[News] GameStop and the Stock Market

Discussion of GameStop, stock trading, and this week's market crash(?) / rise(?)

Dudes dad should have figured out how to buy Nintendo. Would have got return like this back in 2008 or 09 when the Wii was kicking ass

Slavoj Žižek weighs in:
Spectator: Corruption for everybody!
What the wallstreetbets story tells us

When Croatian movie director Dario Jurican ran in the country’s presidential election in 2019, his campaign slogan, ‘corruption for everybody’, promised that normal people would also be able to profit from cronyism. The people reacted with enthusiasm although they knew it was a joke. A similar dynamic is present on the wallstreetbets subreddit, which subverts the financial system by over-identifying with it or, rather, by universalizing it and thereby revealing its in-built absurdity.

Not sure if it was mentioned but it also kind of went under the radar that RobinHood raised another 1b in cash last week and then today.... 2.4b more.

The round was led by Ribbit Capital, with participation from existing investors including ICONIQ, Andreessen Horowitz, Sequoia, Index Ventures and NEA.
Stele wrote:
Gremlin wrote:

I don't have a cent in this, and I'm not an expert, but I think it's probably a bad idea to jump in on this if you're new to all of this. Especially at this late hour.

Yeah there was a window there, last weekend. Just starting to hear buzz on Twitter and prices still under $100. Could have thrown in my stimulus check and then got out at 3-400 any of the last 3 days.

But it seems like every day there's a $100 swing or more. Too volatile to jump in now. And no idea how much longer this will go on.

I'd be wary of trying to get in on the next thing they go after too, at least until we see how the battle over GME turns out. The hedgefunds are paying attention to wsb now, and won't make the mistake of dismissing them again.

LeapingGnome wrote:

It is hard to get through all of the misinformation out there, but silver seems to be a concerted effort by the investment companies to distract from Gamestop. There is evidence that a bunch of big players, like Citadel, bought huge options on silver recently and then all of the media attention came. It is not a WSB thing like GME. Personally I wouldn't go for silver but it is your money do what you want. :)

ive actually had a hard time cutting through on this. It seems that there has been misinfomration on both sides. In one corner you have misinformation saying that the silver short squeeze is a conspiracy by big banks, on the other you have people saying that it's misinformation pointing people away from it.

does anyone have the very first post suggesting the whole thing? looking at peoples redit join date also seems to lead no where.

the cnn article i just read seems to be pretty sure WSB is not behind this. it makes me want to sell the bit of SLV i bought just now, on the other hand, SLV does look like it will keep going up for at least a few more days just because of the frenzy that this has created for buying silver in any capacity. Even if I'm falling victim to a hedge fund trap, wouldn't i still be carried to profits on their lies?

final update, this stuff takes up way too much time so im out. made a few bucks over night, so that's fine with me.

F**KIN' LOL COME ON

The GameStop content race is on, even as the Reddit-fueled market rebellion against billionaire hedge funds continues to play out in real time.

Netflix is reportedly in talks to ink a film adaptation of the social media David v Goliath saga, in which a small army of online investors upended Wall Street by driving up the prices of shares in the ailing video game chain and other shorted companies, with Mark Boal (Zero Dark Thirty, The Hurt Locker) set to write and To All the Boys I’ve Loved Before’s Noah Centineo attached to star.

How can you make a movie when you don't know the ending?!

Mixolyde wrote:

How can you make a movie when you don't know the ending?!

You say that like you think Hollywood sticks true to a story.

Mixolyde wrote:

How can you make a movie when you don't know the ending?!

You can make whole seasons of primetime TV without having a clue about the ending. (cf Lost, Game of Thrones.)

Mixolyde wrote:

How can you make a movie when you don't know the ending?!

I'm going to take a wild guess that the people who control more wealth than 90% of the country does are going to win in the end.

Not a financial adviser but am a lawyer/accountant, so take these comments for what they are worth (just my bystander opinion).

I think the hedge funds and sophisticated investors have now managed to mitigate most if not all of their losses by buying replacement shares to cover the short squeeze. You'd have to conduct more research on how many short contracts are still unclosed to verify this independently.

That means at this point, GME price is merely buoyed by investor sentiments and activity in how people still putting buy trades in. But realistically, the market capitalisation of GME at present price is exponentially higher than its fundamental value based on earnings, and we're talking about a bricks and mortar business in an era of Steam/Epic/GOG digital game markets. Well, so too is the price of Tesla massively inflated in comparison to their vehicle sales earnings. But that's another story altogether.

If you buy now, not only do you risk the volatility, but also, it is pure speculation that the move will hold the price at that level. If the major WSB and other influencers dump the stock quickly and quietly, you risk being too slow to exit your position. Therefore go in at your own risk.

FiveIron wrote:
LeapingGnome wrote:

It is hard to get through all of the misinformation out there, but silver seems to be a concerted effort by the investment companies to distract from Gamestop. There is evidence that a bunch of big players, like Citadel, bought huge options on silver recently and then all of the media attention came. It is not a WSB thing like GME. Personally I wouldn't go for silver but it is your money do what you want. :)

ive actually had a hard time cutting through on this. It seems that there has been misinfomration on both sides. In one corner you have misinformation saying that the silver short squeeze is a conspiracy by big banks, on the other you have people saying that it's misinformation pointing people away from it.

does anyone have the very first post suggesting the whole thing? looking at peoples redit join date also seems to lead no where.

the cnn article i just read seems to be pretty sure WSB is not behind this. it makes me want to sell the bit of SLV i bought just now, on the other hand, SLV does look like it will keep going up for at least a few more days just because of the frenzy that this has created for buying silver in any capacity. Even if I'm falling victim to a hedge fund trap, wouldn't i still be carried to profits on their lies?

final update, this stuff takes up way too much time so im out. made a few bucks over night, so that's fine with me.

The rumor is that Citadel is driving up the price of silver (which they're "long" on) to keep themselves afloat while they wait out people holding GME. So while its possible to make money on it, it's helping the hedge funds.

WizKid wrote:

The most common form of Electronic Funds Transfer(EFT) is known as an ACH(automated clearing house) these typically take 3-5 business days(nothing happens during the weekend) to transfer the funds, verify the funds and fully clear between both banks.

[deletia]

Money movement between banks is slow and archaic In America, but is slowly getting better.

TLDR: That long/short of a delay for funds moving between banks is typical, and not a sign of shenanigans. Want your funds faster? Do a wire transfer, at a cost. or move

FTFY

Stengah wrote:
FiveIron wrote:
LeapingGnome wrote:

It is hard to get through all of the misinformation out there, but silver seems to be a concerted effort by the investment companies to distract from Gamestop. There is evidence that a bunch of big players, like Citadel, bought huge options on silver recently and then all of the media attention came. It is not a WSB thing like GME. Personally I wouldn't go for silver but it is your money do what you want. :)

ive actually had a hard time cutting through on this. It seems that there has been misinfomration on both sides. In one corner you have misinformation saying that the silver short squeeze is a conspiracy by big banks, on the other you have people saying that it's misinformation pointing people away from it.

does anyone have the very first post suggesting the whole thing? looking at peoples redit join date also seems to lead no where.

the cnn article i just read seems to be pretty sure WSB is not behind this. it makes me want to sell the bit of SLV i bought just now, on the other hand, SLV does look like it will keep going up for at least a few more days just because of the frenzy that this has created for buying silver in any capacity. Even if I'm falling victim to a hedge fund trap, wouldn't i still be carried to profits on their lies?

final update, this stuff takes up way too much time so im out. made a few bucks over night, so that's fine with me.

The rumor is that Citadel is driving up the price of silver (which they're "long" on) to keep themselves afloat while they wait out people holding GME. So while its possible to make money on it, it's helping the hedge funds.

If you can manage to find the redditors that have been mainstays on WSB this is exactly what they're all saying. But between the new subreddits (Wallstreetbetsnew, wallstreetbetsELITE etc etc), and the sheer amount of new accounts and bots posting, its basically impossible to change the narrative. This may have been a feel good story last week the pendulum has swung back.

Here in Baltimore there's a digital billboard that says "$GME - We arent selling" with the diamond hands emoji that went up Sunday night. Apparently they're going up all over the country and are not from the WSB crew. At this point people are getting cleaned out by the hedge funds.

mindset.threat wrote:
Stengah wrote:
FiveIron wrote:
LeapingGnome wrote:

It is hard to get through all of the misinformation out there, but silver seems to be a concerted effort by the investment companies to distract from Gamestop. There is evidence that a bunch of big players, like Citadel, bought huge options on silver recently and then all of the media attention came. It is not a WSB thing like GME. Personally I wouldn't go for silver but it is your money do what you want. :)

ive actually had a hard time cutting through on this. It seems that there has been misinfomration on both sides. In one corner you have misinformation saying that the silver short squeeze is a conspiracy by big banks, on the other you have people saying that it's misinformation pointing people away from it.

does anyone have the very first post suggesting the whole thing? looking at peoples redit join date also seems to lead no where.

the cnn article i just read seems to be pretty sure WSB is not behind this. it makes me want to sell the bit of SLV i bought just now, on the other hand, SLV does look like it will keep going up for at least a few more days just because of the frenzy that this has created for buying silver in any capacity. Even if I'm falling victim to a hedge fund trap, wouldn't i still be carried to profits on their lies?

final update, this stuff takes up way too much time so im out. made a few bucks over night, so that's fine with me.

The rumor is that Citadel is driving up the price of silver (which they're "long" on) to keep themselves afloat while they wait out people holding GME. So while its possible to make money on it, it's helping the hedge funds.

If you can manage to find the redditors that have been mainstays on WSB this is exactly what they're all saying. But between the new subreddits (Wallstreetbetsnew, wallstreetbetsELITE etc etc), and the sheer amount of new accounts and bots posting, its basically impossible to change the narrative. This may have been a feel good story last week the pendulum has swung back.

Here in Baltimore there's a digital billboard that says "$GME - We arent selling" with the diamond hands emoji that went up Sunday night. Apparently they're going up all over the country and are not from the WSB crew. At this point people are getting cleaned out by the hedge funds.

well silver went down quite a bit this morning. Glad that I sold yesterday! maybe the strategy here is to jump on whatever the bandwagon is and then sell after the first spike.

Mixolyde wrote:

How can you make a movie when you don't know the ending?!

Have you not seen anything by JJ Abrams?

Back down to double digits. Is it over?

Stele wrote:

Back down to double digits. Is it over?

seems to be circling the drain. is now a good time for me to buy some shorts?

Spoiler:

as if i know how to do that

The 'right time' to take any brief position in the stock market is before something happens. You're making a bet on the near future based on a good amount of research and planning. When you're hearing something has happened, it's the exact wrong time to do something.

If you're not doing a ton of research and don't know what you're doing, stick to index funds and hold on to them long term. Though right now I'd consider stocks in general to be very risky long term. Buying into a market at record highs and expecting it to go up long term is a weird angle IMO.

LouZiffer wrote:

Buying into a market at record highs and expecting it to go up long term is a weird angle IMO.

So much this. On the other hand, risk-averse people (such as me) have been thinking and saying that for at least 2 years now, and the stock market has only kept going up, except for the very short corona shock. Clearly nothing is preventing the stock market from keeping the current trend, no matter what happens in the real world.

If you’re day trading for any reason other than you like gambling and the rules of craps are too simple, then you’re not day trading properly. And that sort of was what this entire phenomenon was all about: the stock market is utterly unmoored from reality and people who disagree are Qanon level delusional.

In a way, watching hedge funds lose 20-70 billion dollars in a week (depending on who you ask) was worth the price of admission for a lot of people. Some would say it was the end goal all along.