Oso planning to go pro
There's a couple of sites that track this, but as of this morning, GME still had 140% of shares outstanding shorted. https://www.highshortinterest.com/
BINGO. This is is largely a community of reckless degenerates. Not a coordinated skilled group of renegade amateur traders. It’s still pretty incredible to watch in real time
I'm not sure reckless degenerates is accurate. Having read through these forums there is a good level of knowledge among a decent-sized faction. Sure there are hangers on and Investing Bros and some (not all) people will get stung but the motivation for a lot of these people seems to be the Great Recession. They think this is small way to punch back at people who had an enormous impact on their adolescence and young adulthood.
A fair amount of the recent posts on the GME issue and others might as well have been written in a foreign language, as far as I'm concerned.
Like I said earlier, the premiums on GME show it. The cost of March/April $50 puts are the same this morning as yesterday when the stock was at $150, the reaction to prevent big sums being made either way is already happening.
There are more people participating in WSB and in this gold rush who don’t know what margin is or get confused that their call is losing money even though the stock is going up, people who think this is a clever way to get back at “the man”. And plenty of people can have knowledge of markets and still be reckless degens. I can know tons about sports betting but still bet ridiculous 6 team parlays chasing big riches or live bet huge odds trying to get lucky. Same as people who are buying and holding calls on stocks that are insanely overextended. For every person in there that got GME calls in the 20s and held on. There are people buying calls $100 out of the money for insane premiums thinking it will run to $500/700/1000. That forum is LITTERED with people using CC money and other insanely dumb money moves to try to buy into these market runs. I don’t care how knowledgeable they are, that’s prime bubble behavior and far far more likely to get utterly wiped out than change the financial worldI agree that you shouldn’t be able to short a stock to 140% short interest and funds overly loading the boat on these types of positions get what they deserve.
Case in point. I know that people don't post on a thread like this to explain things to the dumbest guy in the room (i.e., me) but I have no idea what this means. I'm curious, and would appreciate an explanation, but won't think any less of you if you're not interested in spoon feeding the village idiot.
There are plenty of people over there who think it will be $1000 by the end of the week and that $5000 is possible before it's over. Or at least that's what they're saying. I'm not sure they really believe it as much as they are trying to encourage people to hold and keep stickin' it to the man.
Quite frankly, I don't think this has much of anything to do with sound investment strategy. That's why I don't think the majority are reckless nor degenerate. They're unnatural carnal knowledgeing with people. They're trolls. They're bored. They think it's just a game because that's all they've seen over the last 10-15 years.This is more of a philosophical kerfuffle than having to do with financial investment. The elites in the financial world will spend the next week huffing and puffing their ego to put these people back in their hole. It will be totally forgotten by Washington's & Lincoln's Birthday.
Agree to disagree. Ive followed WSB for a long time, one of my buddies reads it daily. Absent the last 2 weeks, that place is the type to throw tons of money at rumors and speculation, and always chase the quick buck. I don't know how you can read it and think the majority are a bunch of clever trolls and not degen gamblers.
I’m taking a spin at the roulette wheel on NOK. Just placed an order for a few hundred shares.
$6.88All that’s old is new again.
I'm gonna get me some AOL stock.
I dipped my toe in last night with FU money. What I found interesting was when some stocks started to gain traction and double or even triple this morning, all the mobile platforms mysteriously shut down and TDAmeritrade instituted new rules on buying/selling the current hot stocks. Actually couldn’t sell when I wanted to, ended up fine.The house always wins in gambling, and we ain’t the house.
It’s not that they mysteriously shut down, the brokerage houses are just terrible at handling high retail volume. Historically, any time there has been a huge gap down or gap up in the morning, TDA or Schwab or Fidelity get totally gummed up. This even happened when they still had commissions in place, where they WANTED you to trade and sell, cause it made them money.As for the new rules, that feels like CYA. Cause when people get mauled by GME losing a few hundred points or something like that with some of these crazy names, they are quick to blame the broker. Like the guy who committed suicide over a Robinhood trade, people wanted to string the brokerage up for “allowing” it.I don’t want to defend the majority of online brokers cause they suck pretty hard, but most of this is just them sucking and not something more nefarious