patrick.net

Excited to see how this plays out. Wildly entertaining to say the least.

AMC stock is next🚀🚀🚀🚀

Pre-market
$444.00 +96.49 (+27.77%)

AMC Pre-market about where it closed.

WallStreetBets Telegram Group Gets 40,000 Members in 24 Hours
https://decrypt.co/55804/wallstreetbets-telegram-group-gets-40000-members-in-24-hours
An unofficial WallStreetBets Telegram channel has been set up in case its Reddit and Discord channels get censored. And it’s growing fast.

My tgt for $GME is $650 smackers on a break of $375

Pre-market
https://finance.yahoo.com/quote/GME/options/
478.00 +130.49 (37.55%)
Before hours: 7:46AM EST

Cash says

WallStreetBets Telegram Group Gets 40,000 Members in 24 Hours
https://decrypt.co/55804/wallstreetbets-telegram-group-gets-40000-members-in-24-hours
An unofficial WallStreetBets Telegram channel has been set up in case its Reddit and Discord channels get censored. And it’s growing fast.

I expect to see one on the .win area as well.

https://finance.yahoo.com/news/american-air-surges-most-two-192239009.html

American Airlines Surges After Mention in Reddit Stock Forum

American Airlines Group Inc., the most shorted major U.S. carrier, surged after a mention on Reddit’s Wall Street Bets forum.

“AAL the next GME?” said Reddit user u/cardiffgiantthe1st in an online discussion Wednesday, referring to the stock tickers of American and GameStop Corp., the video-game retailer that has quintupled in value this week alone.

American’s stock gain adds to a flurry of share increases this week as Reddit-fueled retail traders take on short sellers and drive up prices. With stock after stock, legions of day traders have identified companies with high levels of short interest and piled in. In the case of GameStop, the soaring price has forced many short sellers to give up their positions.

American rose 6.6% to $16.56 at the close in New York, the most since Dec. 3, after paring gains from an intraday surge of as much as 15%. Other companies on a Standard & Poor’s index of big U.S. airlines fell.

The Fort Worth, Texas-based carrier declined to comment.

The gain isn’t “justified by anything fundamental,” Darryl Genovesi, an analyst at Vertical Research Partners, said in an email. He expressed the same view about the stock surge during the session of another company he covers, Virgin Galactic Holdings Inc.

Short-Squeeze Risk

Short interest as a percentage of American’s free float is about 29%, according to data from S3 Partners. No other major U.S. airline has short interest of more than 5%.

American is scheduled to report fourth-quarter earnings on Thursday. Like its rivals, the airline has been contending with the unprecedented collapse of air travel because of the coronavirus pandemic.

Following American’s advance, CFRA Research changed its recommendation on the shares to hold from strong sell and lifted its price target to $19 from $8.

“We think the stock is a high risk for one of the recent retail-investor-driven short squeezes we’ve seen play out,” CFRA analyst Colin Scarola wrote in a client note.

The firm also elevated Spirit Airlines Inc. from sell to hold for the same reason. Short interest is about 16% of Spirit’s free float, according to Vertical Research.

https://finance.yahoo.com/news/game-stop-amc-saga-make-it-a-day-for-the-history-books-morning-brief-110758771.html

Some of those betting against GameStop did start to cut their losses.

Melvin Capital, the hedge fund which took on $2.75 billion in capital from Steve Cohen and Ken Griffin earlier this week, said it got out of its short bet on GameStop Tuesday afternoon.

"We have closed out our position in GME," a company spokesperson told Yahoo Finance. "The social media posts about Melvin Capital going bankrupt are categorically false."

And yes, we're at the point in the cycle when hedge funds have to squelch rumors they are going out of business.

Andrew Left of Citron Research also announced Wednesday morning he had covered a "majority" of his short on GameStop — for a loss of 100%.

I would take those comments with the proverbial grain of salt, since the stock went way up overnight.

https://www.barrons.com/articles/another-gamestop-here-are-the-next-10-most-shorted-small-caps-51611688092

Here Are the Next 10 Most Shorted Small-Caps.

https://finance.yahoo.com/m/a458624b-2b0f-34c7-bc1c-e417654ec9c3/amc-entertainment-to-issue.html

AMC Entertainment to issue 44.4 million shares as investors opt to convert $600 million of convertible debt

zzyzzx says

https://finance.yahoo.com/news/game-stop-amc-saga-make-it-a-day-for-the-history-books-morning-brief-110758771.html

Some of those betting against GameStop did start to cut their losses.

Melvin Capital, the hedge fund which took on $2.75 billion in capital from Steve Cohen and Ken Griffin earlier this week, said it got out of its short bet on GameStop Tuesday afternoon.

"We have closed out our position in GME," a company spokesperson told Yahoo Finance. "The social media posts about Melvin Capital going bankrupt are categorically false."

And yes, we're at the point in the cycle when hedge funds have to squelch rumors they are going out of business.

Andrew Left of Citron Research also announced Wednesday morning he had covered a "majority" of his short on GameStop — for a loss of 100%.

Even Louis Rossman thinks that they are lying:
https://lbry.tv/@rossmanngroup:a/gamestop-shorts-are-full-of-about:3
Gamestop shorts are FULL OF 💩 about closing their short position (in my opinion)

https://www.cnbc.com/2021/01/28/gamestop-reverses-losses-and-surges-another-30percent-in-the-premarket-to-450-as-mania-continues.html

GameStop turns lower rapidly, down 20% as brokers move to limit trading

GameStop shares rapidly gave up their premarket gains, turning negative and dropping as brokers restricted trading on the stock.

The stock was down 14% shortly after the opening bell. Minutes earlier it was soaring, topping $500 apiece briefly in premarket at one point. The stock started to fall as word spread that Robinhood and Interactive Brokers were restricting trading.

The wild moves a more than 130% rally on Wednesday in heavy volume, pushing its week-to-date gains to 466%. The stock was worth about $40 just a week ago.

I think Melvin Capital Management and Citron are still knee deep in shorts $375+ and watch it fly... ;)
Price just broke 375 ;)

Commentary on Yahoo Finance not working right now:
https://finance.yahoo.com/quote/GME/community?p=GME

Makes me want to buy some GME just for the hell of it.

Can't believe it's still going up, some people are really going to catch the knife at some point.

Gamestop is bitcoin 2.0

RC2006 says

Can't believe it's still going up, some people are really going to catch the knife at some point.

Watch the retest of the open +/- it will be pretty much over if price breaks below 260+/-

Patrick says

Please use twitter.com instead of twitter.com in urls.

Please explain this for we non techers.

Patrick says

Cash says

https://twitter.com/i/status/1354204713605099521

Please use twitter.com instead of twitter.com in urls. Works the same, but helps deprive Twitter of some power. Or I could automate this.

KFC
@KFCBarstool
Jan 26
If you’re dumb like I am, here’s a quick 5 minute explanation of what’s happening with GameStop and Wall Street $GME. The Robinhood Reddit bros are making millions and essentially took out an entire hedge fund. David vs Goliath. POWER OF THE INTERNET

OK, so now I understand.

Eventually someone is left holding the bag, no? If the stock is manipulated up and destroys the hedges, the people who bought dont realize a gain unless they sell. So who is left with the overpriced stock?

There isn't a Hitler rant about this yet, but there is a pretty good older one about GameStop that's really creative:
https://www.youtube.com/watch?v=4SMUh9H-8lo

So if those dicks had closed all their shorts why are all the brokers shutting down the buy side of this trade?

https://fortune.com/2021/01/27/gamestop-gme-price-stock-market-short-squeeze-reddit-sp-500-spx-dow-jones-djia/

How the GameStop short squeeze may be connected to the stock market’s plunge

some suggest it's possible that the profit-taking in large cap indexes is in part to raise money to cover short bets made on stocks like GameStop.

The short hedge funds are the only 1s being allowed to buy $GME
Mass mass class action lawsuits should be promoted and taken immediately against all these brokers...

https://www.reddit.com/r/wallstreetbets/comments/l6x130/class_action_against_robinhood_allowing_people_to/

I knew hedge funds where getting hit but didn't know it is up to 24B lol .

/r/conspiracy is down. Not UFO talk, not election fraud threads. Not the free speech leanings. It was all the GME threads, the straw that broke the camels back.

So the brokerage firms are allowing only closing transactions on some stocks, so the brokerage firms removed the ability to trade on margin for certain securities (thereby forcing sales), awwwwwwwwwwwwww did the little people not realize the system is rigged?

So the exchanges bent over backwards for the Hedgies yesterday and halted trading on GME to let things cool off.

Retail in investors (who can only sell not buy) are down 43% today. Does anyone really think that the exchanges are going to halt trading because of volatility today?

Already down to $153.
Yeah, obviously rigged in favor of hedge funds.

Hate to say it but its likely the brokers covered the remaining hedge shorts and a break below 140+/- will confirm and GME has the
high probability of hitting its $40 beginning

Makes me long for the good ole days when brokerage firms would simply make up charges and steal the money from accounts.

A fun summary:

https://spectator.us/topic/week-backing-gamestop-stonks-reddit-wallstreetbets/

Patrick says

A fun summary:

https://spectator.us/topic/week-backing-gamestop-stonks-reddit-wallstreetbets/

In 2019, for example, a clueless 19-year-old member called Analfarmer2 made $700,000 and then lost it all again within two weeks.

https://babylonbee.com/news/merriam-webster-changes-definition-of-white-supremacist-to-anyone-who-wins-at-the-stock-market-when-theyre-not-supposed-to

SPRINGFIELD, MA—WallStreetBets has been banned from Reddit and Discord after conspiring to make money on the stock market, even though they are unworthy of such riches. Shortly after they were banned for "hateful and discriminatory content," the online dictionary Merriam-Webster quickly changed the official definition of "white supremacist" to "anyone who makes a lot of money in the stock market when they’re not supposed to."

"What WallStreetBets did was a clear hate-crime against hedge fund managers on Wall Street," said Chad Fishstick of Melvin Capital. "Trolls on the internet have a dark history of discrimination against black and brown indigenous people, as well as important hedge fund managers like us, and it must stop."

Sources inside Merriam Webster reported that after a quick call from a few Wall Street big-wigs, they quickly rushed to change the definition of "white supremacist" to fall more in line with modern understanding of the horrible phrase.

"We are always learning and evolving," said the dictionary's CEO Karthik Krishnan. "White supremacy is an ever-changing enemy, better understood as 'anything we don't like.' We remain committed to stamping out all forms of white supremacy, and making sure icky internet trolls don't get rich without our approval ever again."