patrick.net

Also watching.

$334.29/sh + $186.31 (+125.90%) As of 1:18PM EST. Market open.

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

GameStop-Style Revolts Spread, Prompting Halt by TD Ameritrade, Nasdaq Monitoring
https://www.coindesk.com/gamestop-equity-markets-trading-halted-nasdaq
I like how the MMs totally cater to the hedge funds w/naked shorts and who knows all
but when the tide turns they turn into whinny little bitches.

I was somewhat oblivious to GameStopGate until I saw this segment on Rising this morning. Hilarious, especially the rant by Jim "man of the people" Cramer. (see 4:50 below).
https://www.youtube.com/watch?v=9ToOGrUQ7ME

And this guy could be the next Governor of California if total recall happens.
Chamath Palihapitiya closes GameStop position, but defends investors’ right to sway stocks like pros
Wednesday on CNBC’s “Fast Money: Halftime Report,” Palihapitiya said, “I ended up closing out my position this morning, and I wanted to announce that I’m taking all the profits that I made plus my original position — I’m going to take $500,000 and I’m going to donate it.
Palihapitiya dismissed Wall Street criticism about how individual investors are banding together on social media — particularly the wallstreetbets Reddit message board, and short-squeezing GameStop and a handful of other stocks like pros — as hypocritical. He said hedge funds try to push stocks around all the time.

EBGuy says

He said hedge funds try to push stocks around all the time.

Well, this is true.

It's illegal - but it's true.

SEC are about as useful as tits on a bull. I've not seen enforcement in years in commodity markets, even when proof of malfeasance.

This is an epic rant...

.@cvpayne On GameStop Stock Market Drama

"All of this whining by Wall Street it's making me sick."

"I didn't hear one person on tv complaining about Wall Street trying to crush GameStop." pic.twitter.com/wz5ou75Pgm

— The Columbia Bugle 🇺🇸 (@ColumbiaBugle) January 27, 2021

Markets are reeling. And here's why. ALL stocks are rigged, and now the globalist manipulators know that we know. If this thing spreads, we aren't talking a small drop, we aren't even talking just a market crash. We are talking central bank OBLITERATION!

Revolution just got fucking real.

Multiple people mentioning that they are unable to log into their brokerage account or only able to close positions in GameStop.

https://www.theverge.com/2021/1/27/22253251/discord-bans-the-r-wallstreetbets-server

Discord bans the r/WallStreetBets server
It was banned following repeated warnings for allowing hate speech

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.

Cash says

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

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

I'm kinda worried that they're going to jackma Elon...

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