Stubbo 12:53 Wed Jan 27
GME GameStop) Short Squeeze
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Anyone following or on this?
Price was at 40s USD on Friday, now looks like opening today above 300 USD....all on account of a bunch of Redditors starting a vendetta campaign against a hedge fund that had driven the stock to be shorted to over 100% of the available shares.
Assumedly Gaaaarlic Bread is all over it.
Background at this thread for anyone interested:
https://www.reddit.com/r/wallstreetbets/comments/l5gv9p/new_gme_member_orientation_before_blast_off_the/
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Replies - In Chronological Order ( Show Newest Messages First)
RBshorty
12:59 Wed Jan 27
Re: GME GameStop) Short Squeeze
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The store/share has been a basket case for a few years now. The days of people buying a hard copy of a game now is over.
Fill your boots boys.!
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mashed in maryland
8:46 Thu Jan 28
Re: GME GameStop) Short Squeeze
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Absolutely fucking brilliant stuff. Problem is... expect revenge.
Calls from CNN types to ban apps like RobinHood and EToro etc.
Problem they're having now is its so hard to spin "billionaire fat cats who profit off companies going out of business losing all their money to regular people with an internet connection" into something that anyone can be outraged about.
They've already started saying its neo-nazis and "Russian trolls" etc. Proof if ever that those sorts of labels are absolute bollocks.
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Rossal
8:59 Thu Jan 28
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Amazing story, i suspect another film on it like the big short
good luck to the kids
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Darby_
9:18 Thu Jan 28
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Friends of mine have been following and investing in it for weeks, but it’s all a bit silly.
If you needed proof that there’s a massive, silly commodity bubble, this is it. People can’t get out of the house, but they need something to spend their stimulus cheques on. Why not the stock market casino?
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goose
11:47 Thu Jan 28
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someone described it as 'the french revolution of finance'.
good luck to them but eventually someone is gonna get stung (aside from the hedge funds).
GameStop is a failing company so eventually people at the top of the pile-in will get hurt.
IG stopped taking any deals on GME and AMC yesterday.
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ludo21
12:06 Thu Jan 28
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Seemed to fuck up the entire US market yesterday so the sooner they get over it the better.
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Darby_
12:20 Thu Jan 28
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I was watching it from the relatively early days and it was clearly a mix of a fun, prankish type thing and a get-rich-quick scheme. Nobody cared about or mentioned hedge funds.
But since journos have discovered the story, they've developed, after the fact, the justification of 'taking on the big hedge funds.' Probably because they're trying to convince normal, non WallStreetBet people to jump on the bandwagon. Similar to the spiel that garrrlic bread was giving to get WHO to jump onto that penny stock just before garrrlic bread sold his share.
No way is that price sustainable in the long term.
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Heath Hammer
3:43 Thu Jan 28
Re: GME GameStop) Short Squeeze
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Lots of ordinary people are going to go to the cleaners.
The company is worth what is was trading at at the start of the year. If you are holding this when the music stops you lose 99% of your money.
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goose
3:47 Thu Jan 28
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exactly Heath Hammer.
i hope everyone who bought the last few days has covered themselves with an adequate stop loss - or is shorting it today for when it drops like a stone.
or both.
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Stubbo
3:51 Thu Jan 28
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If you got in last few days, sell to cover your original stake and then it's all house money on the table.
If not only put in what you can afford to have go to zero, as it's a gamble not an investment.
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riosleftsock
3:56 Thu Jan 28
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Been following this for a few days as well.
Looks like one hedge fund almost went kaput already and another has been bailed out for millions.
Since then, Discord removed the group from their app for something or other and now Elon Musk is weighing in on the reddit lad's side.
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Heath Hammer
4:07 Thu Jan 28
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Hopefully he will cover his legal fees when the SEC charge him for market manipulation.
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RoyalDocksGK
4:11 Thu Jan 28
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For someone who hasn't got a clue about stocks and shares, can someone explain this story in simpleton terms for me.
Cheers.
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Heath Hammer
4:14 Thu Jan 28
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https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wall-street
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riosleftsock
4:15 Thu Jan 28
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Heath
Have you ever followed the Elon Musk story? He is an absolute grade A nutter, he really doesn't care.
You should look up some of his social media history, some of his stuff is hilarious, some of it quite unpleasant.
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Darby_
5:08 Thu Jan 28
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Royal Docks, WallStreetBets is a reddit forum that doesn't take itself too seriously and jokes around about stocks, often championing dying or unfashionable companies like Blackberry.
Some bloke with the username 'RoaringKitty' started spruiking Gamestop, which is a bricks and mortar retailer of computer games. Since most games are downloaded these days, everyone assumed Gamespot was dying.
Most investors were 'shorting' Gamestop, meaning that they were betting the price would go down. Shorting is a dangerous game because if the stock price goes up, there is no limit to the amount you can lose. People who have tried shorting Telsa have been going bankrupt left, right and centre in the last year or two.
RoaringKitty was convincing people on WallStreetBets to buy Gamestop to either send the shorters bankrupt or force them to cut their losses, which would have sent GameStop's price even higher.
A nice little earner if you sell at the top. The problem is that right now Gamestop's price is ridiculous. Eventually it'll come crashing down and fair few people who bought at this price will lose their money.
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Moncurs Putting Iron
5:52 Thu Jan 28
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It's all good fun until 1000s of Millennials lose their mortgage deposits to prove a point to the Grandees.
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goose
6:15 Thu Jan 28
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Share price is -56% today.
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Heath Hammer
7:54 Thu Jan 28
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Rio - not too closely, although invariably hear about him surrounded by some controversy on a monthly basis.
they say there is a fine line between genius and fruit-cake.
His autobiography would be one to read i think.
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alfie romeo
12:40 Fri Jan 29
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Try this:
http://isthesqueezesquoze.com
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