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The great Gamestop battle of 2021

gregintenn

By gregintenn
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gregintenn Postus Maximus

gregintenn

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Posted (edited)
1 hour ago, AuEagle said:

Robinhood Reportedly Selling People’s GME Positions Without Warning, Investors Sue | ZeroHedge

Now that explains a lot. This is entertaining to watch. Not only did the hedge fund guys poo poo in their nest, so did RobinHood.

I’m guessing they’d all like to tale a mulligan right about now. 
 

What makes me nervous is that we all know this sort of thing happens all the time. What is the media hiding by covering this story wall to wall?

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MacGyver
MacGyver
btq96r
btq96r

Bingo.  The internet has let a bunch of disenfranchised folks get inside the OODA loop of some heavy hitters in the financial world.  Disruption at its finest. The series of moves and counter mov

btq96r
btq96r

I am loving this in an admittedly unhealthy way.  It's akin to a plot twist in a show like Billions, just in a real world sample...but I know how much of a power keg it represents. The only ones

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ReeferMac Prolific Contributor

ReeferMac

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1 hour ago, 10-Ring said:

I shopped GameStop puts last night.  Cheapest one that I could find was over $10k.

You'd have to be a sucker to sell something like that right now... even a market maker like Citadel.

I've tried to option my way into a few of these types of events in the past, even with a market order, I couldn't get a full position. Exiting during the volatility was equally difficult.

One time I tried to fill the contract and the brokerage told me they couldn't get enough shares and just paid it out! 🤬

QuackerSmacker Established Contributor

QuackerSmacker

Posted
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8 hours ago, GlockSpock said:

Shorting - Lets say I let you borrow my 100 shares of stock. It's currently worth $10.00/share. So that's worth $1,000. As soon as you gain possession of my stock, you sell it. You have $1,000. Tomorrow the stock goes down and it's only worth $5/share so $500. You buy back 100 shares and pay them back to me. You pocket $500, I get my 100 shares back. That's essentially a short.

You get screwed when you borrow my 100 shares at $10.00/share, you sell them, and then the next day the stock is worth $50.00/share. Now, you could wait a while (if I'm willing) to purchase the stock to pay me back. But if I demand it back, that's called a margin call. Now you have to spend $5,000 to buy back the shares to pay me back. You just lost $4,000 and have no shares. I have my shares.

Here's how I used to explain shorting to my customers.  Let's say you own a store that sells tires.  At 11:00am  you get a call from a customer asking if he can buy from you 4 new tires at X price.   X is $800

You say "Yes of course!  But we're busy until 2:00.  Can you come in then?"  He says yes.

You don't have those tires.  You call your tire buddy competitor and tell him you need those tires.  He quotes you $600 for immediate pickup.

You have just shorted the tires, hoping you could buy them cheaper, and you did, in this case.   If the best you could do was to buy at $900, you lost.   

It's really that simple.  You can sell something that you don't have.

Hope that helps.  Yeah, it's a little bit more complicated than that in the technical execution of shorting stocks, but that IS the basic concept.  Businesses sell products all the time that they may not have in inventory, hoping to "catch up" at a profit.  That's short selling.

 

FUJIMO Postus Maximus

FUJIMO

Posted
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1 hour ago, ReeferMac said:

Now THAT is illegal activity.

 

Rumor mill suggesting there was a call from the Swamp. I believe it. Rules are for thee, not for mee!

Some things NEVER change 🙄

AuEagle Postus Maximus

AuEagle

Posted
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7 hours ago, ReeferMac said:

Now THAT is illegal activity.

 

Rumor mill suggesting there was a call from the Swamp. I believe it. Rules are for thee, not for mee!

Some animals are more equal than others...

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Garufa Postus Maximus

Garufa

Posted
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Who wants to bet that reddit itself doesn’t get corrected after all this? 

The financial overseers are pissed and I bet they could make it happen.

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macville Prolific Contributor

macville

Posted
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On 1/28/2021 at 6:00 PM, 10-Ring said:

I shopped GameStop puts last night.  Cheapest one that I could find was over $10k.

Not sure where you were looking but the March monthly exp at $50 is $1535.

Erik88 Postus Maximus

Erik88

Posted
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18 minutes ago, ReeferMac said:

Anyone else taking a silver position this week?

 

I got some SLV at 27.5 this morning.

No but I did get in on AMC last week. Not enough to really hurt me if it drops but if it soars like GME I would be happy. The reddit guys are convinced that GME isn't done climbing yet. I've enjoyed their commentary. Several of them have used their earnings from GME to do charity work.

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gregintenn Postus Maximus

gregintenn

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4 hours ago, ReeferMac said:

Anyone else taking a silver position this week?

 

I got some SLV at 27.5 this morning.

I’ve been buying silver coins for a while now. May be time to liquidate them before long.

10-Ring Prolific Contributor

10-Ring

Posted
Posted

I've been wanting to start buying some silver on a regular basis.  Ideally, I would like to pickup a few ounces per month on a regular basis.  It doesn't appear that simple unless you are willing to pay double the spot price. 

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