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2021-01-28

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Worthy

  • All Hail the Reopening! – AIER

  • Suck It, Wall Street - TK News by Matt Taibbi

    GameStop has prompted more pearl-clutching than any news story in recent memory. Expert after grave-faced expert has marched on TV to tell Reddit traders that markets are complicated, this isn’t a game, and they wouldn’t be doing this, if they really understood how things work.

    The commonly understood rub is that prime brokers don’t always really procure those original borrowed shares, and often give out more “locates” than they should, putting more shares in circulation than actually exist (as in this case). GameStop is exposing this systematic plundering of firms using phantom shares and locates, by groups of actors who now have the gall to complain that they’re the victims of a “get rich quick” scheme.

    The rank selectivity of this makes any moral argument against the GameStop revolt moot. There’s no legitimate cause here, just an assertion of exclusive rights to plunder, which will doubtless be exercised now in the form of bans, investigations, and increased barriers to market entry. Probably also, in the political spirit of our times, there will some form of speech crackdown on platforms like Reddit, to protect us from the mob.

    This is where society will ultimately come down, of course, uniting to denounce $GME as financial Trumpism, even though it actually comes closer to being an updated and superior version of Occupy Wall Street.

etc

Horseshit

Rep. Alexandria Ocasio-Cortez (D-N.Y.) called for a congressional hearing to investigate the Robinhood stock trading app after it decided to block investors from purchasing stock in response to investors increasing the price of GameStop and AMC stock. Sen. Ted Cruz (R-Texas) opposes AOC on almost everything, but he agreed with her on this. AOC took his olive branch and lit it on fire.

“I am happy to work with Republicans on this issue where there’s common ground, but you almost had me murdered 3 weeks ago so you can sit this one out,” AOC responded. “Happy to work w/ almost any other GOP that aren’t trying to get me killed. In the meantime if you want to help, you can resign.”

Short Squeeze

(moved up because its obviously going to dominate today's news too; timestamps when i can remember)

  • reference:

    Some commentators have contended that despite regulations, naked shorting is widespread and that the SEC regulations are poorly enforced.

10p:

8p:

4p: GME 193 and closed

2p: GME 256

  • VIDEO: The Reddit Revolution, GameStop and Melvin Capital - Glenn Greenwald

    Liberal journalists and pundits love to mock the idea that “economic anxiety” drives anything remotely adjacent to right-wing populism — the primary drivers are racism and other types of bigotry, they insist in unison — yet all one has to do is spend any non-trivial amount of time in that sub-Reddit to see genuine and significant levels of rational economic anger often quite untethered, even hostile, to left-liberal cultural pieties and political niceties.

  • 70.87 Billion Reasons Why The Retail Brokers Just Betrayed Their Customers | ZeroHedge

  • Gamestop Spikes After Broker Webull Unrestricts Trading, Others To Follow? | ZeroHedge

  • Is Gamestop a Win for the Little Guy? - Benjamin Tseng

  • All the Ways the GameStop Roller Coaster Could End

  • Robinhood now has a 1-Star rating on the Google Play Store

  • "An earlier version of this article stated that 56 percent of Robinhood users hold GME stock. This is incorrect, based on a misreading of a statistic on Robinhood. Motherboard regrets the error." original tweet

  • Robinhood Reportedly Selling People’s GME Positions Without Warning, Investors Sue | ZeroHedge

    Update 1445 EST: Users are starting to report that Robinhood is selling their GME shares without warning.

  • Both links killed on HN and "this is not available to you" to me:

  • comments are saying that RH is selling stocks people dont want sold

    • replies are quoting RH TOS terms; they can sell yer shit when they want without telling you ooopsie becaue:

      The loophole here is that all new Robinhood accounts are margin accounts by default. You have to go through a process to switch from a margin account to a cash account and I suspect 95% of Robinhood's customers have no idea what the difference is or why they'd ever want to do that.

      So Robinhood technically is allowed to do this as per the letter of the law, and now the question is whether Robinhood is violating any fiduciary duties they have to their customers.

    • RH Customer Margin Agreement

      In the event of the death of the Customer, or in the event the margin in any account in which the Customer has an interest shall in either Robinhood’s or the Introducing Broker’s discretion become unsatisfactory to either Robinhood or the Introducing Broker, or be deemed insufficient by either Robinhood or the Introducing Broker, Robinhood is hereby authorized; (a) to sell any or all securities or other property which Robinhood may hold for the Customer (either individually or jointly with others); (b) to buy any or all securities and other property which may be short in such accounts; and/or (c) to cancel any open orders and to close any or all outstanding contracts; all without demand for margin or additional margin, notice of sale or purchase, or other notice or advertisement, and that any prior demand or notice shall not be a waiver of its rights provided herein.

    • RH Margin Disclosure

      WE CAN SELL YOUR SECURITIES OR OTHER ASSETS WITHOUT CONTACTING YOU. Some investors mistakenly believe that their brokerage firm must contact them for a margin call to be valid, and that their firm cannot liquidate securities or other assets in their accounts to meet the call unless the firm has contacted them first. This is not the case. Although we may attempt to notify you of margin calls, we are not required to do so. However, even if we have contacted you and provided a specific date to meet a margin call, we can still take necessary steps to protect our financial interests, including immediately selling the securities without notice to you. We may forcibly liquidate all or part of your account without prior notice, regardless of your intent to satisfy a margin call, in order to protect your interests or our interests.

      YOU ARE NOT ENTITLED TO CHOOSE WHICH SECURITIES OR OTHER ASSETS IN YOUR ACCOUNT(S) ARE LIQUIDATED OR SOLD TO MEET A MARGIN CALL. Because the securities are collateral for the margin loan, we have the right to decide which security to sell in order to protect our interests.

      WE CAN INCREASE “HOUSE” MAINTENANCE MARGIN REQUIREMENTS AT ANY TIME AND ARE NOT REQUIRED TO PROVIDE YOU ADVANCE WRITTEN NOTICE. These changes in policy often take effect immediately and may result in the issuance of a maintenance margin call. Your failure to satisfy the call may require us to liquidate or sell securities in your account(s).

1p: GME 242

  • M1 Finance Halts Trading in GME, AMC and KOSS

  • YC-backed Alpaca Trading blocks buy orders on popular stocks | Hacker News

    Effective immediately, the following symbols: AMC - AMC Entertainment Holdings Inc. BB - BlackBerry Ltd. EXPR - Express, Inc. GME - GameStop Corp. KOSS - Koss Corporation NAKD - Naked Brand Groups Ltd NOK - Nokia Oyj will se set to 'closing only' order status. You will only be able to submit orders to close out any open positions you have in these symbols. New opening orders will not be accepted at this time. Please note that there might also be additional securities added to this restriction list before market close today. Additional messages may follow.

12p: GME 238

10 AM: $GME 150 (really? other disagree), trading halted to retail investors but much trading still happening. Comparisons to "Occupy Wall St" abound. Much anger at "Big Guys win, little guys lose, rules exist and change to make this so".

Before 10a: $GME 350

  • Robinhood shuts down option buying on $GME and $AMC

  • We Have Some Bad News For Gamestop Shorts | ZeroHedge

    the short interest - after all the recent fireworks - is still a
whopping 139.7%...

    the borrow fee on GME shorts was around 30.6% earlier this week... it has since soared to 100% and in some cases as much as 250% for new shorts (existing shorts still pay "only" 30-50% borrow) according to Dusaniwsky. This means that it is now effectively suicidal to short GME (even if one can find the loaned shorts), as the cost of carrying the short is staggering,

    the primary catalyst behind the initial WallStreetBets raid in the first place - the company's massive short overhang - has not shrunk one bit (and has actually increased). In other words, as Dusaniwsky puts it, "This has been a long-buying rally and not a short squeeze rally!Panda face."

    Translation: the real short covering hasn't even started yet! It also means that the real parabolic move higher in GME has yet to come.

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<< 2021-01-27 (-1 day)
<< 2021-01-21 (-1 week) 		Archive (+1 day) 2021-01-29 >>
(+1 week) 2021-02-04 >>
(+1 month) 2021-02-25 >>
(+1 year) 2022-01-28 >>