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01-28-2021, 06:39 AM
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#10951 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
Posts: 7,954
Thanked 4,406 Times in 2,119 Posts
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Looks like it may be correction day.
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01-28-2021, 06:41 AM
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#10952 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2005 Location: Revscene
Posts: 9,608
Thanked 7,628 Times in 2,559 Posts
Failed 434 Times in 126 Posts
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Sucks for the inexperienced investor/trader who may be taking a hit. All they see on WSB are the gains shared but who's gonna own up to their losses to show the other side of the coin?
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01-28-2021, 06:52 AM
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#10953 | | SFICC-03*
Join Date: Mar 2002 Location: richmond
Posts: 8,387
Thanked 2,865 Times in 1,151 Posts
Failed 153 Times in 76 Posts
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i'm sick to my stomach at the fact that a brokerage can manipulate the market in this way! even if i make it out just fine i may never trust brokerages fully again.
somehow GME is still up, but they were up over 500 overnight at one point. still higher than yday tho, lets see how the day plays out.
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01-28-2021, 06:57 AM
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#10954 | | I *heart* Revscene.net very Muchie
Join Date: Nov 2004 Location: vancouver
Posts: 3,665
Thanked 760 Times in 383 Posts
Failed 150 Times in 49 Posts
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AMC/BB/NOK all doing not much while GME continues to power up
looks like everyone is just jumping on the GME train
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01-28-2021, 07:01 AM
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#10955 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
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I think some of you guys are still conflating the very small minority of institutional investors (ie. hedge funds with small AUM) that were caught in this squeeze with the rest of the institutional investors that don't really care whether GME goes to the moon or these shorts get owned. Prior to GME's price increase, GME's market cap was less than two billion since 2018 which makes the company too small for most of the asset managers to build an active position on, let alone have a short position. Funds that focus on small caps like GME are a niche segment of the industry. I'll agree that there is a bit of hysteria in the media crying about how GME shouldn't be valued at X according to street analysts and this is all non-sense blah blah blah... but I think this is coming from the human instinct that you feel when the rules that you operated on for so long are disrupted. But trust me, the majority of the actual investors, not the media, are watching GME from the sidelines and enjoying how it is playing out. This type of stuff is really interesting and a learning opportunity not just for wsb-ers but for anyone who is into market dynamics.
But let's be clear... pump and dump schemes have always existed. Usually it happens with penny stocks and not at the scale of what's happening with GME, but the usual recipe goes: make a reasonable fundamental case for why the company should be valued higher -> small group builds a position with enough capital to get the stock price moving (easiest to do with penny stocks) -> start spreading the 'word' out there -> as momentum builds, more people join -> people start taking profits -> stock falls to where it was before. What makes this situation unique is the element of short squeeze and the rate at which wsb was able to promote and recruit fellow investors.
On celebs like mark cuban and chamath chiming in on this situation... I think the general public has been screwed and jaded by wall street for so long that they just want anything to stick it to them so bad. So some of this commentary is warranted but to say that this is all awesome and not in anyway harmful for the average retail investors is not true. Chamath brought up a story on cnbc yesterday mentioning how someone was able to pay off their student loans with the GME gains. That's all nice but what if that same person bought into the hype at the peak and lost the majority of their capital and now can't pay their mortgage? Of course, during an euphoric rise, its impossible for anyone to lose money but momentum based bubbles are nothing new and we know what happens on the way down. But neither chamath or cuban addressed this point and only focused on how the retail is winning a fight against ws right now. Chamath also raised a good point about how retail investor community like wsb has more edge now. But with increased power should come with more regulations. There are a lot of rules about what banks and institutional investors can or cannot say in their prospectus material to promote their investments. Likewise, wsb shouldn't be just promoting GME with "YOLO we ridin this rocket to the moon, HOLD" without any adequate disclaimer about the risks involved.
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01-28-2021, 07:29 AM
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#10956 | | Rs has made me the woman i am today!
Join Date: Apr 2013 Location: revscene
Posts: 4,235
Thanked 4,797 Times in 1,619 Posts
Failed 165 Times in 63 Posts
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Today's gonna be a long day. Been in a SPAC for the past two years, it went public today...
Sent from my SM-G781W using Tapatalk
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01-28-2021, 08:06 AM
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#10957 | | Say! Say! Say!
Join Date: Aug 2005 Location: Japan
Posts: 15,436
Thanked 3,335 Times in 1,464 Posts
Failed 240 Times in 64 Posts
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Run is looking to be over. Be careful folks. Quote:
Originally Posted by BIC_BAWS Today's gonna be a long day. Been in a SPAC for the past two years, it went public today...
Sent from my SM-G781W using Tapatalk | Which SPAC? I'm looking into new plays since GME saga is over.
I'm currently in BTWN, BTNB, and SVFA.
__________________ Quote: | Owner of Vansterdam's 420th thanks. OH YEAUHHH. | Quote:
Originally Posted by 89blkcivic Did I tell you guys black is my favourite colour? My Ridgeline is black. My Honda Fit is black. Wish my dick was black........ LOL. | | |
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01-28-2021, 08:16 AM
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#10958 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
Posts: 7,954
Thanked 4,406 Times in 2,119 Posts
Failed 296 Times in 140 Posts
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All the students on CERB and frat boys running out of money to pump into GME. Some will get caught without a chair when the music stops. But probably their rich daddy's money to begin with anyhow.
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01-28-2021, 08:19 AM
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#10959 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,047
Thanked 542 Times in 291 Posts
Failed 27 Times in 15 Posts
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They haven't run out of money to pump GME. They aren't allowed to buy, only sell. It's disgusting.
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01-28-2021, 08:22 AM
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#10960 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
Posts: 7,954
Thanked 4,406 Times in 2,119 Posts
Failed 296 Times in 140 Posts
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BB coming back down to earth now at $18.15 ... from like $30. But at least BB had some fundamentals and it is a good hold for the long run.
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01-28-2021, 08:24 AM
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#10961 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
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Originally Posted by Alpine They haven't run out of money to pump GME. They aren't allowed to buy, only sell. It's disgusting. | well think about it from a retail broker's perspective... if GME comes crashing down, and a ton of people lose their savings and starts crying about how the brokerages just stood by and let it all happen... I can see why private enterprises don't want to take that risk. I'd agree that its bad if these platforms banned selling as well. You don't lose money from losing an opportunity to buy.
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01-28-2021, 08:26 AM
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#10962 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,047
Thanked 542 Times in 291 Posts
Failed 27 Times in 15 Posts
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Originally Posted by GGnoRE well think about it from a retail broker's perspective... if GME comes crashing down, and a ton of people lose their savings and starts crying about how they brokerages just stood by and let it all happen... I can see why private enterprises don't want to take that risk. I'd agree if these platforms banned selling as well. You don't lose money from losing an opportunity to buy. | Are you actually justifying brokerages NOT allowing people the freedom to buy a stock?
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01-28-2021, 08:29 AM
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#10963 | | private modder
Join Date: Feb 2002 Location: North Shore
Posts: 6,846
Thanked 2,809 Times in 788 Posts
Failed 47 Times in 35 Posts
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I jumped on the bandwagon this morning when the market opened on NOK, NAKD, AMC and GME and I'm taking a bit hit right now. I knew it was a lottery ticket and it was disposable. But still hurts a lot, I won't lie!
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01-28-2021, 08:29 AM
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#10964 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
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Originally Posted by Alpine Are you actually justifying brokerages NOT allowing people the freedom to buy a stock? | You do know these are private enterprises right? Does the charter of rights say you have a right to buy whatever stocks you want using their platform?
Its the same argument as I have right to say anything I want on Twitter. Nope, you dont.
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01-28-2021, 08:30 AM
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#10965 | | Need to Seek Professional Help
Join Date: Jan 2005 Location: Van
Posts: 1,047
Thanked 542 Times in 291 Posts
Failed 27 Times in 15 Posts
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Originally Posted by GGnoRE You do know these are private enterprises right? Does the charter of rights say you have a right to buy whatever stocks you want using their platform?
Its the same argument as I have right to say anything I want on Twitter. Nope, you dont. | Wow. Sorry dude. I'm speechless. How ironic.
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01-28-2021, 08:34 AM
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#10966 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
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Lol what is the irony? So I guess its also unethical for the exchanges to use circuit breakers denying the ability for people to profit infinitely? Not sure why you're so surprised that brokers are stepping in to promote market stability. That's always been the case.
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01-28-2021, 08:38 AM
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#10967 | | Willing to sell body for a few minutes on RS
Join Date: Oct 2006 Location: Vancouver
Posts: 12,074
Thanked 3,186 Times in 929 Posts
Failed 296 Times in 68 Posts
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Can you still buy GME on questrade or did they restrict buying as well?
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01-28-2021, 08:40 AM
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#10968 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,623
Thanked 17,307 Times in 5,784 Posts
Failed 291 Times in 187 Posts
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Originally Posted by GGnoRE Lol what is the irony? So I guess its also unethical for the exchanges to use circuit breakers denying the ability for people to profit infinitely? Not sure why you're so surprised that brokers are stepping in to promote market stability. That's always been the case. | ... uh... cuz they don't institute the same rules when it's in the favour of large capital corps? Robinhood for example is owned by Citadel, which was getting pounded to shit for their shorts on GME... the only irony here is that a trading platform named after someone who takes from the rich and gives to the poor changed the rules to make sure the rich don't lose any more money. How bout dat?
Also fitting that the GME rocket has exploded on the anniversary of the Challenger shuttle launch
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01-28-2021, 08:50 AM
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#10969 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
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Originally Posted by 68style ... uh... cuz they don't institute the same rules when it's in the favour of large capital corps? Robinhood for example is owned by Citadel, which was getting pounded to shit for their shorts on GME... the only irony here is that a trading platform named after someone who takes from the rich and gives to the poor changed the rules to make sure the rich don't lose any more money. How bout dat?
Also fitting that the GME rocket has exploded on the anniversary of the Challenger shuttle launch | First of all Robinhood has never been a gold standard for ethical behavior. You can look up their history prior to this. Second, Robinhood doesn't have large intuitional investors as their clients so you can't really say Robinhood is letting large intuitional traders buy GME while forbidding their retail clients. Third, the market exchanges themselves did not ban retail investors from buying GME, it was a private enterprise's decision to forbid their clients. Last time I checked, I can still buy GME on Questrade albeit I didn't actually send in an order so I don't know if the order would be filled.
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01-28-2021, 09:00 AM
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#10970 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
Posts: 7,954
Thanked 4,406 Times in 2,119 Posts
Failed 296 Times in 140 Posts
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Ironically, if GME has hit peak and price is going to fall off the cliff, isn't this a good time to short? When fund managers short, is there a specified time frame, like a day or a few days or a week?
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01-28-2021, 09:04 AM
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#10971 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
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@Alpine, Just to be clear... I don't have any qualms about you finding it disgusting that Robinhood is not letting their clients buy GME anymore. All I'm saying is, I understand why Robinhood, as a private enterprise, is implicitly saying they would rather lose you as a client than let you participate in GME bubble and risk being at the center of a future scandal if this ever leads into one. Retail investors can always vote with their money and move to another platform.
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01-28-2021, 09:06 AM
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#10972 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,623
Thanked 17,307 Times in 5,784 Posts
Failed 291 Times in 187 Posts
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Originally Posted by GGnoRE @Alpine, Just to be clear... I don't have any qualms about you finding it disgusting that Robinhood is not letting their clients buy GME anymore. All I'm saying is, I understand why Robinhood, as a private enterprise, is implicitly saying they would rather lose you as a client than let you participate in GME bubble and risk being at the center of a future scandal if this ever leads into one. Retail investors can always vote with their money and move to another platform. | Come on, how long does it take to verify and open an account on another platform and then transfer funds in? This is a targeted attack at the largest retail trading platform to force a multi-day closure on a movement.
Stop being so obtuse.
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01-28-2021, 09:17 AM
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#10973 | | RS controls my life!
Join Date: Mar 2012
Posts: 768
Thanked 562 Times in 245 Posts
Failed 62 Times in 18 Posts
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Originally Posted by 68style Come on, how long does it take to verify and open an account on another platform and then transfer funds in? This is a targeted attack at the largest retail trading platform to force a multi-day closure on a movement.
Stop being so obtuse. | So are you suggesting that the only ethical path forward for Robinhood is to allow people to keep participating in GME bubble until it solves itself out? If politicians or regulators start asking question about why they didn't take any action to prevent thousands of people losing their savings, can Robinhood just simply pass on the blame to their clients?
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01-28-2021, 09:20 AM
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#10974 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,623
Thanked 17,307 Times in 5,784 Posts
Failed 291 Times in 187 Posts
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It's a free market economy isn't it? Except when it isn't, and the only time they restrict something is when it's happening in a way the 1% don't like? They didn't have any problems when the market crashed in 10 years ago letting everyone get fucked.
Who requires a trading platform to prevent people from losing money? It's never happened before, millions of people lose money every day... does Robinhood have to explain to a treasury board why?
Whatever man, you believe what you want... if you think the banking system is there to take care of people and help them you obviously work for one. Have at it.
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01-28-2021, 09:32 AM
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#10975 | | RS has made me the bitter person i am today!
Join Date: May 2005 Location: 604
Posts: 4,504
Thanked 1,727 Times in 547 Posts
Failed 335 Times in 77 Posts
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Originally Posted by GGnoRE So are you suggesting that the only ethical path forward for Robinhood is to allow people to keep participating in GME bubble until it solves itself out? If politicians or regulators start asking question about why they didn't take any action to prevent thousands of people losing their savings, can Robinhood just simply pass on the blame to their clients? | Yes. People who trade are adults, let them do what they want.
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