GameStop extends Reddit driven hyper-rally after Musk tweet

Reuters ^ | 01 26 2021 | Susan Mathew, Shreyashi Sanyal

[dfwgator]

Ever since I saw this, I think of “Gamestapo”

https://www.youtube.com/watch?v=3i2l98oCvmI

[redgolum]

Ever deal with this subset of the population?

Once they are aimed, they will play until they lose interest. Threats don’t work, because that just makes them double down.

[JCL3]

Ever deal with this subset of the population?
Once they are aimed, they will play until they lose interest. Threats don’t work, because that just makes them double down.
____________________________________________________________

And that’s what makes this so entertaining to watch.

[amorphous]

You ain't never lied! Lol...

WallStreetBets Responds To The SEC: "Eat A ...

Update 5:55pm ET: In a day when regulators, brokerages, and even the administration launched a full court press to halt the marketwide short squeezes launched by Robinhood daytraders armed with stimmy checks and inspired by reddit's forums - because a few hedge funds complained or were put out of business - Reddit's infamous WallStreetBets, the alleged origin of many of these bull raids, has published a response to the SEC. We present it without commentary.

https://www.zerohedge.com/markets/sec-joins-biden-admin-actively-monitoring-option-volatility

[dfwgator]

I hate when people mince words.

[Political Junkie Too]

I don't understand why this would be collusion. They are buying a real asset, a share of stock. That's it.

It's not like they are getting companies to fix the price.

It's not like they are getting companies to sell their products below cost.

Getting a group together to buy the same stock at the same time is no different than getting everyone to flock to movie theaters on opening day for the newest Avengers movie. The company stock goes up just the same.

The problem is with the short sellers, not the long buyers. At least the buyers are trading cash for shares. The short sellers are selling shares they don't own on the bet that the price will fall and they can buy it back at a lower price. It's "buy low, sell high" in reverse order.

Now the shorters are forced to buy the appreciated shares that the gamers legitimately own to stop their own losses.

What kinds of regulations can be put in place? Would it be limits on how much can be shorted by one entity? Would it be limits on the total shares shorted that can't exceed total shares outstanding, or a percentage of that?

Because I don't think limiting the amount of shares one can own is constitutional. It would be an infringement on the freedom of association and free commerce to block the actual purchase of private property, but not the speculation on someone else's private property.

-PJ

[Scott from the Left Coast]

I want a tee shirt with “Eat a Dick” on it.

[dfwgator]

So much for the profanity ban.

[Scott from the Left Coast]

This is worth forgoing it.

Nonviolent revolution. Who can complain about that?

[liberalh8ter]

The professional wall-streeters are having a fit that the Reddit kids came to play in their sandbox and almost took down a trading firm in the process.

[redgolum]

WSB is now locked and deplatformed.

Oh dear GOD those idiots are about to find out that with weaponized autism, the ride never ends.

I almost feel sorry for them.

[redgolum]

Limiting who can buy and sell a stock, and the way in which they can do so. Say a stock trading license. Similar to paying someone for a hair cut.

Kind of funny how the license guilds work.

[liberalh8ter]

Actually, it started with Ryan Cohen.

[amorphous]

If TPTB can't regulate it, they'll kill the retail or online buying and selling. After that, you'll require the services of a licensed broker if you want to trade.

[Tolerance Sucks Rocks]

[usconservative]

How are my frozen orange juice futures doing?

You chose poorly. You were supposed to buy frozen concentrated orange juice futures. DOH!

[amorphous]

Most Shorted Names Soar After WallStreetBets Reopens

The forum's return came shortly after another notorious daytrader, Dave Portnoy vowed revenge for the downing of the portal, and in addition to revealing that he owns $1MM of AMC and NOK and may buy more, said that tomorrow would be the biggest day yet.

https://www.zerohedge.com/markets/sec-joins-biden-admin-actively-monitoring-option-volatility

[eyedigress]

Somebody is watching the action of specific hedge funds.

Why was Gamestop picked for the shortsell?

[Pelham]

“Watch the regulatory Swamp Men try to change the rules to benefit their Wall Street Cronies.”

They are already talking about doing that today. And wallstreetbets.com has been shut down.