been hundred dollar swings each day. Today the open was about $381, the low was 256, and the close was $325. Yesterday, The high was $469 and the low was $132. Wednesday it looks like it was more stable, with trading in about a $100 range. Tuesday it was generally trending up from about $88 to $145. There were rumors of a few fractionals closed out at a nominal of over $2000 during the week.
The big guys usually push it down in after-hours trading. Looks like it went as low as $300 at one point this evening, and has bounced back to recover about half of its after hours loss.
I'm glad I'm not on the roller coaster.
You missed my point entirely.
It went north of $368 today. I sold at $350. I'm taking my profits and leaving the game. At least I can say I was in it and "helped" in my own way.
BTW, I work for a very large bank that caters to the uber-wealthy. There's panic on the business side of the bank. Those of us in IT were cheering. On conference call after conference call today, it was a hot topic. Not one single person sided with the 1%/uber wealthy.
Us working stiff's took it in the shorts in 2007/2008 when the banks got their bailouts and people lost their homes, their retirement, etc.. just trying to stay alive.
People KNOW now that the game really is rigged against them so seeing these hedge fund managers, big institutional investors, asset managers, etc.. all squirming and whining "this isn't fair!" is absolutely delicious to watch.
I hope when this is all over it's finally discovered who picked up the phone and called who to stop trading yesterday. That was ILLEGAL and people need to go to jail for it.
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