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GME and AMC stock action (out of main)

adiggs

Active Member
Supporting Member
Sep 25, 2012
4,998
15,363
Portland, OR
The next most important thing that needs to happen is the primary participants who caused this disaster are thrown in prison and the key tossed in the trash. Melvin Capital, Citadel Securities, they all must face prosecution or who knows what the public will do. If they actually get away with this, there WILL be hell to pay because the memories of 2008 where NO ONE was prosecuted for crashing the world economy are still fresh and bitter.

Fetching this quote over from the mega-thread.

What we can ALL do is to make sure that our representatives know that we feel this way. At minimum, anybody in the US or a US territory.

For those of you that call a different country home - you can let your government / state department know how you feel about this, so that your government can use it to beat the US government over the head with. For you and your country, the fundamental point is that the US market regulation is so badly out of control, that now the US is also busy taking advantage of you and the people of your country (by shifting your hard earned and saved money, over to their own pockets).


For me, I plan to not only contact my representatives (Senator and Congressperson), but also the other parties in the state. For my reps - I'll tell them this is important to me, as these unregulated bad actors are risking the entire stock market with their shenanigans, and that means they are risking every retirement account, every pension, every slightly meaningful form of saving and investment. I will tell my reps that this is so bad, it's converted me overnight into that which I despise deeply - a single issue voter. This is approximately what I will measure them on in their next election, and this topic is pass/fail for them.

I will also tell them that I am going to figure out how to say something similar to the other political parties. To them, I will tell them the same stuff, and suggest to them that if the US and its elected officials hasn't handled this quickly and well, then this is a plank that they can run on and make political hay with.


To be clear - this isn't about politics. This is about our own investment in Tesla, as well as having a functioning stock market in which our partial ownership of Tesla has any meaning at all.

This is fundamental to our society.

AND best of all - I see this as a completely positive topic for all parties to back. In the US that means 2 parties, so bipartisan support should be easy to drum up.

I'm pretty sure we can tweet this general idea at Elon and Chamath and get them on board and spreading the larger message to their much larger following.

I'm pretty sure that we can get Trump and Obama on board, along with all of the rest of the ex-presidents.

I'm pretty sure that either through direct feedback to national offices, or indirect feedback to our direct representatives, we can get both parties on board.

Because this time, the cockroaches are out in the open in a clear and present danger to society kind of way.


If nothing else (and I don't really know if this is fully adequate - I assume not), we even have a sound bit version of this to agitate for -- reinstate the uptick rule for all short sales, for all securities, all of the time.

I would add a big reduction in the time that market makers have to settle their naked shorts - maybe give them 3 days where the rest of us get 2 (and keep lowering it with the rest of the market, as settlement gets closer and closer to instantaneous).

And nobody, not even market makers, get to naked short, outside of the uptick rule. A market maker that runs out of shares to sell to people, then they are done taking orders until they acquire some new shares that they can sell outside of the uptick rule.

I trust brokers and market makers to manage their businesses to keep themselves safe from the leeches / predators. I don't trust them to try and do it on their own, or practically against the wishes of the regulators.


Oh and the other thing my reps (and the other parties) are going to hear from me is that I consider both parties to be presently complicit in the current situation that has arisen. The regulator has earned the name Shortseller Enrichment Commission through their oversight of the industry. And both party's administrations, and both party's control of the branches of the legislature, has yielded no meaningful oversight for the regulators. Nobody gets a pass - I'm only watching to see who is out of the blocks fastest to reestablish effective oversight.

Then leave further policing to the market.

The GME conundrum that the union of all of the market enables enabled to happen, was and is well on its way to being corrected. Though admittedly, there are several hedge funds that we won't have with us on the other side. :)

And I have read many of the posts talking about how the market works, and how there wasn't enough capital in many companies to handle any order flow. That's a combination of poorer planning some parts than others, and is mostly a problem with how the Shortseller Enrichment Commission has abandoned their oversight role around short selling, and the manipulation of markets by short sellers. (There is also pump and dump manipulation; we don't seem to have rampant abuse of that sort being routinely carried out by billionaire hedge fund operators, maybe because average voters can understand that mechanism for cheating elderly retired people and millennials out of their stimulus checks).
 
Mar 17, 2019
327
6,309
EU
I've got a few shares of TSLA in robinhood just because I wanted to try it out and bought some to test. Looks like they charge $75 to move the shares to another broker. Should I hurry to move it or just let it ride?

I have no idea how stable or unstable they are - but if they went under presumably you would lose a lot more than $75?
 
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jeewee3000

Active Member
Sep 1, 2015
1,203
6,705
Belgium
This whole david vs goliath war is insanely interesting. Thanks to all for your insights in this thread.

My opinion around market mechanics is you just shouldn't be able to buy on margin, sell stocks you don't own (aka naked shorting), sell options you don't own, etcetera.

If you want to make trades/ invest using borrowed money, you should get a loan from a bank that will ask you how you will spend the loan and hedge accordingly/discuss interest rates/require collateral.

Since the 2008 market crash, banks (i.e. credit institutions) have to be seperate entities from insurance companies (EU). But brokers can still be part of a bank no problem. This is insane to me and allows these liquidity crises to occur.

My strict broker requirements-proposition would stabilize the market and take out a lot of the speculation plays. You can speculate all you want (eg weekly option plays) but you gotta have the money/stocks/options to backup your play beforehand.

Excuse my English, not a native speaker and while I'm fluent my vocabulary (especially in finance matters) is lacking.

Very curious what will happen the next few trading days.
 

Johan

Ex got M3 in the divorce, waiting for EU Model Y!
Feb 9, 2012
7,496
9,893
Drammen, Norway
Gamestop needs to do what Tesla did, announce an at the market offering. Set the price at $600 at let the shorties buy back all their shares. GME will have so much cash the company will likely hold valuation. Retail Investors and Gamestop wins and the shorties loose.

Exactly. They know they'll have buyers - there are people desperate for the stock or so I've heard. Then they'll have a few billion in cash reserves which in and of itself makes the company that much more valuable. Which they then can put to good use, after all they are a well managed company that have been in the business for a loooong time and gaming is not a shrinking market.
 

bro1999

Active Member
Apr 26, 2016
2,243
2,777
Maryland
Obviously no idea if this is true but it's definitely possible

https://twitter.com/DailyWSB/status/1354862987669098497?s=20

Robinhood Insider Information
renderTimingPixel.png

I work for Robinhood. Don't kill me.

Low-level, technical *sugar*, comp sciences major, not finance side.

Guess what we overhead today?

Vladimir, yes founder Vladimir, and the C-Suite, received calls from Sequoia Capital and the White House that pressured into closing trading on GME etc. I guarantee you the same took place at E-Trade and the others who closed trading.

File reports on the SEC page. If I wasn't scared to be out of work in a pandemic I'd quit. I'm disgusted. We all need to rise up, this is as bad as it gets when we talk about how the rich get one set of rules, and the rest of us get screwed over, and over, and over again left to bail them out and pick up the tab for their trillion dollar tax breaks. We need to pile pressure on every government and financial institution involved in this travesty of justice.

I'm taking a massive career risk even posting here but **** these motherfuckers.

I mean this is possible, but also very possible we're now trending into the WSB version of QAnon conspiracy theories. Seems the consesus now is that RH was about to run out of money, so they halted trades on the meme stocks. IMO, saying you almost ran out of money is the lesser evil compared to letting theories run wild about Citadel ordering you to halt buys so their short positions would be protected.
 

bro1999

Active Member
Apr 26, 2016
2,243
2,777
Maryland
So when GME tanked yesterday, to around $126 and trade was halted, I put in a market order and ended up snagging it at $120. That increased my GME holdings 50% (to 3 shares lol). As I type this, it's now $380 at an overall cost basis of $103.
I have a limit sell order set for $420.69 (recoup all of my initial investment and then some). Will hold my other 2 shares till the end game happens (whatever that is). If it dips to around $200 again, gonna reload.
 

Brunel

Member
Jan 26, 2015
162
100
Bristol, UK
The problem being in the UK is that my broker is very slow and can only manually place orders for me, but I have stuck some random sell limits in there early @ $950; $4950; $9,950 and then a couple of jokers at $99,950 and $999,950 that I fully expect to hold next week. Quite a few Robinhooders looked to switch account as soon as games were played and they may have a lot of stock held up during the 5 days switching period keeping stock high next week.
 

TheTalkingMule

Distributed Energy Enthusiast
Oct 20, 2012
7,463
30,928
Philadelphia, PA
Tesla is fine, a clear path for the next decades.

Enjoy the show here!

https://www.reddit.com/r/wallstreet...urce=share&utm_medium=ios_app&utm_name=iossmf
The idea we, as TSLA shareholders, have anything to worry about is starting to look VERY unlikely. Yes, funds are flowing out and into GME/AMC/Stonks, but my Spidey senses are telling me each dollar comes back with 9 other friends and we get a bit of a squeeze ourselves.

Edit: Lol....just noticed the first page of your link had....."Transylvania here. Just liquidated some TSLA to buy GME. Never thought I'd do that. Let's bleed these manipulators dry!"
 

Right_Said_Fred

Moderator
May 11, 2012
4,009
35,201
The Netherlands
Tesla is fine, a clear path for the next decades.

Enjoy the show here!

https://www.reddit.com/r/wallstreet...urce=share&utm_medium=ios_app&utm_name=iossmf

I do feel sorry for the little guy. He thinks he can break the system and get rich doing so. Yes, the little guys are strong in their numbers and conviction, but they aren't strong in their powers. The SEC, Fed, White House, brokers, etc are calling the shots. They can decide to suspend trading in these meme stocks indefinitely, they can force companies to do a stock emission, they can ban social media groups for 'manipulating' stock prices, or whatever else they can come up with. They don't care that the manipulative hedge funds will get away with it, they only look at the bigger picture: the stock market and the economy. When those are in danger they will act. Swiftly. And they may even bail out hedge funds. Which will be paid for by... the little guy.
 

corduroy

Member
Jan 30, 2018
812
5,926
Earth, for now (sigh)
I've got a few shares of TSLA in robinhood just because I wanted to try it out and bought some to test. Looks like they charge $75 to move the shares to another broker. Should I hurry to move it or just let it ride?

I moved shares and options out of RH this week and there was no charge. Are you initiating the transfer at your new broker, to pull the shares out of RH?
 

TheTalkingMule

Distributed Energy Enthusiast
Oct 20, 2012
7,463
30,928
Philadelphia, PA
I do feel sorry for the little guy. He thinks he can break the system and get rich doing so. Yes, the little guys are strong in their numbers and conviction, but they aren't strong in their powers. The SEC, Fed, White House, brokers, etc are calling the shots. They can decide to suspend trading in these meme stocks indefinitely, they can force companies to do a stock emission, they can ban social media groups for 'manipulating' stock prices, or whatever else they can come up with. They don't care that the manipulative hedge funds will get away with it, they only look at the bigger picture: the stock market and the economy. When those are in danger they will act. Swiftly. And they may even bail out hedge funds. Which will be paid for by... the little guy.
The only people that die in wars are little guys, doesn't mean you shouldn't fight them. These clowns will have to take the most overt and unfair actions imaginable to stop this, and it'll be right in the spotlight. That's the whole idea.
 

Johan

Ex got M3 in the divorce, waiting for EU Model Y!
Feb 9, 2012
7,496
9,893
Drammen, Norway
Soooo... I agree that's it's great that the shorty hedgefund(s) get squeezed like this, and the malarky yesterday with Robinhood and others (in fact it was the clearing house Apex that put in restrictions?) uncovers deeply unfairness in how the public markets operate. But I don't think many of the small time retail crusader investors have thought this all the way through. So let's say that the squeeze can be sustained and the hedge funds are forced to cover at $500, $1000 or whatever number we can assume - what then? Everyone is going to hold on to their shares forever, Gamestop suddenly becomes a $50 billion company but with the same business and number of stores, earnings etc. as 1/2 year ago? No, when it's clear the squeeze is over most people will try unwind their positions and much of the gains will disappear. "They" will be eating their own at this point.
 

Nocturnal

Supporting Member
Supporting Member
Aug 23, 2018
6,724
36,750
Deepening Crisis!
I mean this is possible, but also very possible we're now trending into the WSB version of QAnon conspiracy theories. Seems the consesus now is that RH was about to run out of money, so they halted trades on the meme stocks. IMO, saying you almost ran out of money is the lesser evil compared to letting theories run wild about Citadel ordering you to halt buys so their short positions would be protected.
How were they possibly running out of money? And if they were that close, then they need to be shut down anyway.

Insurrection at Capitol AND capital.
Ha, perfect.
 
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