[2/4 @ $88 per share] GME - Gamestop stock - anyone following this absolute MEME-HILARITY (now with Elon tweet)

[Red Squirrel]

The hammer of the law needs to come down on them. But sadly, we all know the law is probably on their side. If anything they will probably make some rule stating that coordinating a mass buy of a single stock is illegal. What WSB did on Reddit is NOT illegal, all they did is buy the stock. It just so happens lot of them did it at once, so maybe they will actually try to make this illegal by setting hard limits on how much of a given stock can sell in a day.

Need to keep fighting the system as long as it allows us to, but in the end we the people will probably lose.

Though I wonder if there is enough evidence here for GameStop themselves to actually try to sue the hedge fund managers for trying to make the company go bankrupt. I think the people would actually be on GameStop's side here, no matter what they may think of the actual company.

 

[WelshBloke]

Isn't a hedge fund exactly a lot of people coordinating to buy stocks?
Thats the entire point of one isn't it?

 

[njdevilsfan87]

Edit: Will make a slightly more coherent reply later. It's upsetting that a potential solution is just to better hide fraud.

 

[ultimatebob]

I'll be curious as to how much longer /r/wallstreetbets can keep this up. Usually Reddit joins a popular bandwagon (like the Hong Kong protests or the BLM movement) and promotes the hell out of it for a few weeks, and then they get bored and move onto the next thing.

The media also seems to be trying to convince people that the forum is moving away from GME and over to silver. That's some interesting BS they're pushing... I'm actually a follower of that subreddit, and they're telling everyone to hold the stock.

 

[sdifox]

Isn't a hedge fund exactly a lot of people coordinating to buy stocks?
Thats the entire point of one isn't it?

yeap, but it is only ok if rich people do it.

 

[WelshBloke]

yeap, but it is only ok if rich people do it.

Usual rules then?!

 

[sdifox]

Usual rules then?!

yeap, how dare you peons upset the establishment?

 

[dullard]

The only way “the people” lose is if they buy after the second sale. With 200%+ float necessary here is what will happen. The shorts have to buy the shares, 100%. Then they have to sell the shares. WSB can have another time to buy as the shorts will need to sell these shares to create the float to cover the other 100% of what they need. Price drops, WSB buys. Then the shorts have to buy again, so price is driven up. After you buy and sell the second time, you walk away. No need to buy again. So the guys who shorted things take the loss on the shorts for 100% of the float, the gain as the price drops, then the loss on the second round of buying the shares to cover the shorts. After this, the 25% or so of the remaining shorts return to normalcy and the WSB gets all they thought. If they buy the third time, it’s just stupidity and you deserve what you get.

You seem to be posting quite differently than the "diamond hands" and "hold the line people". I haven't hear the recommendation to buy and sell repeatedly. I've only heard to buy and hold. Anyone who bought at $300 and "holds the line" will lose in the long run. GameStop is losing money, and will still be losing money. The people who have to pay the debts are the owners, you know, those who hold the line.

 

[ultimatebob]

Usual rules then?!

It also helps if you own some big media companies, apparently, because you can make up a story about Redditors buying silver and have millions of viewers fall for it. It basically becomes a self-fullfilling prophecy.

 

[sdifox]

You seem to be posting quite differently than the "diamond hands" and "hold the line people". I haven't hear the recommendation to buy and sell repeatedly. I've only heard to buy and hold. Anyone who bought at $300 and "holds the line" will lose in the long run. GameStop is losing money, and will still be losing money. The people who have to pay the debts are the owners, you know, those who hold the line.

The point is to make shorters lose bigly.

 

[dullard]

The point is to make shorters lose bigly.

Yes. And they have, and will continue to lose.

There will be other casualties of this battle. Many other casualties. I just want to do a tiny part to minimize that.

 

[Zeze]

Uh oh, is it fizzling out?

Down 25% to $240~

Wow now $225.

Shit $213.

 

[Svnla]

Uh oh, is it fizzling out?

Down 25% to $240~

Wow now $225.

Shit $213.

Hold the line? Stampede? This is why I stay with my boring index funds and slow but steady investments. Sleep a lot better.

 

[WelshBloke]

Uh oh, is it fizzling out?

Down 25% to $240~

Wow now $225.

Shit $213.

$250ish now! This is hilarious!

Trading was also stopped at least once already.

 

[PingSpike]

It may be a repeat of the ladder short attack from last week.

 

[Grey_Beard]

You seem to be posting quite differently than the "diamond hands" and "hold the line people". I haven't hear the recommendation to buy and sell repeatedly. I've only heard to buy and hold. Anyone who bought at $300 and "holds the line" will lose in the long run. GameStop is losing money, and will still be losing money. The people who have to pay the debts are the owners, you know, those who hold the line.

I never said when you sell. The “holds the line” will eventually lead to sell. There is a price point they want. $1,000? $2,000? Who knows. The goal is to crush the hedge funds shorting the stock. There is a price that meets the goal. 88% of the shares are shorted. Total shares are roughly 77 million. Until volumes of shares traded are 154 million, over a period of time. What period cannot determine right now, as some will be traded multiple times until there is a big sell off. Seems we would watch for large trading days, well over 25% traded for multiple days.

Here are the current stats - https://finance.yahoo.com/quote/GME/key-statistics/

See the red circle. The hold is to push volume down. The shorts will need to buy as the options expire. The hold is to push all lines in the graph to converge along a single path and reduce deviation as they are starting to.

Edit: Added chart and word under chart.

 

[dullard]

I never said when you sell. The “holds the line” will eventually lead to sell. There is a price point they want. $1,000? $2,000? Who knows. The goal is to crush the hedge funds shorting the stock. There is a price that meets the goal. 88% of the shares are shorted. Total shares are roughly 77 million. Until volumes of shares traded are 154 million, over a period of time. What period cannot determine right now, as some will be traded multiple times until there is a big sell off. Seems we would watch for large trading days, well over 25% traded for multiple days.

Here are the current stats - https://finance.yahoo.com/quote/GME/key-statistics/

You seem to be very short term focused. I'm worried about the long term. Lets say all shorts have stopped, all participating hedge funds have been destroyed. Then what? There seems to be no plan. Your "$1,000? $2,000? Who knows" comment just backs this up. Without an exit strategy, there is no exit strategy. That means people will be burned.

Someone bought in at $469/share on Thursday. That person is down 50% already. Have fun with your play money. But please, only use play money for this. I don't want a million YOLOs all bankrupted having fun. It is one thing losing $244/share if that person had just 1 share. It is completely different if that person's life savings was on the line. Even worse if bought on margin and now that person is down multiple life savings.

Your link to quarterly statistics is even more mind-boggling. With the stock changing massively by the minute, a quarterly report on outstanding shorts doesn't even remotely help.

 

[Grey_Beard]

You seem to be very short term focused. I'm worried about the long term. Lets say all shorts have stopped, all participating hedge funds have been destroyed. Then what? There seems to be no plan. Your "$1,000? $2,000? Who knows" comment just backs this up. Without an exit strategy, there is no exit strategy. That means people will be burned. Someone bought in at $469/share on Thursday. That person is down 50% already. Have fun with your play money. But please, only use play money for this. I don't want a million YOLOs all bankrupted having fun.

My assumption is that this strategy is not a long-term one. Not sure this company is a long-term play. The business model has issues that everyone holding this stock does not cure. Unless those who are holding can give the earnings to GameStop to increase short-term revenue. That requires sales which will decrease price. Once the shorts are done, the stock will settle. Not sure there can be many purchases at this price over the long haul. Right now the gains are unearned. Real dollars only come when the shares are sold.

I agree that the entry point is important. Most have entered before Christmas or even around Thanksgiving. Those that purchased high need the price to go up. The good part is that although they are down 50%, if the price rises above their purchase they need to have a sale plan. I added a graph to my earlier post that may explain things better.

 

[dullard]

Most have entered before Christmas or even around Thanksgiving. Those that purchased high need the price to go up.

With WallStreetBets tripling in size in the last few days, I'm not very confident that "most have entered before Christmas".

 

[MrSquished]

all the media are spreading the lie about the silver play by WSB. the WSJ is too though that is not on this image

 

[dullard]

all the media are spreading the lie about the silver play by WSB. the WSJ is too though that is not on this image

Could you please state what the lie is and what the truth is? I don't read WSB, so I'm just curious.

 

[repoman0]

I don't get why people are claiming the SLV thing is a lie. WSB was absolutely pumping silver. They turned on it at some point and tried to pretend it didn't happen but the threads are still there. I have a friend who bought SLV calls last Friday because of it.

 

[ponyo]

I'm a WSB retard. WSB was not pumping silver. Those were few paid plants with their bots.

 

[ultimatebob]

I'm a WSB retard. WSB was not pumping silver. Those were few paid plants with their bots.

Yeah... WSB took down all the pro silver posts almost immediately. I'd imagine that they were up just long enough for the hedge fund guys to get a screenshot to send to the mainstream media. What's amazing is that none of them even bothered fact checking it for hours, and just kept repeating the headlines. "Fake News", indeed!

But, seriously, someone is rigging the hell out of GME's stock price right now. I'm sure it's not a coincidence that the price fell exactly $100 to end the day at $225.

 

[Grey_Beard]

With WallStreetBets tripling in size in the last few days, I'm not very confident that "most have entered before Christmas".

You cannot correlate the investments in GME with the large number of those who joined WSB. Your assumption is that everyone who joins WSB is trading in GME. I feel this surge are those watching not buying stock. When I read the posts, most of what I see are those who were in this early. I am sure there are some, but that is not a smart move. You can find post on the subreddit that are saying exactly that.