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Institutions and hedge funds were using today to set up short positions. Short interest increased today. They sucked retail investors in while cleaning out the hedge fund which was heavily short GME. It would not surprise me if they raise the margin requirements soon and it'll benefit those who went short today.
God I hope all these pumpers get crushed like they did in the dot com bubble. It's a mirror image, it's also identical to the crypto bubble that happened in late 2017 when the altcoins went nuts.
This is such a fun market, as long as I avoid the forums and the irrational pumpers which annoy the hell out of me. Emotionally detached, disciplined investing... go EXPI. Everything is going parabolic now... the end game appears to be a month or two away tops.
Well, I hope these guys squeeze every last dime out of the shorts. I hate big hedge fund short sellers that drive stock prices into the dirt. Is GME worth $76 a share? No way! But it’s stupid to be short 140 percent of a stocks float. Recklessly stupid. They put themselves in this position, and I hope WSB little guys bleed them dry for it. No sympathy whatsoever from me. You know the tactics these guys use, putting out short reports that most of the time are filled with skewed half truths and outright lies. Melvin Capital and Citron are two of the worst, these guy wrote the book on dirty tactics to manipulate stocks. Right up there with Martin Shkreli IMO. Hedge fund shorts are the dirtiest, scummiest players in the market, and I’m glad to see them get kicked in the teeth.
Retail investors take on a multi billion dollar hedge fund and win. I love it.
This stock makes no sense. I would have hated to have been short on it!
You could have shorted at $150 (if you could find shares) and cashed in big time.
Despite the wild ride it finished up 18% yesterday so those people holding from Friday made more big gains. One little tidbit; anyone holding calls bought prior to last Friday is in a profitable trade, vice versa for puts. Every expiring call on Friday was ITM. Up double digits again right now premarket. This is far from finished and the big shorts do not appear to have covered in any meaningful amount.
You could have shorted at $150 (if you could find shares) and cashed in big time.
Despite the wild ride it finished up 18% yesterday so those people holding from Friday made more big gains. One little tidbit; anyone holding calls bought prior to last Friday is in a profitable trade, vice versa for puts. Every expiring call on Friday was ITM. Up double digits again right now premarket. This is far from finished and the big shorts do not appear to have covered in any meaningful amount.
That activity yesterday was pretty crazy. I wouldn't have touched it on a short and yeah, probably couldn't have gotten the shares anyway. I am watching only 2 areas right now for potential shorts. One of them are any of those hydrogen fuel companies, and the other one is Twitter (and I just put a thread on this in the politics area). I think both of these are screaming shorts right now but for different reasons.
That activity yesterday was pretty crazy. I wouldn't have touched it on a short and yeah, probably couldn't have gotten the shares anyway. I am watching only 2 areas right now for potential shorts. One of them are any of those hydrogen fuel companies, and the other one is Twitter (and I just put a thread on this in the politics area). I think both of these are screaming shorts right now but for different reasons.
I actually checked yesterday morning for the heck of it when the stock was around $115 and there were shares available to short with Schwab. The cost would have been around $6 per day per 100 shares. But I decided to walk away from doing that.
I actually checked yesterday morning for the heck of it when the stock was around $115 and there were shares available to short with Schwab. The cost would have been around $6 per day per 100 shares. But I decided to walk away from doing that.
Yep, that darn margin interest thing stopped me from shorting RIOT last week, another lesson learned. The short would have been a good one.
Citadel just injected 2.75 billion into Melvin yesterday. Citadel is a MM that buys information from companies like Robinhood. They're definitely giving that info to Melvin to hunt large packs of stop losses. That's been the likely cause of the huge selloff triggers. They take another short position to move the stock to a large stop-loss position which triggers a further selloff, which allows them to cover some of their short position at ~$60-$70 instead of $90-$100.
Also many brokers are calling in margin loans taken specifically on GME, doesn't matter if you own the shares at $12 on margin you're getting called. So without the cash you're forced to sell, further helping Citadel and Melvin get out of this mess they created for themselves. It seems the deck is very stacked against retail investors.
But something that one of the guys over there mentioned about a week ago that I hadn't really thought about is the fact that at that point ~140% of the actual float was sold short (I think it's ~100% now), but that ignores the fact that the large index funds passively control 20-25% of the float and that insider's control another ~20-25%. So in reality the available "tradeable" float is much smaller than the 59 million outstanding shares and now that GME's market cap is ~5x larger than it was just 3 weeks ago as new money flows into the index funds and new shares need to be generated they are now larger market buyers than they were just 3 weeks ago.
A little background on how this started at Reddit: DeepF*ckingValue is the user on WSB that pitched the bull case in September 2019. He started with $53,000 and posted his trades on WSB every step of the way. He was still holding 800 April 16 $12 calls and 50,000 shares as of close yesterday.
Had a stop loss in at $122 yesterday when it peaked, so I ended up making about $1700 profit in two days. Still holding 10 shares, going to let it ride just for the hell of it.
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