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How are you spending your stimulus money?

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dwc13

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Re: How are you spending your stimulus money?
« Reply #30 on: January 27, 2021, 02:46:50 PM »
Anytime a hedge fund or private equity firm loses big money, it's a good day in my book. F*ck those parasites. 
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ThePAMan

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Re: How are you spending your stimulus money?
« Reply #31 on: January 27, 2021, 04:43:07 PM »
Quote from: ILLove1997 on January 27, 2021, 12:37:47 PM
I'd be pleased with those gains lol

So, were the shmoes on Reddit just trying to mess with rich dudes and hedge funds that shorted this particular stock? I really have not seen a good explanation of what happened here and why.
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No one in Mn

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Re: How are you spending your stimulus money?
« Reply #32 on: January 27, 2021, 05:38:24 PM »
LOL


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dwc13

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Re: How are you spending your stimulus money?
« Reply #33 on: January 27, 2021, 07:03:26 PM »
Quote from: ThePAMan on January 27, 2021, 04:43:07 PM
So, were the shmoes on Reddit just trying to mess with rich dudes and hedge funds that shorted this particular stock? I really have not seen a good explanation of what happened here and why.

I generally don't like short sellers of publicly-traded company stock. They benefit at the expense of the vast majority of shareholders (including non-C Suite employees), those who want the stock to increase in value. Short sellers remind me of dark side bettors  (DP/DC/Lay) at the craps table. Too bad there isn't an 11 that can be tossed on the come out roll for the stock market, lol. Or has one possibly been found?

I haven't closely followed what has happened with GameStop the past week or so. The company's demise has been forecast for years by quite a few analysts, ever since gaming software began moving to an online digital distribution model. Such an occurrence has already happened to brick & mortar stores that sold music and videos (i.e, Tower Records, Blockbuster Video). So it's not too surprising there was open short interest on GameStop. Whether that was normal short interest activity remains to be seen.

We've seen social media and its considerable power in the past: influencing elections, crowd source funding, the next YouTube dance craze/breakout music artist, conspiracy theories, flash mobs, crazy rants on Twitter, etc. I'm curious how many transactions were involved on average, not just the total number of shares traded. Also I'm very interested in seeing who really cleaned up on the call option side. When the craziness with GameStop is finally over, though, some long positions are likely going to get crushed. IMO, there is no way this stock is worth anywhere close to $300+ per share over the long run. Hopefully the people who can least afford to "day trade" get out before they get crushed when the stock price inevitably plummets down to reality.
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ILLove1997

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Re: How are you spending your stimulus money?
« Reply #34 on: January 27, 2021, 07:56:28 PM »
some guy on there turned 100k of calls into 47 million and still isn't selling...  !!!!!!
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dwc13

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Re: How are you spending your stimulus money?
« Reply #35 on: January 27, 2021, 08:48:13 PM »
Quote from: ThePAMan on January 27, 2021, 04:43:07 PM
So, were the shmoes on Reddit just trying to mess with rich dudes and hedge funds that shorted this particular stock? I really have not seen a good explanation of what happened here and why.

A couple of the better (free) reads that I've looked at:

https://www.polygon.com/2021/1/27/22252600/gamestop-stock-gme-why-whats-happening-explain

https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wall-street


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Custard

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Re: How are you spending your stimulus money?
« Reply #36 on: January 27, 2021, 08:58:42 PM »
Quote from: ILLove1997 on January 27, 2021, 07:56:28 PM
some guy on there turned 100k of calls into 47 million and still isn't selling...  !!!!!!

But will there be a buyer when he does want to sell?
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dwc13

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Re: How are you spending your stimulus money?
« Reply #37 on: January 27, 2021, 08:59:11 PM »
Quote from: ILLove1997 on January 27, 2021, 07:56:28 PM
some guy on there turned 100k of calls into 47 million and still isn't selling...  !!!!!!

LMAO, apparently a lot of "investors" are not selling at the moment. Too funny.

This craziness with GameStop reminds me of the movie Trading Places. Margin call!!
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ILLove1997

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Re: How are you spending your stimulus money?
« Reply #38 on: January 27, 2021, 09:26:05 PM »
Quote from: Custard on January 27, 2021, 08:58:42 PM
But will there be a buyer when he does want to sell?

500 options isn't a lot of volume honestly and its so far in the money they basically trade at parity so yes, probably
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ThePAMan

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Re: How are you spending your stimulus money?
« Reply #39 on: January 27, 2021, 11:24:49 PM »
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ThePAMan

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Re: How are you spending your stimulus money?
« Reply #40 on: January 27, 2021, 11:43:01 PM »
Quote from: dwc13 on January 27, 2021, 08:48:13 PM
A couple of the better (free) reads that I've looked at:

https://www.polygon.com/2021/1/27/22252600/gamestop-stock-gme-why-whats-happening-explain

https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wall-street

Thanks. Reading some articles earlier today I didn't realize the Reddit crew actively took advantage of the fact there were so many short sellers out there for this stock.
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dwc13

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Re: How are you spending your stimulus money?
« Reply #41 on: January 28, 2021, 11:52:21 AM »
Quote from: Mn on January 27, 2021, 05:38:24 PM
LOL



Hmmm...not sure it's a good move to egg on the investigators. That being said, I'm sure there are many investors who agree with the sentiment (if not the language) in that post. The SEC is too lax investigating and punishing publicly-traded companies and big players on Wall Street that commit white collar crime which ends up hurting countless small investors. Part of the problem is those entities can deploy legions of highly-skilled lawyers and thus any investigation/charges will be a long, protracted battle - basically a war of attrition. Even the SEC has a litigation budget.

This episode involving GameStop had to be a real eye-opener for the establishment on Wall Street. Those big losses couldn't have happened to a more deserving group. 
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murphstahoe

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Re: How are you spending your stimulus money?
« Reply #42 on: January 28, 2021, 11:58:05 AM »
Quote from: ThePAMan on January 27, 2021, 04:43:07 PM
So, were the shmoes on Reddit just trying to mess with rich dudes and hedge funds that shorted this particular stock? I really have not seen a good explanation of what happened here and why.

There was 140% short interest in the company, which is an unreasonably risk for a hedge fund because they are very exposed to a squeeze, certainly they didn't predict a coordinated attack...

This feels to me like someone sophisticated noted that a squeeze would be really disastrous for Citron and Melvin, so it opened up an opportunity for a parabolic upside - but if you do that with your own money, you'll just get hit on the downside when you try to unroll the trade. But if you can get in and then convince *other* people to fund the squeeze, then get out and leave them holding the bag, you win. They weaponized Reddit against Citron and Melvin but there is gonna be a ton of collateral damage.

They've run some very good psychology, getting a lot of very small players to treat the $500 they put into Gamestop as if they were going to Vegas - "don't care if I lose", so while that's real money for these small players, they can use personal psychology to ignore it and probably become radicalized by the next populist because the system is screwing them.

The worst player is this Chamath Papilathaya (sp?) who goes on CNBC, still talking up how this is "sticking it to the man" and fomenting more buying. He went long at 115 but closed his position in the mid 300's. If he was a true believer - why close the position. Then he "donated it all to charity!". A $500,000 tax deduction so he still nets out plus 200k exploiting others.
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murphstahoe

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Re: How are you spending your stimulus money?
« Reply #43 on: January 28, 2021, 12:02:07 PM »
Quote from: dwc13 on January 28, 2021, 11:52:21 AM
Hmmm...not sure it's a good move to egg on the investigators. That being said, I'm sure there are many investors who agree with the sentiment (if not the language) in that post. The SEC is too lax investigating and punishing publicly-traded companies and big players on Wall Street that commit white collar crime which ends up hurting countless small investors. Part of the problem is those entities can deploy legions of highly-skilled lawyers and thus any investigation/charges will be a long, protracted battle - basically a war of attrition. Even the SEC has a litigation budget.

This episode involving GameStop had to be a real eye-opener for the establishment on Wall Street. Those big losses couldn't have happened to a more deserving group.

One more point here. Citron and Melvin got creamed, and those guys are the worst. But I am 100% certain that other funds were able to drop in huge short positions in the mid 300's plus. It got as low as 112 today. A lot of wall street players made huge amounts of money. Frankly, I don't have an account with the ability to trade options but I applied for one, I would absolutely bought some out of the money puts in the high 300's.

There are some of the redditors who got in sub 100. They are looking at 7-8x gains, I don't care if it *was* Vegas money, when it gets jacked up like that and looks like 6 months of rent, they are going to be very incentivized to get the hell out and party, this will start the bubble pop.
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ILLove1997

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Re: How are you spending your stimulus money?
« Reply #44 on: January 28, 2021, 01:18:26 PM »
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I would absolutely bought some out of the money puts in the high 300's.

I looked at these and they were insanely expensive (like $45 for 100 strike put options expiring in Feb) even when it was at 300 so I passed, never know how long the party can run and options sellers win quite a bit more often than buyers
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