GME and AMC stock action (out of main)

[Causalien]

LOL. we collectively definitely missed out on this ride.
Remember that this is just a squeeze.
Fundamentals of gamestop sucks and a turn around takes a couple of quarters.

 

[Tslynk67]

Show us the loss porn!

Hmmmm, Corey Chase...

 

[Khamul]

Wsb finding a home or park the money into the next victim. They did this with lunch money, now they have this massive wealth transfer from hedge funds which means this might be a huge snow ball going forward. Knowing those degenerates, they are doing this just to create memes. So the next company they have their eyes on will see even a larger squeeze, so on and so forth until they have enough $$$ to change a company like Tesla while hedge funds pull out their short positions everywhere. This will be hilarious if wsb continues this causing a short squeeze..on the entire market. I wouldnt put it past them. Looks like the next victim is AMC.

You're probably right, but then there's threads like this heavily upvoted, awarded post: "Curious why Papa Elon is shilling $GME? It’s because Melvin Capital shorted $TSLA for years and bragged about it", which ends with "$GME to the , then profits back to a safe store of value: $TSLA."

 

[Tslynk67]

https://twitter.com/WSBChairman/status/1354182092414967811

 

[alloverx]

Ironically I remembered I had 6 GME shares that I ignored for years. Likely bought at < $10 years ago.

Hearing all this noise I thought I did well to sell at $81 two days ago. Should have gambled some more I guess.

 

[MXWing]

https://twitter.com/WSBChairman/status/1354182092414967811

View attachment 631075

sorry, but no. That’s going to be DFV.

Undisputed queen though is Cathie Wood.

Only approved ETF in an autists portfolio

 

[Tslynk67]

Shorts burning in pre-pre-market:

 

[amolina]

Does anybody have experience with ortex? This is the latest there.
What is the best way to monitor shorts coverage? At TMC we might be the most experienced with stinking shorts

 

[printf42]

Lol index dropping but heavily shorted stonk climbing.

Guess this is what’s happening the whole week.

Fund head: “Do we have any short positions that could explode?”
Managers: “Technically any short position could explode...”
Head: “Then cover them, all of them, right now!!!”
Managers: “But...market...correction...our losses...”
Head: “What are you saying?!!!”
Managers: Quietly sell SPY and cover shorts...

 

[pz1975]

LOL. we collectively definitely missed out on this ride.
Remember that this is just a squeeze.
Fundamentals of gamestop sucks and a turn around takes a couple of quarters.

Disagree with this. GME still has lots of room to go up with most shorts still needing to cover. I expect $500+ and maybe $1,000+. And then think of the investing power of this group once they cash out as they then shift their focus to other stocks like BB, AMC, NOK etc. Still early on those trains too.

 

[Right_Said_Fred]

Shorts burning in pre-pre-market:

View attachment 631084

You meant $350?

 

[Cohiba]

Disagree with this. GME still has lots of room to go up with most shorts still needing to cover. I expect $500+ and maybe $1,000+. And then think of the investing power of this group once they cash out as they then shift their focus to other stocks like BB, AMC, NOK etc. Still early on those trains too.

But to who are they going to sell their stock when it hits $1,000? Will there be enough buyers when they're all running to the exit?

 

[cwerdna]

You meant $350?

Yep. I saw at $351 but it's back down a bit at $339 now. CRAZY!

 

[Right_Said_Fred]

But to who are they going to sell their stock when it hits $1,000? Will there be enough buyers when they're all running to the exit?

If some of the traders with the balls of steel (and currently millions of paper profits) announce after hours that they closed their positions, the door will be too narrow for all their WSB followers to exit their positions. Gapping down a few hundred points is very likely. And then what happens to all those who put in all their savings and maxed out their creditcards? This will probably end in a bloodbath.

 

[Artful Dodger]

I would highly recommend against shorting GME right now. You may be right and make profit, but I think it could go to $1,000+ with an ongoing squeeze and you could end up with a massive loss..

6:09 AM EST
$300.00+152.02 (+102.73%)
Volume: 3,382,994

Check out GameStop Corp's stock price (GME) in real time

 

[Artful Dodger]

Gapping down a few hundred points is very likely. And then what happens to all those who put in all their savings and maxed out their creditcards? This will probably end in a bloodbath.

It's always a bloodbath on Wall St. This time, it's the King of Shortsvile who has been beheaded:

Melvin Capital closed out of GameStop short position Tuesday | cnbc.com (5 min ago)

"Melvin Capital closed out its short position in GameStop on Tuesday afternoon after taking a huge loss, manager of the fund Gabe Plotkin told CNBC's Andrew Ross Sorkin.

"The brick-and-mortar videogame retailer, hedge funds' most-hated stock, was targeted by an army of retail investors who marshaled against short sellers in online chat rooms. In the Reddit forum "wallstreetbets" with more than two million subscribers, rookie investors encouraged each other to pile into GameStop's equity and call options, creating massive short squeezes in the name.

"CNBC could not confirm the amount of losses the firm took on the short position. Citadel and Point72 have infused close to $3 billion into Melvin Capital to shore up the fund's finances. Plotkin told Sorkin that the speculation that the firm would file for bankruptcy is false."​

Smells like victory. Well done, Short-busters of r/WSB

Now, do we need a new thread for the NYSE:AMC squeeze, or can we continue here?

Cheers!

 

[amolina]

It's always a bloodbath on Wall St. This time, it's the King of Shortsvile who has been beheaded:

Melvin Capital closed out of GameStop short position Tuesday | cnbc.com (5 min ago)

"Melvin Capital closed out its short position in GameStop on Tuesday afternoon after taking a huge loss, manager of the fund Gabe Plotkin told CNBC's Andrew Ross Sorkin.

"The brick-and-mortar videogame retailer, hedge funds' most-hated stock, was targeted by an army of retail investors who marshaled against short sellers in online chat rooms. In the Reddit forum "wallstreetbets" with more than two million subscribers, rookie investors encouraged each other to pile into GameStop's equity and call options, creating massive short squeezes in the name.

"CNBC could not confirm the amount of losses the firm took on the short position. Citadel and Point72 have infused close to $3 billion into Melvin Capital to shore up the fund's finances. Plotkin told Sorkin that the speculation that the firm would file for bankruptcy is false."​

Smells like victory.

Cheers!

How much do you trust CNBC? When they keep allowing Gordon to come on air, their airtime just goes to whoever pays the most. Melvin capital could loose crazy, they could have easily paid 100M to CNBC to get this message out.

Quoting Andrew Ross here: "I do not have the numbers on what the loss looks like". This smells fishy to me. Who is to ensure that this information aired is correct? His wordings were loose. I bet my balls, they covered a few while it was airing for sure.

 

[Tslynk67]

C

It's always a bloodbath on Wall St. This time, it's the King of Shortsvile who has been beheaded:

Melvin Capital closed out of GameStop short position Tuesday | cnbc.com (5 min ago)

"Melvin Capital closed out its short position in GameStop on Tuesday afternoon after taking a huge loss, manager of the fund Gabe Plotkin told CNBC's Andrew Ross Sorkin.

"The brick-and-mortar videogame retailer, hedge funds' most-hated stock, was targeted by an army of retail investors who marshaled against short sellers in online chat rooms. In the Reddit forum "wallstreetbets" with more than two million subscribers, rookie investors encouraged each other to pile into GameStop's equity and call options, creating massive short squeezes in the name.

"CNBC could not confirm the amount of losses the firm took on the short position. Citadel and Point72 have infused close to $3 billion into Melvin Capital to shore up the fund's finances. Plotkin told Sorkin that the speculation that the firm would file for bankruptcy is false."​

Smells like victory. Well done, Short-busters of r/WSB

Now, do we need a new thread for the NYSE:AMC squeeze, or can we continue here?

Cheers!

Citron was also shorting it, are they still in?

Also, can anyone give me a compelling reason why some can trade outside of hours, while others can not? Maybe this pre-pre-market was the top, but retail had no chance to take benefits of it

 

[Artful Dodger]

How much do you trust CNBC? When they keep allowing Gordon to come on air, their airtime just goes to whoever pays the most. Melvin capital could loose crazy, they could have easily paid 100M to CNBC to get this message out.

Quoting Andrew Ross here: "I do not have the numbers on what the loss looks like". This smells fishy to me. Who is to ensure that this information aired is correct? His wordings were loose. I bet my balls, they covered a few while it was airing for sure.

Lol, it's good that you're suspicious but that's wacked. NOBODY every has the numbers on losses. Those are NEVER revealed. This is just boilerspeak financial journalism.

Did you miss the point? This larger-than-life all-star short seller has capitulated, with a huge bloody nose.

The part from the artcile I didn't add?

"Citadel and Point72 have infused close to $3 billion into Melvin Capital to shore up the fund's finances. Plotkin told Sorkin that the speculation that the firm would file for bankruptcy is false."​

Which usually means it's true!

Cheers!

 

[Artful Dodger]

Citron was also shorting it, are they still in?

Yes, I've seen Andrew Left in the GME news.

Also, can anyone give me a compelling reason why some can trade outside of hours, while others can not?

Depends upon you broker. Just like trade and borrowing costs.

Maybe this pre-pre-market was the top, but retail had no chance to take benefits of it

Somewhat disagree. You are in the Market, the market is getting a 9.8 shock on the Richter scale right now. You are participating.

SEC will have to actually enforce the prohibition against naked shorting if this spreads (just look at NYSE:AMC in the pre-Market).

r/WSB is clever. They know that the MMs exemption to the prohibition against naked short selling is only for Options. So when r/WSB floods the market with Call Option buys, the (foolish) MMs respond by naked shorting shares (because its always worked before, right? Until it doesn't.)

That day is here. Blood will run along the Wall. This is simultaneously an epic running-of-the-bulls and bear-trap all in one. It may just turn out to be armegeddon for MMs and hedgies, if r/WSB plays its card right. With leadership like Chamath, I'm betting they win (which benefits all retail investors, like a cure for cancer)

Cheers!

P.S. Did you notice that NYSE: GME was halted at least once in the pre-Market? This is going to be a long day for shortzes.