GME and AMC stock action (out of main)

[Boomer19]

My response is that they didn't care about this risk while letting people short the stock to over 140%. I'm sick of certain interests in this country being protected while others are left swinging in the wind. I'm surprised we aren't seeing bailouts for these guys yet.

I'm going to do as much damage to IBKR as I can. Granted, it won't be much personally but I'm not alone. I never even got so much as a god damned email apologizing or explaining the issue. Not to mention the outage from yesterday that cost me at least 5k. Nothing. IBKR doesn't give a F and I hope they burn to the ground.

i dont know how much shorting customers passed through IB so its hard to judge or comment on that. once the stock becomes unavailable they block shorting thoguth, that i know. but understand the frustration on the closing only thing, im miffed about it and i didnt even try to trade those stocks

Their actions may be understandable but it sure doesn't make it moral or legal. Jack up interest and maximize margins, that 100% protects you if you weren't cheating in the first place.

yes, that should have been sufficient

 

[MXWing]

The most boomer thing ever to disagree.

 

[Boomer19]

View attachment 631730

The most boomer thing ever to disagree.

elon has enough to do...please dont gte him distracted with all thats on the line for 2021 and 2022

and im not even a boomer...just the dogs name

 

[Silentk]

Robinhood CEO on CNBC in ten mins (6:50pm EST).

 

[Nocturnal]

i dont know how much shorting customers passed through IB so its hard to judge or comment on that. once the stock becomes unavailable they block shorting thoguth, that i know. but understand the frustration on the closing only thing, im miffed about it and i didnt even try to trade those stocks

I guess I don't see why IBKR was exposed to some particular risk all of the sudden but other brokers managed fine. It's fishy. I think if the Chairman had sounded contrite on CNBC I wouldn't be quite so mad. Instead he was dismissive, he didn't mention once that his customers were put out. It's clear he doesn't care about us.

If IBKR can't handle that risk and say Vanguard can, then that's just another reason why I should move away from them.

 

[juanmedina]

I guess that's possible. But even in that case, IBKR ****-ed me over to protect itself. That's just as bad. If they can't handle the game they shouldn't be in business. They should have considered this before letting shorts go over 100% of float sold short.


I kinda loaded up on AMC calls. I figure this craziness should at least be able to peak at their 2018 high.

what strikes and expirations you got?

 

[Boomer19]

another thing we fail to talk about is that when these margin requirements go up its not just the broker...its enforced at the clearing house as well., so now the brokers have to commit capital otherwise used for more "worthy" buisness activities and trading, rather than having to put up 3-5x capital for trading in what would otherwise be considered junk....so yes, lots of brokers dont want to deal with that..its not their core business to handle short squeeze type trading (150-500 dollars range, MM quoting all over the place between multiple halts)...all that risk of execution and fill error plus having to put up excess capital for just a bunch of noise really. 5x the headache for 1/5th the return.

 

[Boomer19]

another thing we fail to talk about is that when these margin requirements go up its not just the broker...its enforced at the clearing house as well., so now the brokers have to commit capital otherwise used for more "worthy" buisness activities and trading, rather than having to put up 3-5x capital for trading in what would otherwise be considered junk....so yes, lots of brokers dont want to deal with that..its not their core business to handle short squeeze type trading (150-500 dollars range, MM quoting all over the place between multiple halts)...all that risk of execution and fill error plus having to put up excess capital for just a bunch of noise really. 5x the headache for 1/5th the return.

vlad tenev talkign about it right now

capital requirements at clr house, when you have volatility like that where price action moves in the hundreds of dollars combined with options volumes were seeing and the escalated margin requirements it can squeeze the capital of a company very quickly

 

[WattsHappening]

vlad tenev talkign about it right now

capital requirements at clr house, when you have volatility like that where price action moves in the hundreds of dollars combined with options volumes were seeing and the escalated margin requirements it can squeeze the capital of a company very quickly

Sounded like a lot of dancing around the issue if you ask me. He didn't answer any direct questions and the hosts let him off the hook.

 

[Artful Dodger]

I did see somebody point out that every seller needs a buyer, every buyer needs a seller. This close-only directive is purely to the short sellers benefit.

Yeah, they're lying about "preventing buys" too. There actually can't BE a trade without a buyer and a seller.

The part they're lying about now is that only THEMSELVES are being allowed by buy, whenever any retail investor panick closes their position.

Indeed.

Fight the Power.
Fight the Power.

Strength and Honor.

 

[MXWing]

elon has enough to do...please dont gte him distracted with all thats on the line for 2021 and 2022

and im not even a boomer...just the dogs name

I agree.. but that's Elon.

He needs to decompress. He will double TSLA again for us within 3 years (I think conservatively).

He is totally doing the right things right now. Speaking up for the little people.

 

[Boomer19]

Sounded like a lot of dancing around the issue if you ask me. He didn't answer any direct questions and the hosts let him off the hook.

pretty much

 

[MXWing]

another thing we fail to talk about is that when these margin requirements go up its not just the broker...its enforced at the clearing house as well., so now the brokers have to commit capital otherwise used for more "worthy" buisness activities and trading, rather than having to put up 3-5x capital for trading in what would otherwise be considered junk....so yes, lots of brokers dont want to deal with that..its not their core business to handle short squeeze type trading (150-500 dollars range, MM quoting all over the place between multiple halts)...all that risk of execution and fill error plus having to put up excess capital for just a bunch of noise really. 5x the headache for 1/5th the return.

That's entirely the fault of the idiots shorting a position to 130%.

No one would cry for me if I decided to sell some GME 570 Calls and my account went to 0.

I would just get laughed at by my wife's boyfriend.

 

[Nocturnal]

what strikes and expirations you got?

I grabbed 9/17/21 $12s and 1/20/23 $15s. I figure by September the results from vaccine driven re-opening will cause lots of excitement around this type of stock. 2023? AMC will either be back way up or bankrupt so I'll probably peel those back if we get big jumps.

 

[goinfraftw]

 

[Cosmacelf]

CEO:

"Very difficult" decision that Robinhood made alone. Customers could still sell, but not buy (so who were buying???)

Why: SEC Net capital requirements and clearinghouse requirements. To protect the firm, we had to limit buying. Didn't do it at the direction of anyone.

Bottom line: the CEO gave fluffy answers, didn't give any real answers.

And geez guys, can we ban the use of speakerphone microphones in echo chamber rooms? Buy a headset for freaking sake.

 

[Artful Dodger]

Robinhood CEO on CNBC in ten mins (6:50pm EST).

"Robinhood CEO Vlad Tenev speaks out on decision to restrict trading on GameStop and other stocks" | CNBC on Youtube (17 min ago)

 

[Cosmacelf]

And here's the IB CEO. At least he says more. So, he is setting the stage to blame the retail investors for having to do this to them. Ugh!

 

[MXWing]

I love the stupid Peterffy argument of GME shouldn’t be purchasable based on lofty fundamentals.

It’s not fundamentally sound either to short a stock down to 130%.

Any black swan event like Amazon acquiring you or Musk tweeting about you it will blow your position to bankruptcy.

Selling something you don’t own has consequences.

 

[Ocelot]

That interview. Sucked. He did not say anything.
"ultimately we made the right decision".