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GameStop Stock keeps going up no end in sight

I think I've gotten my money's worth from this joy ride and if it's shitting the bed tomorrow, I'm taking the money elsewhere.

I have tasted sweet ambrosia, however fleeting.
 
cybereality said:
Those guys on WSB are nuts. I saw a dude yesterday bought $1M of GME and lost like $300k in a few hours and he was still saying to hold.
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Well, to be fair even marc cuban is saying buy and hold if you can during his AMA on wsb.

The squeeze has not occurred yet as far as we can tell. The prices are being suppressed via shorting back and forth between hedge funds.

Be curious to see how the rest of the week plays out.

Remember, even before VW's massive squeeze, a brutal hit down ocurred.
 
MavericK said:
If everyone sells now, the whole thing would be for nothing. Holding is the only power people have at this point.

That said, no one should be throwing money into this that they can't afford to lose in the first place.
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It seems pretty clear that people started selling on Monday (maybe a bit on Friday). If you want to light your money on fire, trying to repump after the dump, go ahead. One hedge fund lost billions last week, but probably others shorted GME in the $300+ range and made a bunch of money.
 
toast0 said:
It seems pretty clear that people started selling on Monday (maybe a bit on Friday). If you want to light your money on fire, trying to repump after the dump, go ahead. One hedge fund lost billions last week, but probably others shorted GME in the $300+ range and made a bunch of money.
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Borrow fees in that range were insane - anywhere from 30% to 100% at times. Shorting at that point was obscenely risky; too much volatility. Capital and margin requirements were also through the roof; even Tesla’s borrow fee is a percentage point or so, not 30! I’m honestly not sure you could take a new short position then.
 
Aside from people who got in early the big winners in this are some funds that had long positions in GME. GME isn't widely held, but a few mutual funds and ETFs held big chunks. Market makers and high frequency traders probably mostly did well on it too. They tend to thrive on volatility, and GME has been super-volatile lately.
 
Vashypooh said:
Well, to be fair even marc cuban is saying buy and hold if you can during his AMA on wsb.
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?
Reading it, he does not seem to be buying himself, let alone saying people should do.
So what to do ?

If you can afford to hold the stock, you hold. I dont own it, but thats what i would do.

MavericK said:
If everyone sells now, the whole thing would be for nothing. Holding is the only power people have at this point.
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Say there is a new law saying that a single entity cannot go over 60% of a company in sale options, what would the people win from that law, I am a bit lost over the hole thing to be honest, I fully get wanting to make a lot of money via a short squeeze, I am not sure I get the political aspiration.

And holding right now is giant wallstreet player, not just people.
 
zandor said:
Aside from people who got in early the big winners in this are some funds that had long positions in GME. GME isn't widely held, but a few mutual funds and ETFs held big chunks. Market makers and high frequency traders probably mostly did well on it too. They tend to thrive on volatility, and GME has been super-volatile lately.
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I'd be shocked if many HF and institutional investors didn't short the fuck out of it when it got near 400 (probably 300 too).
 
lopoetve said:
Borrow fees in that range were insane - anywhere from 30% to 100% at times. Shorting at that point was obscenely risky; too much volatility. Capital and margin requirements were also through the roof; even Tesla’s borrow fee is a percentage point or so, not 30! I’m honestly not sure you could take a new short position then.
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That's what hedge funds do. 100% borrow rate is high, but it's an annual rate. Either the short pays off in a month, or the market is insanely crazy. Turns out the short would have paid off in a week, but I only do a boring 3-fund portfolio.
 
It's holding strong at 90, surprisingly. No big dip, yet...
 
GME is getting hammered right now...
Screenshot_20210203-120850.png

:watching:
 
I think these guys buying up GameStop stocks might be onto something. If GameStop goes out of business, they won't be making any more stocks so they'll because super rare and the price will go way up. These guys have just figured out that GameStop is going to go under soon and are stockpiling. Genius!
 
MavericK said:
If everyone sells now, the whole thing would be for nothing. Holding is the only power people have at this point.

That said, no one should be throwing money into this that they can't afford to lose in the first place.
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Just look at the charts, buying and selling has been occuring the whole time, huge volume of sells. I would not be too surprised Wall Street was pushing for people to hold to keep the price up while they sold to willing buyers thinking it will go up forever. Then to top it off with fudge, short it on the way down.
 
I suspect the biggest reason for the downturn is hedfunds that sold their long positions. Hell, this HF alone owned 5% of GameStop and sold it, because you’d be insane to hold the stock when it’ selling for almost 8x it’s previous all time high.
73AF7E6F-E7AC-43A1-901B-6DA447CEE91A.jpeg
 
Popcorn and ale aside ... Robinhood. Give to the rich and give to the poor. Nice metaphor don't you think? The way those huge put contract blocks were laid near the top when small investors were temporally locked out, this whole thing stinks of pump & dump to high heaven to me. And reminds me so much of the dot com/tech stock bubble era 20-23 years ago. Right down to the mentality displayed by some to "hold" the line in hopes it will rise again so those near the top left holding the bag can break even. Good luck. :)

Susquehannock said:
Think I'll grab some popcorn for this one. Would not touch this with a ten foot pole even if my broker didn't have it locked.

[edit]
just showed low at $126. May grab an ale too.
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Susquehannock said:
Options are my thing. The put contract action right at today's low is very interesting.
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nilepez said:
I suspect the biggest reason for the downturn is hedfunds that sold their long positions. Hell, this HF alone owned 5% of GameStop and sold it, because you’d be insane to hold the stock when it’ selling for almost 8x it’s previous all time high.
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That is what many of the Redditors forgot: There were plenty of big boys that owned Gamestop and they know how to read and play the market better. So when this went up, and the short sellers were looking to close their positions, they took the opportunity to sell to them and make money. WSB wanted to act like they had some kind of control over the situation, but they didn't, they were just one of many players.
 
I heard RYCEY might be the next squeeze.?
Do we have a section where stocks are talked about?
 
Sycraft said:
That is what many of the Redditors forgot: There were plenty of big boys that owned Gamestop and they know how to read and play the market better. So when this went up, and the short sellers were looking to close their positions, they took the opportunity to sell to them and make money. WSB wanted to act like they had some kind of control over the situation, but they didn't, they were just one of many players.
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I wouldn’t be shocked if some of the longs sold and then immediately started shorting the stock. I have a friend who jumped in on one of the other reddit stocks last week and got burned. If you wanna win the game, you gotta play the long game. Individual investors are rarely good at trading, never mind that most traders don’t beat the S&P over the long run. And then there’s all the people on Reddit, Twitter and here saying it’s not about the money, it’s about hurting the big guys, which is crazy. if you’re going to give your money away, find a charity to give it to.
 
nilepez said:
And then there’s all the people on Reddit, Twitter and here saying it’s not about the money, it’s about hurting the big guys, which is crazy. if you’re going to give your money away, find a charity to give it to.
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You might as well risk it in stocks or give it straight to them instead of making them lose some in overhead in their charity schemes... it is going to the same people regardless.
 
Only hedges without capital are going to loose at it. Melvin was clearly all in on hedging GameStop. In the meantime, other hedges bought GME on its rise up and sold at the top to cover any losses and make a large profit.

You can’t win against the people who make the rules. If you get close, they change the rules.
 
This is crazy, it's trading up on news the appointed the chewy guy to be over their e-comm site? WTF exactly are they gonna sell online? This guy should have been there in 2005. This is a failing company. 1999 all over again.
 
Game Stop is junk. I bought a clear PS4 controller from them around Christmas (got a gift card and didn't need anything else) and it arrived broken.

Put in for a replacement, had to drive to the mall, and all they had were odd two-tone controllers (not the clear one and not even a black one).

So I took the two-tone one home, AND that one was broken as well. Honestly I just threw it out, not worth another trip to their scam store.
 
Verge said:
This is crazy, it's trading up on news the appointed the chewy guy to be over their e-comm site? WTF exactly are they gonna sell online? This guy should have been there in 2005. This is a failing company. 1999 all over again.
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Its trading up because there was a high volume of naked shorts on the stock essentially locking in the short-sellers to HAVE to buy shares after a certain period, lest they pay ridiculous interest or worse. So when a bunch of extremely large, wealthy parties are required to buy back the shares, there is a HUGE volume of buys, and the price goes up. As long as people hold their shares, the price can just go up and up and up, and eventually the ones holding past-due naked-shorts have to essentially liquidate their own assets to pay back the shares they owe.

This has very little to do with Gamestop as a business. Gamestop just HAPPENED to be a meme, and people just HAPPENED to notice the HUGE percentage of short sellers on the stock.
 
Glad I loaded up at $40. GME is not about fundamentals, it's about nailing the hedgies who tried to short it to oblivion. They have not covered, despite their MSM propaganda. This thing could go to $1k or higher.
 
KazeoHin said:
Its trading up because there was a high volume of naked shorts on the stock essentially locking in the short-sellers to HAVE to buy shares after a certain period, lest they pay ridiculous interest or worse. So when a bunch of extremely large, wealthy parties are required to buy back the shares, there is a HUGE volume of buys, and the price goes up. As long as people hold their shares, the price can just go up and up and up, and eventually the ones holding past-due naked-shorts have to essentially liquidate their own assets to pay back the shares they owe.

This has very little to do with Gamestop as a business. Gamestop just HAPPENED to be a meme, and people just HAPPENED to notice the HUGE percentage of short sellers on the stock.
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I know what a short squeeze is, that happened already. The second round was absolutely triggered by the e-com leadership change.
 
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