patrick.net

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."

They should move to usenet - much harder to control.

MSNBC financial analyst stated that the parabolic rise in GameStop stock was probably because people were entering the wrong ticker symbol. Now that is absolutely ridiculous to say on TV, even for MSNBC. Of course it was caused by shorts covering their backsides.

zzyzzx says

MSNBC financial analyst stated that the parabolic rise in GameStop stock was probably because people were entering the wrong ticker symbol. Now that is absolutely ridiculous to say on TV, even for MSNBC. Of course it was caused by shorts covering their backsides.

MSNBC is so well-known as a bunch of cheap clowns they can now say anything on TV and not hurt their reputation a teensy bit.

Patrick says

conspiring to make money on the stock market, even though they are unworthy of such riches.

What Rush is talking about right now.

AMC down ~50% today right now!

If they're only allowing hold or sell, they will drop. I want to see what happens once they re-open buying.

https://www.reuters.com/article/us-retail-trading-shortbets-idUSKBN29X1SW

Losses on short positions in U.S. firms top $70 billion - Ortex data

LONDON (Reuters) - Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.

The hefty losses come as shares of highly-shorted GameStop jumped more than 1,000% in the past week without a clear business reason, forcing short-sellers to buy back into the stock to cover potential losses -- defined as a short-squeeze -- while retail investors then piled in to benefit from the surge.

Chasing shorted companies became a trend among retail traders, rippling across U.S. markets and Europe. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms.

Its data also showed that estimated losses from shorting GameStop at $1.03 billion year-to-date, while those shorting Bed, Bath & Beyond were looking at a $600 million loss.

Ortex said the figures are based on the change in trading prices between the start of January to Wednesday’s close, and the number of short positions. The company sources short interest data from submissions by agent lenders, prime brokers, and broker-dealers.

NuttBoxer says

If they're only allowing hold or sell, they will drop. I want to see what happens once they re-open buying.

Not getting this one. How can you sell when buying is not allowed? To whom?