$GME squeeze

Discussion in 'The Lounge' started by Carterantebi, Jan 27, 2021.

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  1. Carterantebi

    Carterantebi The Skunk Magnet
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    Been glued to my Robinhood app and WSB all week. GameStop, Blackberry, Nokia, everything to the moon. Never seen anything like this!
     
  2. AzImport

    AzImport Living Customs Violation
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    Translation?
     
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  3. salt water guy

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    Not a day trader, but...

    Market value of $10B+ now? Gamestop!? Hmmm…

    upload_2021-1-27_11-46-25.png


    "This is the modern stock market. Gambling, not investing. The market has become detached from the underlying economy to such an extent share prices bear no relationship to real earnings."

    Hope this is just a hobby. Tread carefully…
     
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  4. blackcloud9

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    It used to be just hedge funds involved in these Wall Street battles, Crowdsourcing has officially joined as a player. Stick'n it to the Man.

    IN SHORT
    Companies that look to be dying like GameStop, Blackberry, Sears, RadioShack etc are often seen as dead meat companies by huge money hedge funds that try to capitalize on their demise, making huge money by heavily "shorting" these stocks in the stock market and profiting as the companies stocks DROP. They are so confident, that they've "bet" BILLIONS of dollars. When the Reddit chatrooms like "WallStreetBets" urge the minions to suddenly BUY, the hedge funds are at risk and are forced to also BUY the stock back to keep from losing their billions (unless they want to wait and hope the stock drops back to zero). This is known as a Short Squeeze. Bottom line is individual traders are profiting bigly from panicked Hedge Funds. Kids are literally making millions.

    Background, lots of info and history and "why" here:
    How Reddit's WallStreetBets Pushed GameStop (GME) Shares to the Moon - Bloomberg
     
    #4 blackcloud9, Jan 27, 2021
    Last edited: Jan 27, 2021
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  5. Chriwilson

    Chriwilson I'm your Huckleberry ...
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    Just make sure you get out before the ceiling crumbles...
     
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  6. ScubaLee03

    ScubaLee03 Real Estate Broker
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    Does anyone know - How is it possible for GME to have total # of short shares to be greater than the total amount of shares available?

    Whatever is going on with the institutional big players has been exposed. I don’t understand how options work, but seems like the community of Reddit is on to something.

    B0BA4A57-B42D-4A2E-8C56-C27E4B1FB989.jpeg
     
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  7. blackcloud9

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    "Let us say there are 100 outstanding shares of company X held by investor A. Investor B comes in, borrows these 100 shares and short sells them to investor C.

    Which means, outstanding shares=100, short interest =100.

    Investor B borrows these 100 shares again from C and short sells them to investor D.

    So now, short interest is 200 and outstanding shares is 100.

    In this case, how can B fulfill his obligation to return the 100 shares to A and 100 shares to C? He can only buy 100 shares but he is short 200 shares"

    https://money.stackexchange.com/que...hen-short-interest-exceeds-outstanding-shares
     
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  8. Chriwilson

    Chriwilson I'm your Huckleberry ...
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  9. A-Train

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    So what do we buy next?

    I had my best day ever today on AMC, bought a couple weeks ago for $2.20 sold today for $19...
     
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  10. Carterantebi

    Carterantebi The Skunk Magnet
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    Bought AMC back around the election, I don’t even remember why but I forgot about it and it just sat. I heard some discussion that WSB was gonna pump that too so I doubled down yesterday at 4.67. Unloaded half today and gonna hold the rest til Friday probably.

    As for GME, there’s a LOT of sales expiring friday. All those buys should give us another big pump as long as everybody holds. I might lose everything as quick as I made it, but I think I’m going to keep holding after buying more at 340 today. My only worry is that those in power are angry, the WSB subreddit got shut down today, NOK got frozen at one point this afternoon, Biden’s monitoring all of this...I’d just hate for someone like the SEC to intervene in order to bail out Melvin Capital, Citron, etc. Wouldn’t at all be surprised if there’s a massive sell off soon and GME goes back to $4.

    update: WSB is back on reddit
     
    #10 Carterantebi, Jan 27, 2021
    Last edited: Jan 27, 2021
  11. hookemdano

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    capture.jpg
     
  12. blackcloud9

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    -2.6% That's puts the Nasdaq "back" about a week, above last Tuesday's level where it set an All Time High. Just to put it in perspective hookem
     
  13. blackcloud9

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    Radio Shack (RS), Sears(SHLDQ) , and Tootsie Roll (TR) are in play.
     
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  14. hookemdano

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    perspective ?

    merely pointing out not all was rosy today
     
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  15. Carterantebi

    Carterantebi The Skunk Magnet
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    If you’re in the red during a nationally televised rally, that’s nobody’s fault but your own. Lots of people temporarily freed up their buying power to saturate everything into various short squeezes. I ain’t cryin.
     
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  16. hookemdano

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    yet...see where that "strategy" takes you...good luck
     
  17. blackcloud9

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    Some BK hedge funds were liquidating other positions today, and that helped spook the market. Its related. Not to mention this crazy momentum action reminds all of us of the last few days of the bull market in early 2000. This giddyness is an ominous sign. I'm with you hookem some of these kids will be learning the most expensive lesson of their lives soon, for the same reason the hedgies r getting smoked - poor Risk Management. Experience is the best teacher.
     
    #17 blackcloud9, Jan 27, 2021
    Last edited: Jan 27, 2021
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  18. ScubaLee03

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    blackcloud9 Thank you for the link.

    Not really sure who’s A, B, C so I’m gonna assume the big hedge fund guys are the ones with the borrowed shares. What are they selling and who would buy?

    What are WSB guys buying, regular stocks or options?

    The concept of buying/selling something that’s loaned with minimum upfront cost and to be able to make lots of money sounds too good. Must have a catch somewhere.
     
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  19. FishBait

    FishBait Well-Known Member

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    Don’t go on any trips out of cell phone range in the next week. Might get bloody when people decide to pull out.

    hookemdano you are 100% right, today could be the start of a big dip. Tomorrow is going to be a huge sign of the things to come.
     
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  20. Chriwilson

    Chriwilson I'm your Huckleberry ...
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    GME is 292 in the after hours...
     
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