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I fail to see how what Roaring Kitty and his followers did to drive the price up was illegal. How is this different from a newsletter or large brokerages recommending certain stocks and their followers buying, potentially resulting in a rise in stock price?
Agree. The hedge funds have been doing this kind of stuff for years and nobody cares.
Now, the small investor decides to fight back, and all of a sudden there's a problem.
The problem is not what they are doing , the problem is the brokerages and those clearing the trades need to cover the float requirements but can’t on such a large scale.
The system was never designed to cover what is happening on such a massive scale .
The problem is not what they are doing , the problem is the brokerages and those clearing the trades need to cover the float requirements but can’t on such a large scale
Well they better get it figured out.... the game has changed
There may not be an answer...when they don’t have the dough they don’t have that kind of dough or credit lines.
Game stop had every share outstanding change hands 10x ....that is an insane amount of capital to lay out on one stock before seeing a dollar of customer money settle
There may not be an answer...when they don’t have the dough they don’t have that kind of dough or credit lines.
Game stop had every share outstanding change hands 10x ....that is an insane amount of capital to lay out on one stock before seeing a dollar of customer money settle
It clearly wasn't every share. It's a small proportion of the shares changing hands thousands of times and/or synthetic shares being created via short positions. All you have to do is go to WSBs and filter by YOLO and you can see some "whales" over there have well over 100k shares and they haven't sold those. Plus the index funds aren't selling and neither have any insiders.
I think what you meant was the equivalent of every share.
It clearly wasn't every share. It's a small proportion of the shares changing hands thousands of times and/or synthetic shares being created via short positions. All you have to do is go to WSBs and filter by YOLO and you can see some "whales" over there have well over 100k shares and they haven't sold those. Plus the index funds aren't selling and neither have any insiders.
I think what you meant was the equivalent of every share.
Yes , it was the equal of every share changing hands 10x
check the volumes at AMC and GME tomorrow, KOSS and NOK also. Interesting large volumes vs. the indexes. Hopefully this meme stocks end this week so things can be back to normal...it's been affecting NYSE big time.
What millennials are doing on the market using apps is not investing. It's more like fantasy sports. You'll never get rich playing fantasy sports.
Exactly!! What they are doing is just screwing it up for all of the serious, honest investors out there. RobinHood deserves this scummy clientele because from day one that is who they marketed their services to, those that think the stock market is like playing fantasy football.
I mean, all the guy really did was go on TV and shriek and holler about how bad Hilton stock was.
I get why in theory he didn't do anything legitimately illegal - free speech and all that. The people that listened to him as if his words were Gospel are in theory the ones who were at fault.
But...I still think it was dirty as hell - unethical and immoral an act as I have ever seen.
I envy you that you must live a very sheltered life if this was the most immoral and unethical act you have ever seen. I can think of at least 10,000 things that I have seen in my life in the business world that were thousands of times more immoral than what he did.
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