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(Vox)   Redditors made GameStop's stock soar   (vox.com) divider line
    More: Strange, Hedge fund, Short, Stock market, short sellers, stock market story, GameStop's stock price, army of traders, hedge fund  
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982 clicks; posted to Business » on 26 Jan 2021 at 6:55 AM (4 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-01-26 5:17:19 AM  
Gamestop is blockbuster combined with a hippy music store that resells used media. They won't survive the next decade. Probably sooner.
 
2021-01-26 5:22:20 AM  
there's also a case that this whole thing has just been quite fun for everyone - the possible trolls of Reddit, market watchers, commentators, and certainly GameStop - except for the short sellers, who have been in for a pretty miserable ride.

I'm not seeing a down side here.
 
2021-01-26 6:41:07 AM  
I made so much money off of this. More than a year's salary in a few weeks.
 
2021-01-26 6:45:46 AM  
They essentially bankrupted a hedge fund yesterday. They had to take a 2.75b dollar bailout to cover shorts.

/HAHAHAHA
//HAHAHAHAHAHAHA

Fark user imageView Full Size
 
2021-01-26 7:16:18 AM  

valenumr: Gamestop is blockbuster combined with a hippy music store that resells used media. They won't survive the next decade. Probably sooner.


Honestly I'm surprised they made it this far, I thought covid would have been the final nail in the coffin.

CSB - The last time I was in one was almost a decade ago.  Went with a friend in college, he was going to trade in 3-4 games for I want to say the latest Halo.  After seeing that he'd still be ~$40 out of pocket - precious, precious beer money - he decided to keep the games he had.  We left without buying anything.  Since most game purchases are digital these days, most of their product seems to be ThinkGeek "look at me, I'm nerdy-quirky!" type junk.
 
2021-01-26 7:18:21 AM  

freakdiablo: valenumr: Gamestop is blockbuster combined with a hippy music store that resells used media. They won't survive the next decade. Probably sooner.

Honestly I'm surprised they made it this far, I thought covid would have been the final nail in the coffin.

CSB - The last time I was in one was almost a decade ago.  Went with a friend in college, he was going to trade in 3-4 games for I want to say the latest Halo.  After seeing that he'd still be ~$40 out of pocket - precious, precious beer money - he decided to keep the games he had.  We left without buying anything.  Since most game purchases are digital these days, most of their product seems to be ThinkGeek "look at me, I'm nerdy-quirky!" type junk.


I stopped going after they were selling "new" games. Opened, take the disc out, slap a shiatty sticker on it that can't be removed without Goo-Gone. Fark that. I'll just amazon it.
 
2021-01-26 7:29:00 AM  

AsparagusFTW: freakdiablo: valenumr: Gamestop is blockbuster combined with a hippy music store that resells used media. They won't survive the next decade. Probably sooner.

Honestly I'm surprised they made it this far, I thought covid would have been the final nail in the coffin.

CSB - The last time I was in one was almost a decade ago.  Went with a friend in college, he was going to trade in 3-4 games for I want to say the latest Halo.  After seeing that he'd still be ~$40 out of pocket - precious, precious beer money - he decided to keep the games he had.  We left without buying anything.  Since most game purchases are digital these days, most of their product seems to be ThinkGeek "look at me, I'm nerdy-quirky!" type junk.

I stopped going after they were selling "new" games. Opened, take the disc out, slap a shiatty sticker on it that can't be removed without Goo-Gone. Fark that. I'll just amazon it.


With all the electronic purchases and thing like game pass, they're toast. My xbone is a brick and there is no support for it. Can't resell that. Give me 1 dollar for a 60 dollar game, thanks, but no. Every single console is going full digital in near future. Gamestop:steam == blockbuster:netflix.
 
2021-01-26 7:29:33 AM  
So a bunch of degenerate gamblers on robin hood made a lot of money and a bunch of degenerate gamblers on wall street lost a lot of money.

Stay tuned for next week, when a bunch of degenerate gamblers on wall street make a lot of money and a bunch of degenerate gamblers on robin hood lose a lot of money.

And then we'll swap sides again.
 
2021-01-26 7:39:46 AM  
Fark em up, Socrates
 
2021-01-26 7:46:42 AM  

AsparagusFTW: They essentially bankrupted a hedge fund yesterday. They had to take a 2.75b dollar bailout to cover shorts.

/HAHAHAHA
//HAHAHAHAHAHAHA

[Fark user image image 850x238]


They haven't even covered the shorts yet. This thing is going to go up again today.
 
2021-01-26 7:48:31 AM  
Before this all started Gamestop had a market cap of $280M ($4/share) while their revenues for the quarter were over $1B. That's utterly unrealistic for any retail entity, and GME ended last year in the black. Gamestop, at the moment, has a market cap of $5.2B ($77/share), but compare that to a company list Costco where the quarterly revenue last year was $5.3B with a market cap of $160B.

You can have opinions about brick and mortar stores but the stock pricing, previous to its current rise, was waaaay out of whack. They're not going bankrupt any time soon and there's no reason why they should have been shorted like they were (and are).
 
2021-01-26 7:56:20 AM  

freakdiablo: valenumr: Gamestop is blockbuster combined with a hippy music store that resells used media. They won't survive the next decade. Probably sooner.

Honestly I'm surprised they made it this far, I thought covid would have been the final nail in the coffin.

CSB - The last time I was in one was almost a decade ago.  Went with a friend in college, he was going to trade in 3-4 games for I want to say the latest Halo.  After seeing that he'd still be ~$40 out of pocket - precious, precious beer money - he decided to keep the games he had.  We left without buying anything.  Since most game purchases are digital these days, most of their product seems to be ThinkGeek "look at me, I'm nerdy-quirky!" type junk.


I was in one from time to time pre-pandemic. Mainly because it's next door to a Chinese restaurant. I went in while waiting for my take-away order to be prepared.

I mostly looked through the 3DS games to see what I could find. It wasn't a large section. I didn't find much. It was still much better than what they offered for the PC, which was pitiful. Over time I saw more plush toys, T-shirts, blind figurine bags and backpacks in there than I did games.

The last thing I bought from them was a Steam wallet card. I don't think I'll be back.
 
2021-01-26 7:57:17 AM  

Chagrin: Before this all started Gamestop had a market cap of $280M ($4/share) while their revenues for the quarter were over $1B. That's utterly unrealistic for any retail entity, and GME ended last year in the black. Gamestop, at the moment, has a market cap of $5.2B ($77/share), but compare that to a company list Costco where the quarterly revenue last year was $5.3B with a market cap of $160B.

You can have opinions about brick and mortar stores but the stock pricing, previous to its current rise, was waaaay out of whack. They're not going bankrupt any time soon and there's no reason why they should have been shorted like they were (and are).


I don't think GameStop was in the black last year. Or the year before.

The last time they had real positive net income was 2017.
 
2021-01-26 8:03:49 AM  

naughtyrev: AsparagusFTW: They essentially bankrupted a hedge fund yesterday. They had to take a 2.75b dollar bailout to cover shorts.

/HAHAHAHA
//HAHAHAHAHAHAHA

[Fark user image image 850x238]

They haven't even covered the shorts yet. This thing is going to go up again today.


Now that is funny. Take a 2.75b package only to have to buy shares and send it rocking, with it.
 
2021-01-26 8:10:07 AM  
As long as everyone is aware that this is just a fun thing to gamble on and hasn't done anything stupid like put money they need in the next 3 years into this then this is fine.  There are a lot of rookie investor mistakes being made here such as:

Scion Asset Management, the hedge fund run by Michael Burry, who you might know from The Big Short, revealed he had a position in the company, which inspired some confidence

People who don't invest much or don't pay attention to investors are probably not aware that the guy who gets the one big bet right is almost never able to reproduce that bet.  I've seen the "He called X, therefore he's right about Y" story end up wrong 100 times.  Everyone thought Bill Gross was a genius because of his work at PIMCO and then he spent the 2010s piling his money into gold only to see it do next to nothing.  Michael Burry probably has 500 positions and a good number of them are duds.  You're seeing survivorship bias in action.

And good luck with options, Robinhooders.

Fark user imageView Full Size

We're in a bull market right now.  Every stock is a winner.  Every option comes up a winner.  I have zero duds in my portfolio right now.  That won't last.  We won't always be in a bull market.
 
2021-01-26 8:20:40 AM  
Time to invest in tulip bulbs!
 
2021-01-26 8:20:58 AM  

Gordon Bennett: freakdiablo: valenumr: Gamestop is blockbuster combined with a hippy music store that resells used media. They won't survive the next decade. Probably sooner.

Honestly I'm surprised they made it this far, I thought covid would have been the final nail in the coffin.

CSB - The last time I was in one was almost a decade ago.  Went with a friend in college, he was going to trade in 3-4 games for I want to say the latest Halo.  After seeing that he'd still be ~$40 out of pocket - precious, precious beer money - he decided to keep the games he had.  We left without buying anything.  Since most game purchases are digital these days, most of their product seems to be ThinkGeek "look at me, I'm nerdy-quirky!" type junk.

I was in one from time to time pre-pandemic. Mainly because it's next door to a Chinese restaurant. I went in while waiting for my take-away order to be prepared.

I mostly looked through the 3DS games to see what I could find. It wasn't a large section. I didn't find much. It was still much better than what they offered for the PC, which was pitiful. Over time I saw more plush toys, T-shirts, blind figurine bags and backpacks in there than I did games.

The last thing I bought from them was a Steam wallet card. I don't think I'll be back.


It's basically become hot topic for the more innocent crowd
 
2021-01-26 8:42:44 AM  

Gordon Bennett: freakdiablo: valenumr: Gamestop is blockbuster combined with a hippy music store that resells used media. They won't survive the next decade. Probably sooner.

Honestly I'm surprised they made it this far, I thought covid would have been the final nail in the coffin.

CSB - The last time I was in one was almost a decade ago.  Went with a friend in college, he was going to trade in 3-4 games for I want to say the latest Halo.  After seeing that he'd still be ~$40 out of pocket - precious, precious beer money - he decided to keep the games he had.  We left without buying anything.  Since most game purchases are digital these days, most of their product seems to be ThinkGeek "look at me, I'm nerdy-quirky!" type junk.

I was in one from time to time pre-pandemic. Mainly because it's next door to a Chinese restaurant. I went in while waiting for my take-away order to be prepared.

I mostly looked through the 3DS games to see what I could find. It wasn't a large section. I didn't find much. It was still much better than what they offered for the PC, which was pitiful. Over time I saw more plush toys, T-shirts, blind figurine bags and backpacks in there than I did games.

The last thing I bought from them was a Steam wallet card. I don't think I'll be back.


Time seems to move so slowly there. Like the stack of games on the wall would stay the same for two years at a time. Best sellers resembled the Nintendo Power top ten list
 
2021-01-26 8:51:41 AM  
This is a 2020's version of the 1980s/1990s pump and dump, with more powerful, sharper, and blunter tools all at the same time, many of which are controlled by dumber people than were in control during the 1980s/1990s.

You're seeing the "pump" phase right now. If you own GameStop- SELL, MORTIMER, SELL! (I know, wrong use of the meme) because the dump is coming real damn soon. Hey, I might be wrong, it might be tomorrow, or the next day, and by selling you might miss out on a little more gain, but look at where it was, what it is, and where it is. There is no legitimate reason for it to be that expensive, unless you consider "owning the short sellers" legitimate (it isn't, and wouldn't support the price very long).
 
2021-01-26 9:07:25 AM  

Rapmaster2000: As long as everyone is aware that this is just a fun thing to gamble on and hasn't done anything stupid like put money they need in the next 3 years into this then this is fine.  There are a lot of rookie investor mistakes being made here such as:

Scion Asset Management, the hedge fund run by Michael Burry, who you might know from The Big Short, revealed he had a position in the company, which inspired some confidence

People who don't invest much or don't pay attention to investors are probably not aware that the guy who gets the one big bet right is almost never able to reproduce that bet.  I've seen the "He called X, therefore he's right about Y" story end up wrong 100 times.  Everyone thought Bill Gross was a genius because of his work at PIMCO and then he spent the 2010s piling his money into gold only to see it do next to nothing.  Michael Burry probably has 500 positions and a good number of them are duds.  You're seeing survivorship bias in action.

And good luck with options, Robinhooders.

[Fark user image image 850x483]
We're in a bull market right now.  Every stock is a winner.  Every option comes up a winner.  I have zero duds in my portfolio right now.  That won't last.  We won't always be in a bull market.


In a bull market, everyone is a genius.
 
2021-01-26 9:12:59 AM  
digmar:

In a bull market, everyone is a genius.

Everyone also has a system right now and everyone's system is working.

Fark user imageView Full Size
 
2021-01-26 9:14:46 AM  

Opacity: This is a 2020's version of the 1980s/1990s pump and dump, with more powerful, sharper, and blunter tools all at the same time, many of which are controlled by dumber people than were in control during the 1980s/1990s.

You're seeing the "pump" phase right now. If you own GameStop- SELL, MORTIMER, SELL! (I know, wrong use of the meme) because the dump is coming real damn soon. Hey, I might be wrong, it might be tomorrow, or the next day, and by selling you might miss out on a little more gain, but look at where it was, what it is, and where it is. There is no legitimate reason for it to be that expensive, unless you consider "owning the short sellers" legitimate (it isn't, and wouldn't support the price very long).


Another thing the WSB types don't like is it started out as the opposite of a pump and dump, a Short and distort. Basically a bunch of hedge funds bought shorts then we're gonna say why GME was overvalued and lower the price. The biggest name being the Cintron Group.

So since a lot of WSB already had stock in GME (some legit reasons and some meme reasons) they didn't like the "old guard" hedge funds costing them money. So it's now turned into an even bigger game of chicken. Sure the some of the WSB types will lose money at the end. But they are hurting some of these hedge funds bad.

So when analystand hedge fund managers go on CNBC/Fox Business saying, "these dumb kids don't know what they are doing and should just stop", WSB sees it as the old guard mad these new investors are costing them money.
 
2021-01-26 9:17:03 AM  

naughtyrev: I made so much money off of this. More than a year's salary in a few weeks.


I'm up about 13k . I am also considering buying more. Not for profit, but because fark the billionaires crying that other people are beating them by playing at their own rules.
 
2021-01-26 9:18:48 AM  
Bathtub Cynic:It's basically become hot topic for the more innocent crowd

But it's not even that any more.  I only go in to check out the toys and collectables, and they've reduced that section by what appears to be 50% or more.  I don't know what their plan is.
 
2021-01-26 9:22:46 AM  

Ray_Finkle: Opacity: This is a 2020's version of the 1980s/1990s pump and dump, with more powerful, sharper, and blunter tools all at the same time, many of which are controlled by dumber people than were in control during the 1980s/1990s.

You're seeing the "pump" phase right now. If you own GameStop- SELL, MORTIMER, SELL! (I know, wrong use of the meme) because the dump is coming real damn soon. Hey, I might be wrong, it might be tomorrow, or the next day, and by selling you might miss out on a little more gain, but look at where it was, what it is, and where it is. There is no legitimate reason for it to be that expensive, unless you consider "owning the short sellers" legitimate (it isn't, and wouldn't support the price very long).

Another thing the WSB types don't like is it started out as the opposite of a pump and dump, a Short and distort. Basically a bunch of hedge funds bought shorts then we're gonna say why GME was overvalued and lower the price. The biggest name being the Cintron Group.

So since a lot of WSB already had stock in GME (some legit reasons and some meme reasons) they didn't like the "old guard" hedge funds costing them money. So it's now turned into an even bigger game of chicken. Sure the some of the WSB types will lose money at the end. But they are hurting some of these hedge funds bad.

So when analystand hedge fund managers go on CNBC/Fox Business saying, "these dumb kids don't know what they are doing and should just stop", WSB sees it as the old guard mad these new investors are costing them money.


The issue at hand is those hedge funds do exactly the same crap to reap millions and billions of dollars from the smaller guy every day. The difference here is money. Where the general "fark it yolo" investor has little cash requiring lots of people to do this hedge funds and investment firms in general have billions of dollars on hand to skew it in their favor.
 
2021-01-26 9:44:14 AM  
so what I'm seeing here, is that someone will make this illegal soon. Rich people don't like having money taken away from them by the poors.
 
2021-01-26 9:45:06 AM  
Will call if the Nottingham rule. Coordinating trades in an open forum will become illegal.
 
2021-01-26 10:16:10 AM  

Chabash: so what I'm seeing here, is that someone will make this illegal soon. Rich people don't like having money taken away from them by the poors.


It already is illegal. It's basic market manipulation.

You buy X and go to Reddit and tell people they should buy X too because it will go up and be a big LOL for everyone involved. Then, if you are lucky, you have sufficient pull that people do buy X and the price starts to move.

Then more people see it going up and go, 'hey wow that guy is right, I'm gonna buy that!'

You go back two weeks and buy it at $20 then begin the pump phase... Hype it up and I mean, everyone there knows what they are doing. But once other redditors see the movement they think they can get in early and get out.

Pump...then dump.

Old as the markets themselves.
 
2021-01-26 10:31:16 AM  

Fark_Guy_Rob: Chabash: so what I'm seeing here, is that someone will make this illegal soon. Rich people don't like having money taken away from them by the poors.

It already is illegal. It's basic market manipulation.

You buy X and go to Reddit and tell people they should buy X too because it will go up and be a big LOL for everyone involved. Then, if you are lucky, you have sufficient pull that people do buy X and the price starts to move.

Then more people see it going up and go, 'hey wow that guy is right, I'm gonna buy that!'

You go back two weeks and buy it at $20 then begin the pump phase... Hype it up and I mean, everyone there knows what they are doing. But once other redditors see the movement they think they can get in early and get out.

Pump...then dump.

Old as the markets themselves.


I think this gets in to a weird area because nobody is getting scammed, everyone knows it's not a strong company and there's no innovation that's going to turn them around. Nobody is claiming they have some inside line to rope people in. Plus there doesn't seem to be any coordinated dump phase. People seem to be doing it purely to fark around.
 
2021-01-26 10:42:50 AM  

HotWingConspiracy: Fark_Guy_Rob: Chabash: so what I'm seeing here, is that someone will make this illegal soon. Rich people don't like having money taken away from them by the poors.

It already is illegal. It's basic market manipulation.

You buy X and go to Reddit and tell people they should buy X too because it will go up and be a big LOL for everyone involved. Then, if you are lucky, you have sufficient pull that people do buy X and the price starts to move.

Then more people see it going up and go, 'hey wow that guy is right, I'm gonna buy that!'

You go back two weeks and buy it at $20 then begin the pump phase... Hype it up and I mean, everyone there knows what they are doing. But once other redditors see the movement they think they can get in early and get out.

Pump...then dump.

Old as the markets themselves.

I think this gets in to a weird area because nobody is getting scammed, everyone knows it's not a strong company and there's no innovation that's going to turn them around. Nobody is claiming they have some inside line to rope people in. Plus there doesn't seem to be any coordinated dump phase. People seem to be doing it purely to fark around.


Fund managers go on tv all day long to talk their books too. And that is allowed.
 
2021-01-26 10:50:50 AM  

FleshFlapps: naughtyrev: I made so much money off of this. More than a year's salary in a few weeks.

I'm up about 13k . I am also considering buying more. Not for profit, but because fark the billionaires crying that other people are beating them by playing at their own rules.


Dude, take your profit and get out.  The last guy at this table is the loser.
 
2021-01-26 10:52:31 AM  

NewWorldDan: FleshFlapps: naughtyrev: I made so much money off of this. More than a year's salary in a few weeks.

I'm up about 13k . I am also considering buying more. Not for profit, but because fark the billionaires crying that other people are beating them by playing at their own rules.

Dude, take your profit and get out.  The last guy at this table is the loser.


I'd say pretty much everyone involved with this is a loser, whether they make money or not.
 
2021-01-26 11:05:48 AM  
The thing is, this company is definitely headed towards bankruptcy eventually.  It's obsolete; it reminds me a lot of Radio Shack and Sears.  But when is the big question.  Not soon enough for people to not fark with the short sellers.
 
2021-01-26 11:19:26 AM  
"I buy stocks based on the # of rocketships in the DD headline."

That comment got me LOLing.
 
2021-01-26 11:21:20 AM  
WSB represent.
 
2021-01-26 11:26:38 AM  
For those that have a decent knowledge of options:

GME is at 86.50ish right now.

The Apr 16 85 Put is at 42.50ish.  Half the price and minus 25 Delta.

TSLA at 890ish has the Apr 16 880 Put at 124 with a minus 40ish Delta.

If your need for sick and degenerate gambling isn't getting satisfied with TSLA...
 
2021-01-26 12:07:09 PM  
Reddit is pushing for a short squeeze to fark over a hedge fund that artificially brought down a company's share price.  Good on them.
 
2021-01-26 12:28:46 PM  

Fark_Guy_Rob: It already is illegal. It's basic market manipulation.


How is that any different from Cramer recommending US Steel on tv?
 
2021-01-26 12:41:39 PM  

optimistic_cynic: Fark_Guy_Rob: It already is illegal. It's basic market manipulation.

How is that any different from Cramer recommending US Steel on tv?


Yeah, good luck proving illegality when all the actors are transparent about their actions and their motives.
 
2021-01-26 12:43:00 PM  

Gordon Bennett: Over time I saw more plush toys, T-shirts, blind figurine bags and backpacks in there than I did games.


That is an offshoot of their purchase of Thinkgeek.
 
2021-01-26 12:46:48 PM  
FTFASure, small-time investors trade a lot, sometimes to the annoyance of more traditional institutions, but are they really consequential?

Hold on. You can't complain about the quantity of trading done by the small guy, when your entire business model is based on high frequency trading, with systems parked as close to wall street as possible to take advantage of milliseconds. Go fark yourself.
 
2021-01-26 12:59:30 PM  

optimistic_cynic: Fark_Guy_Rob: It already is illegal. It's basic market manipulation.

How is that any different from Cramer recommending US Steel on tv?


Cramer's views (and those of other touts) are framed as "Company X has a bright future and you should buy it" or "Company Y is making this pattern and you should sell".  As long as they make proper disclosures, these are explicitly legal things to do.

The WSB position on GME seems to be "If we all dogpile into this one stock we can manipulate the price! Lol!" - that is something else entirely and I'm not sure that the SEC is going to like it very much.
 
2021-01-26 1:14:17 PM  

Fark_Guy_Rob: Chabash: so what I'm seeing here, is that someone will make this illegal soon. Rich people don't like having money taken away from them by the poors.

It already is illegal. It's basic market manipulation.

You buy X and go to Reddit and tell people they should buy X too because it will go up and be a big LOL for everyone involved. Then, if you are lucky, you have sufficient pull that people do buy X and the price starts to move.

Then more people see it going up and go, 'hey wow that guy is right, I'm gonna buy that!'

You go back two weeks and buy it at $20 then begin the pump phase... Hype it up and I mean, everyone there knows what they are doing. But once other redditors see the movement they think they can get in early and get out.

Pump...then dump.

Old as the markets themselves.


Funny thing is what the hedge funds do isn't ever called out but is the same thing in reverse.  Short it then go on CNBC and say how terrible it is and pay shills to pump out articles to that effect.  Happens ALL THE TIME.  But they are rich so to hell with the plebes...
 
2021-01-26 1:15:39 PM  
It's funny cause Cramer actually started to follow WSB like a month ago and was talking about how they and other online forums can effect stock prices in the short term. He's been defending them the last few days.

On WSB this all started cause people pointed out companies had gone to far in on shorts and buying GME would result in the price raising (short squeeze). So really saying GME is a good buy cause ____ is different how?  Saying hold to the moon 🚀 don't sell is different how?

This really all started cause a hedge fund that had bought a bunch of shorts started trying to tell everyone they needed to sell cause GME was overpriced.
 
2021-01-26 1:16:03 PM  

Mad Canadian: For those that have a decent knowledge of options:

GME is at 86.50ish right now.

The Apr 16 85 Put is at 42.50ish.  Half the price and minus 25 Delta.

TSLA at 890ish has the Apr 16 880 Put at 124 with a minus 40ish Delta.

If your need for sick and degenerate gambling isn't getting satisfied with TSLA...


popped to 114 then halted and hovering around 100 now.
 
2021-01-26 1:17:31 PM  

Ray_Finkle: It's funny cause Cramer actually started to follow WSB like a month ago and was talking about how they and other online forums can effect stock prices in the short term. He's been defending them the last few days.

On WSB this all started cause people pointed out companies had gone to far in on shorts and buying GME would result in the price raising (short squeeze). So really saying GME is a good buy cause ____ is different how?  Saying hold to the moon 🚀 don't sell is different how?

This really all started cause a hedge fund that had bought a bunch of shorts started trying to tell everyone they needed to sell cause GME was overpriced.


Something like 120-140% of shares were shorted..   Seems legit to me

I think it is hilarious
 
2021-01-26 1:20:56 PM  

OptionC: optimistic_cynic: Fark_Guy_Rob: It already is illegal. It's basic market manipulation.

How is that any different from Cramer recommending US Steel on tv?

Cramer's views (and those of other touts) are framed as "Company X has a bright future and you should buy it" or "Company Y is making this pattern and you should sell".  As long as they make proper disclosures, these are explicitly legal things to do.

The WSB position on GME seems to be "If we all dogpile into this one stock we can manipulate the price! Lol!" - that is something else entirely and I'm not sure that the SEC is going to like it very much.


I would bet that not a single Reddit trader gets even a fine from the SEC.
 
2021-01-26 1:29:42 PM  

Moopy Mac: OptionC: optimistic_cynic: Fark_Guy_Rob: It already is illegal. It's basic market manipulation.

How is that any different from Cramer recommending US Steel on tv?

Cramer's views (and those of other touts) are framed as "Company X has a bright future and you should buy it" or "Company Y is making this pattern and you should sell".  As long as they make proper disclosures, these are explicitly legal things to do.

The WSB position on GME seems to be "If we all dogpile into this one stock we can manipulate the price! Lol!" - that is something else entirely and I'm not sure that the SEC is going to like it very much.

I would bet that not a single Reddit trader gets even a fine from the SEC.


I would not go anywhere near that bet.

This isn't obviously illegal but it isn't obviously legal either.  The 4-part test for market manipulation is:

(1) That the accused had the ability to influence market prices; (2) that the accused specifically intended to create or effect a price or price trend that does not reflect legitimate forces of supply and demand; (3) that artificial prices existed; and (4) that the accused caused the artificial prices.

I think a zealous SEC attorney could make that case if she really wanted to, the only question is whether the desire exists to do it (and I doubt that it does, this time anyways).
 
2021-01-26 1:40:02 PM  

Gordon Bennett: . Over time I saw more plush toys, T-shirts, blind figurine bags and backpacks in there than I did games.


Oh so it is like when I go to the Harley Davidson dealer?
 
2021-01-26 1:42:25 PM  

FleshFlapps: naughtyrev: I made so much money off of this. More than a year's salary in a few weeks.

I'm up about 13k . I am also considering buying more. Not for profit, but because fark the billionaires crying that other people are beating them by playing at their own rules.


💎👏🏼 🚀🦍🚀🚀

This trade is literally so simple an ape could understand it.

/The name of the movie should just be diamondhands emoji.
//apes strong together
 
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