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Rambo

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In case any of you were thinking of investing
 

Fwiffo

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"Fashion is the big retail loser from this pandemic. Who needs to splash out on the latest trends when we're working from home and not going out? And even when clothing shops are open, chances are you can't try things on."

Clothing is now optional in life.
 

Rambo

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anyone paying attention to the ongoing battle between reddit.com/r/wallstreetbets and giant wallstreet hedge funds? its fucking fascinating to watch play out.
 

ballmouse

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No but I saw a number of articles on Yahoo! (yes, I still visit to read the sports section and my email) and unfortunately not a single one explained why exactly Gamestop doubled in stock price today other than that aforementioned subreddit was involved.
 

Rambo

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No but I saw a number of articles on Yahoo! (yes, I still visit to read the sports section and my email) and unfortunately not a single one explained why exactly Gamestop doubled in stock price today other than that aforementioned subreddit was involved.
gamestop has been going bankrupt for years now so a bunch of wallstreet hedge funds took out shorts on the stock (betting it was going to go low). and by a bunch i mean A BUNCH. billions worth. so some enterprising scamps on reddit noticed the huge short positions and started buying up the stock making it more valuable.

short version is they're betting on driving up the price of the stock to bankrupt the hedge funds. whether or not they can do it is going to be one of the most fascinating things to come along in years.
 

Fwiffo

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gamestop has been going bankrupt for years now so a bunch of wallstreet hedge funds took out shorts on the stock (betting it was going to go low). and by a bunch i mean A BUNCH. billions worth. so some enterprising scamps on reddit noticed the huge short positions and started buying up the stock making it more valuable.

short version is they're betting on driving up the price of the stock to bankrupt the hedge funds. whether or not they can do it is going to be one of the most fascinating things to come along in years.

Retail investors have more money than AI assisted financial institutions? This isn’t Bitcoin where the playing field is level.

More likely some rogue financial services firm is sowing seeds to push their industry peers to the brink.
 

güero

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Yes it’s basically Citadel frontrunning/exacerbating based on the Robinhood order flow they are able to see in advance. So it seems that the Reddit people are mostly the useful idiots.
 

güero

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Let me clarify that many of those useful idiots made a killing in the process, provided some are not complete retards. So that's nice!

 

güero

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Sorry for all those posts but this is such a hillarious story.

Rambo Rambo in case you haven't seen it anyway, have a look at this there is so much gold in there, the overnight millionaires, the guy using GME as his bank, the hedge fund wanting to hire a Chief Meme Officer, etc.
 

Rambo

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very interesting doing today:

several firms have banned trading in gamestop and amc
discord banned the wallstreetbets channel
the discourse is overloaded with how what the people on reddit are doing is illegal/immoral/wrong and not saying a single thing about how this has easily exposed the market for being a complete sham.

can't wait to see what tomorrow will bring.
 

güero

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very interesting doing today:

several firms have banned trading in gamestop and amc
discord banned the wallstreetbets channel
the discourse is overloaded with how what the people on reddit are doing is illegal/immoral/wrong and not saying a single thing about how this has easily exposed the market for being a complete sham.

can't wait to see what tomorrow will bring.
What a coincidence, after nearly all retail brokers went offline yesterday now most of them just ban trading all those stocks. Hmmm that certainly hasn't anything to do with Citadel being the owner of Robinhood, executing (and frontrunning) their (and other retailers) trades AND getting cold feet that they won't be able to bail out (and hence take over) all the shorties 🤡🤡🤡🤡
 

güero

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Not sure if true but people are now claiming Robinhood is just flat out selling their shares 🤡🤡🤡
 

Rambo

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Its incredible watching the braying and gnashing of teeth by the hedge fund owners on cnbc
 

CodPiece

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Brokers suspended trading because the clearing houses need to manage risk and they don't play favorites. This is a blip for someone like DTCC, which settled transactions in the quadrillions of dollars last year. https://www.dtcc.com/dtcc-connection/articles/2020/april/27/dtcc-2019-performance-dashboard

It's common in the US for brokers to lend your shares if you have a margin account. https://www.fidelity.com/trading/fully-paid-lending

Robinhood had something like this buried in their terms, but of course, no one reads that. Robinhood offers free trading on fractional shares. If the service is free, you are the product.

Not sure if true but people are now claiming Robinhood is just flat out selling their shares 🤡🤡🤡
 

güero

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Brokers suspended trading because the clearing houses need to manage risk and they don't play favorites. This is a blip for someone like DTCC, which settled transactions in the quadrillions of dollars last year. https://www.dtcc.com/dtcc-connection/articles/2020/april/27/dtcc-2019-performance-dashboard

It's common in the US for brokers to lend your shares if you have a margin account. https://www.fidelity.com/trading/fully-paid-lending

Robinhood had something like this buried in their terms, but of course, no one reads that. Robinhood offers free trading on fractional shares. If the service is free, you are the product.
Remind me how this relates to Robinhood (allegedly) selling shares that weren’t bought on margin, i.e. that were 100% paid for in upfront cash by their customers? That is different from enacting buy limits, from lending customers shares (and pocketing the interest), from selling the order flow, etc.
 

CodPiece

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Robinhood has some really ugly terms and conditions. I don't know what to tell you, but they are like Facebook for traders. You don't have the rights and privileges that you would at a normal broker.
 

güero

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Yeah well that doesn't help a lot, but thanks anyway...

Let's hope that Clearstream is less corrupt than DTCC (haha as if)
 

Rambo

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you know shit is bad when this is going on


this king with the money quote:

“It’s a cultural embarrassment,” said Triston Thompson, chief opportunity explorer for Tacaya, a consulting and brokerage firm for the country’s nascent legal cannabis industry.
 

Fwiffo

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Organised religion is a corporation.

They just don't have a defined frequency to replace their chairman emeritus.
 

Fwiffo

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"Although China still produces a significant amount of consumer and industrial products, its manufacturing output as a share of its economy has declined.

Last year, manufacturing accounted for slightly over a quarter of Gross Domestic Product (GDP), the lowest level since 2012.

'The ratio of manufacturing output to GDP has been declining too early and too quickly' Mr Miao said in a speech to CPPCC delegates at the Great Hall of the People in Beijing."

It would if you start paying more than slave wages to create a middle class. Then India, Vietnam, Bangladesh suddenly look a lot more attractive.
 

ballmouse

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I'm pretty sure my uncle has rental property related to mobile homes in Florida. It seems to be doing well for him.
 
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