Game Stop Share

Off in the Bushes · #1 01-27-2021, 08:10 AM

Anyone watch this disaster unfolding. GME is the call sign. I guess some hedge funds shorted it and the subreddit on Wallstreet Bets crowd source change. Looks like some hedge funds are hurting from a big short that getting called.
Economics degrees are going to have to teach a new class on crowd sourcing stock manipulation.

dth_ · #2 01-27-2021, 08:55 AM

If the reddit crowd manages to squeeze all the shorts out, what happens when they realize they paid a 2000% premium for a brick and mortar video game retailer. Sounds like the only ones making money at the end of all this will be the brokers lending the shares and the pump and dumpers on social media riding the wave and leaving their followers holding the bag.

funkman · #3 01-27-2021, 08:57 AM

Risky business playing the short game...my Questrade account allows it but has a BIG disclaimer. Tread carefully in the market, times are a changin'

bdub · #4 01-27-2021, 09:10 AM

It's the "sell to someone dumber than you" game being played out. Amazing to watch these bubbles form and pop. The shorts are getting crushed or are trying desperately to hang onto their position as losses from shorting are technically unlimited.

https://www.cnbc.com/2021/01/27/hedg...n-tuesday.html

Can't wait to see the Tesla and Bitcoin bubble pop. That's going to be a couple doozies.

Big Grey Wolf · #5 01-27-2021, 09:15 AM

Since they are unable to show any decent sales/profit, sounds like another Dot-com stock from the 90's. Buyer Beware, another Bre-X.

fishtank · #6 01-27-2021, 09:38 AM

It’s a bunch of reddit user been watching it since it was $30 few weeks ago... one DFv guy is up about base on today’s price about 40 million from a initial $50k

It going to look real ugly cause most are new robin hood account holder they are gambling with money they can’t afford to loose . This will be a great lesson to many of newcomers .

dth_ · #7 01-27-2021, 10:12 AM

Quote:

Originally Posted by fishtank

It’s a bunch of reddit user been watching it since it was $30 few weeks ago... one DFv guy is up about base on today’s price about 40 million from a initial $50k

It going to look real ugly cause most are new robin hood account holder they are gambling with money they can’t afford to loose . This will be a great lesson to many of newcomers .

I was just reading through the thread on reddit and they encouraged buyers to set limit at 420.69 as a joke. Maybe some did, maybe some didn't and maybe some changed their limit. But will really be something if limits hit and the selling begins at that level along with the panic sells, and all the robinhood reddit mob find out what happens where there is no buyer and you're playing with real money.

The dip buyers will have to run out of cash at some point. The hedge funds are already dumping their longs to cover losses.

New Hunter Okotoks · #8 01-27-2021, 10:27 AM

Is Blackberry really worth triple what it was less than a month ago- and almost double what it was just last week? Is Tesla really worth triple what Toyota is worth???

There's going to be a major evaporation of wealth when people figure it out.

Mulehahn · #9 01-27-2021, 10:39 AM

It will be interesting. Though I agree that anyone who buys in now is a fool, this has been weeks in the making. On a meme discord I belong to it was talked about heavily last week. Stock was around $40usd. Basically the cost of tame night out. No one I know threw any real money at it. Maybe a stock or two, others only a portion.

That is the unusual thing about this. By far and away, it wasn't a few guys gambling their life savings it was tens of thousands of people putting their weeks beer money into it. If they lose they lose, but they are enjoying the ride.

Now that it is the MSM others are hoping to cash in and some will start to lose big, but by far and wide the majority who invested early will be out less than a $100 at worst. That pretty cheap for a weeks worth of entertainment, especially during a pandemic. Then you will have others who cashed out their $20 investment at $150 after 4 days. That not bad either.

The big problem will be the new regulations placed on apps like Robinhood. A bunch of powerful people on wall street lost a bunch of money. They won't let it happen again.

fishtank · #10 01-27-2021, 11:31 AM

Quote:

Originally Posted by New Hunter Okotoks

Is Blackberry really worth triple what it was less than a month ago- and almost double what it was just last week? Is Tesla really worth triple what Toyota is worth???

There's going to be a major evaporation of wealth when people figure it out.

What that saying about a fool and his money... i guess the next pump is AMC

fishnguy · #11 01-27-2021, 12:15 PM

Trochu · #12 01-27-2021, 12:21 PM

Crazy, Gamestop is up over 110% today.

fishnguy · #13 01-27-2021, 12:31 PM

^ 5 days change:

fishnguy · #14 01-27-2021, 01:03 PM

Lol

stubby99ca · #15 01-27-2021, 01:29 PM

Quote:

Originally Posted by fishnguy

I bought some BB Dec 2 for $9.25 Sold it today for $29.03. No real reason for it to be shooting up like it is. Happy to have tripled my $$$, wish I had bought more

sirmike68 · #16 01-27-2021, 01:30 PM

Its nice to see the shorters get a taste of their own medicine.

dth_ · #17 01-27-2021, 01:37 PM

Quote:

Originally Posted by fishnguy

Lol

Lol, hey not fair only wall street is allowed to manipulate the market! I'm telling uncle joe

ren008 · #18 01-27-2021, 03:27 PM

Quote:

Originally Posted by fishtank

What that saying about a fool and his money... i guess the next pump is AMC

yoloing all my fun money on this and waiting for the big pump tomorrow!! It's all been thoroughly entertaining and worth price of admission so far!

fishnguy · #19 01-27-2021, 03:59 PM

^ You should have bought NAKD then.

Off in the Bushes · #20 01-27-2021, 04:02 PM

I had to Google “yoloing”, the entertainment on this has been great. If I’m understanding the situation correctly the hedge funds shorted the stock so hard that they over sold the # of shares the company has in circulation some one caught that and crowd sourced the info for large gains?

midgetwaiter · #21 01-27-2021, 05:47 PM

Quote:

Originally Posted by dth_

If the reddit crowd manages to squeeze all the shorts out, what happens when they realize they paid a 2000% premium for a brick and mortar video game retailer. Sounds like the only ones making money at the end of all this will be the brokers lending the shares and the pump and dumpers on social media riding the wave and leaving their followers holding the bag.

There’s no way the Reddit crowd has moved the stock that much, there’s some big money involved as well. Michael Burry is holding GME and I think it’s doubtful he’s combing memes for stock tips. If you look at the total number of shorts out there on GME it’s something like 140% of the outstanding shares and that’s the root cause. It started the price climb because the shorts needed shares to cover. This whole Reddit thing is just fuel on a fire that was already burning.

The market for Feb 12 put options seems to indicate a share price in the mid 40s is expected. We’ll see.

midgetwaiter · #22 01-27-2021, 05:47 PM

Quote:

Originally Posted by Off in the Bushes

I had to Google “yoloing”, the entertainment on this has been great. If I’m understanding the situation correctly the hedge funds shorted the stock so hard that they over sold the # of shares the company has in circulation some one caught that and crowd sourced the info for large gains?

That’s pretty much bang on.

fishtank · #23 01-27-2021, 05:55 PM

they are all coming down in afterhours trades ...some people are going to get a rude awakening in the morning

midgetwaiter · #24 01-27-2021, 06:07 PM

Quote:

Originally Posted by fishtank

they are all coming down in afterhours trades ...some people are going to get a rude awakening in the morning

I’m tempted to try and pick a bottom overnight and dump it about 10 minutes after the open. I think it will get halted at some point tomorrow.

pikergolf · #25 01-27-2021, 07:34 PM

From what I read a lot of this crap is driven by brand new day traders. Lots of out of work people trying to make a buck.

ESOXangler · #26 01-27-2021, 08:46 PM

Man this has been fun! I dont play the nyse but made a few bucks off BB. Coworker made 40g since Tuesday morning.

Personally I feel like this is a thread on the sweater kinda thing...and I think there's bigger money driving this then the r/wsb autists! This smells of China/Russia trolling.

canuckistanian · #27 01-27-2021, 09:09 PM

I haven’t been on here in a couple days but was wondering if it would be mentioned lol. I bought 570 shares in early December at an average of $20/share and cashed out my initial investment and some profits yesterday but still holding 210 shares. Should get very interesting over the next week or two...

jstubbs · #28 01-27-2021, 09:27 PM

I listened to Chamath's interview on CNBC about this situation. It was extremely interesting as to insight to the situation.

A piece of it can be heard here: https://www.youtube.com/watch?v=wgYZk9Mc804

Austin · #29 01-27-2021, 11:16 PM

Play the Oilers Remax 50/50 draw or lotto649 at one in a millions chance to win or,,,, Take a fun money chance at GME, or AMC where you actually have some control and can mitigate some risk with stop losses etc.

canuckistanian · #30 01-28-2021, 06:22 AM

Quote:

Originally Posted by fishtank

they are all coming down in afterhours trades ...some people are going to get a rude awakening in the morning

My understanding is the majority of after hours trading is done by the institutions and not retail investors since a lot of us don’t have the option to trade at that time. It could be hedge funds trading back and forth at lower prices in an attempt to scare people off. Current ask price is $446 during pre market hours up from $347 close yesterday. I won’t be surprised to see it close above $500 today and will likely cash a few more shares in today.