Afternoon price above(not closing prices), but you get the gist.
Dow: +300.19…
Nasdaq: +66.56… S&P: +36.61…
These things usually do end in tears, we’ll see where this all goes over the next few days, but its getting tougher for these Robinhood/Reddit forum people to have their will with things because many of the brokerage firms have now prohibited them from buying these stocks.
People are restricted to “sell only”.
So when you cant buy, people will sell.
How long before anything with a 30%+ short interest goes to a 100% margin requirement? These guys will be doomed….and I was rooting for them.
This short squeeze dynamic that we have been watching for a couple of weeks now reminds me of the Nintendo craze a couple of years ago. It was the rage for a few weeks but then went quietly into that good night.
Pikachu and Charizard were dropped like bad habits.
Planet earth is ready to sue Robinhood and other brokerages. Wait for the big class action….its coming.
Why wasn’t GameStop’s trading halted back when 140% of total shares were shorts? The game is always rigged for the big guy.
It’s so hard to believe that GameStop was very briefly the largest component in the Russell 2000 today before shares tanked in the morning. Amazing.
This guy chased and paid $483 for Gamestop today.
Short sellers get a bad rap, but they did expose…..
001: Enron
2002: Tyco
2008: Systemic mortgage fraud
2008: Lehman
2015: Valeant
2020: Luckin’ Coffee
2020: Wirecard
2020: Nikola
It’s just “how” they do it that pisses people off. They do push the envelope and they aren’t choir boys.
Funny that when Reddit users buy a stock it’s manipulation, but when the government prints $4T for Wall Street its called banking.
There is a common thread in both of the headlines below. There are dark undercurrents afoot…..(until Bitcoin starts running gain, then everyone will forget about everything, lol). WTF
While equity folks are discussing who is suing what broker etc, the run for the silver short squeeze has continued. The move in SLV is nothing “wow” yet, but the move in silver volatility, VXSLV, is already taking off to the moon. Silver volatility can sometimes telegraph a move in sliver. We own AGQ.
Silver– I don’t trust the move yet, needs some more follow-through action. However, I think it will lead gold when it starts getting jiggy again.
Bitcoin acted better today and so did some of the names in the space. EBON, MARA, and RIOT.
Electric vehicle space acted better today too. NIO +4.7%. XPEV also looked good and I may revisit that one.
P&L here
Have a great night and stay sane.