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Stock Thread (17 Viewers)
- Thread starter St. Louis Bob
- Start date
cosjobs
Footballguy
I’m sure people won’t like it but damn, crying because you couldn’t buy a pumped up ####ty company is hysterical. I want to join that lawsuit. They stopped me from getting free money! Mom, where’s my meatloaf?
cosjobs
Footballguy
No. This is crazy ####. When my two youngest sons are showing me Tik Toks about WSB type memes and asking me if Tesla is a good investment, I know this #### show is going to come crashing down.
Who was it that wanted to know when taxi drivers are giving stock tips? I think my youngest son asking about Tesla for his friend and my middle son actually knowing about AMC stock qualifies. We are there boys and girls, the nadir. Time to jump off the mountain and see who lands in the snow and who lands on the rock. Cats and dogs living together, mass hysteria.
-OZ-
Footballguy
I'll agree with this.
But also play along with some $$ we can afford to lose. And try not to get upset when we do.
Stopping the buying was ####ty.
ChiefD
Footballguy
Meh, I don't see it that way.
If my money (repeat, my money) is in a platform that I rely on to be a reputable company for buying and selling, and then restricting that access to suit some other folks - I'd be pissed too.
To me it's not about what you are buying or selling and why - it's that access should be available to both sides of the equation. I can totally see why people are up in arms about this.
-OZ-
Footballguy
Right.
Some rules are in place, some for good reason.
I'm no expert here, but a brokerage artificially stopping one side of the deal shouldn't be allowed.
Dwayne Hoover
Footballguy
Yeah, it's not about any losses or gains on these individual plays, more the overall direction of things that I'm not comfortable with at this point.
I don't feel great about the market right now.
Dwayne Hoover
Footballguy
Captain Cranks
Footballguy
Who else has them diamond hands for BB, AMC, and NOK?
QuizGuy66
Footballguy
-OZ-
Footballguy
That, and by whom.
Unless I missed where Congress or the SEC stepped in.
SEC SEC
SouthJersey
Footballguy
NVAX crushing afterhours after great effectiveness reports released
Capella
Footballguy
caustic
Footballguy
Robinhood Markets, the trading app that’s popular with investors behind some of this month’s wildest stock swings, has drawn down some of its credit lines with banks, according to people with knowledge of the matter, Bloomberg News reports.
The firm has tapped at least several hundred million dollars, one of the people said. Lenders include JPMorgan Chase & Co. and Goldman Sachs Group Inc. A representative for Robinhood declined to comment.
The firm has tapped at least several hundred million dollars, one of the people said. Lenders include JPMorgan Chase & Co. and Goldman Sachs Group Inc. A representative for Robinhood declined to comment.
Dwayne Hoover
Footballguy
You are being shortsighted. This could very well affect the "safe" positions if more and more people aren't comfortable with the direction of the market.
I get that. I just think it’s hysterical that this is all over buying GME at $200-400 when everyone knows it’s a crappy company not worth close to that. I’d love to see how much the Chewy guy and his buddies have sold. Will be interesting to see if that info comes out.
I guess I liken the complaining about buying a stock for an unreal reasoning to a crazy on an other board who was complaining about potentially being forced by his work to get the vaccine (he could quit) and how it was similar to years ago when African American women were sterilized.
Listen, you guys are absolutely free to bash RH and switch trading platforms but they are a business and they set their terms of service. They say whether or not you can traded off hours, options, margin, foreign stocks, OTC stocks, etc.
If they deem buying a stock that could in fact crater as too risky then honestly, it’s something they can restrict. You can’t buy OTC stocks on RH and they are ridiculously risky. Buying GME at $400 is holding your money over a fire and hoping it doesn’t burn. It’s not on the bill of rights so it’s their limit to set. You can sell so there really isn’t any harm IMHO. **** move that could lose them customers, sure, but I still don’t think a lot of people realize the risk and that they basically classified these stocks as say penny stocks. People are pissed because they think short squeezing is their right and they are missing out on free money.
SFBayDuck
Footballguy
Is this that thing where your stocks suck but you root for other stocks and pretend that their success reflects back on you?SEC SEC
Oh come on. Let’s not act like the movements in these crap companies is anything close to normal. What, are we going to all of a sudden move to a communist state because they limited some truly risky trading. You can have my GME stock when you pry it from my cold dead fingers bumper stickers coming soon?
Dwayne Hoover
Footballguy
I didn't catch everything today but a couple of interviews that I did see were absolutely infuriating.
Specifically Thomas Peterffy (interactive brokers) and Leon Cooperman.
Specifically Thomas Peterffy (interactive brokers) and Leon Cooperman.
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Chaz McNulty
Footballguy
What does this have to do with anything? The company was allowing you to sell and not to buy. You have no problem with that? It totally screwed up the market today and probably allowed a bunch of short sellers to buy at a lower price than what they would have normally. Seems to me like you're really rooting for the Hedge Fund companies.
cosjobs
Footballguy
cosjobs
Footballguy
like a bookie who pockets what he presumes to be bad bets, rather than sending them off to the syndicate
I’ve always wondered about that. Lehman Brothers (it was Barings, just looked it up) or some other shop was brought down by a rogue trader. Trades can be net negative so if a broker has tons of people shorting, what happens if their clients can’t pay it back? Are they on the hook and could they fail?
Sideshow Bob
Footballguy
Ignoring the NOKs of the world and focusing solely on GME, they're not trading on fundamentals, no. And some of them are going to get burned, yes. But their thesis is not wrong, even if it doesn't match your investing style. There are Boomers who would look at us and think, "You paid what multiple? For companies that have NEVER been profitable? What a maroon."
-OZ-
Footballguy
Some. Many. Not everyone.
Some of us prefer a freer market, while acknowledging some rules are necessary. But I sure wouldn't stay with a brokerage who shuts part of the trade down, thus making an artificial imbalance of supply and demand.
"As libertarian as they wanna be"
It's like the S&P 500 where a few companies carry the weight of the rest.
Did the PAC10 even show up this year?
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Zegras11
Footballguy
Jake Offenhartz@jangelooff
·
4h
Listening to irate New York hedge fund billionaire Leon Cooperman on CNBC right now lamenting people "sitting at home getting their checks from the government, trading their stocks." “This fair share is a bull#### concept," he shouts. "It’s a way of attacking wealthy people."
Redwes25
Footballguy
Joe Mammy
Footballguy
If you hopped on board the reddit screw the hedgies crusade and got in early on the GME express-
every minute now you're asking yourself, "how much do I trust these anonymous web posters to really maintain the crusade and hold?"
Tomorrow will show us something with option expirations but if- and that's a big IF- the ham and eggers can really hold on then those shorties will be called in and they will have to cover.
It's like an arm wrestling match between two giants, one with just a few very large muscles and the other with millions of small muscles.
every minute now you're asking yourself, "how much do I trust these anonymous web posters to really maintain the crusade and hold?"
Tomorrow will show us something with option expirations but if- and that's a big IF- the ham and eggers can really hold on then those shorties will be called in and they will have to cover.
It's like an arm wrestling match between two giants, one with just a few very large muscles and the other with millions of small muscles.
FreeBaGeL
Footballguy
The taxi drivers were talking about Hertz when SPY was 280. You could've gotten out there.
General Malaise
Footballguy
cosjobs
Footballguy
he sure was easy to hate.
Jake Offenhartz@jangelooff
·
4h
Listening to irate New York hedge fund billionaire Leon Cooperman on CNBC right now lamenting people "sitting at home getting their checks from the government, trading their stocks." “This fair share is a bull#### concept," he shouts. "It’s a way of attacking wealthy people."
cosjobs
Footballguy
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FreeBaGeL
Footballguy
The fundamentals argument is tired. People are trading fundamentals. They're just trading the fundamentals of market efficiency rather than the fundamentals of the company. The same way that market makers have been doing for decades. And it's certainly within their right to be upset when their broker pulls the rug out from under them and tell them that's not allowed even as the market makers continue to do the same damned thing on other stocks on the very same day.
cosjobs
Footballguy
Sand
Footballguy
99% a margin call. I know firms changed their margin requirements on these volatile stocks.
While the action of allowing sales and no buys on GME is complete bull####, the changing of margin requirements is just fine and if the broke it and has his position liquidated then that's on him.
Dwayne Hoover
Footballguy
I couldn't believe he said that.
Jake Offenhartz@jangelooff
·
4h
Listening to irate New York hedge fund billionaire Leon Cooperman on CNBC right now lamenting people "sitting at home getting their checks from the government, trading their stocks." “This fair share is a bull#### concept," he shouts. "It’s a way of attacking wealthy people."
I said it was a #### move and could lose them customers but I do see the huge risk their clients are taking trying to jump into the fray at 5-10x what a company is actually work and it’s their business and something they can do. If they did it to not lose revenue, do you really blame them if you were them? If RH investors are getting a free ride can they really complain when RH wants to make money. Find a brokerage that charges trading fees and lets you buy and sell anything and won’t restrict you in the future.
I have never said anything good about hedge fund companies. I lost about half my potential gains on CYDY due to short sellers. It’s just comical that when the free money parade shuts off for a minute people act like institutions that have been around forever (hint, you can invest in them) are the devil and that it’s David vs. Goliath as if they’ve been oppressing you forever. The WSBs guys did a great job of recruiting and making millions off of their investments due to the Late arrivals. I just don’t view them that much differently because I just personally don’t like the market manipulations. That volatility affects my stocks I want to hold like yesterday but I’m not day trading so long term this won’t matter.
Thinking about this further... the 1/29 date is a guess based on what options were available back when this started. No one knows for sure.
But if it sounds like it could be unfair, how about the fact that these shorts and hedge funds can see your account trades before they happen (allowing them to swoop in and buy a stock a nanosecond before you do, and therefore sell it to you at a slightly inflated price and take a middleman cut rather than let you deal directly with the owner) and can see what your stop limits are inside your account?
For example, if you have a $100/share stock and you want to be sure that you sell if it ever dips below, say, $80, to limit your losses... you put in a stop limit order at your brokerage. Well, the shorts can see that you have that price set, and know that if they artificially drop the price to $80, they can swoop in, buy it from you, then turn around and resell it once it goes back to a "normal" price of $100, whether that's a second or a minute or a day later or whenever.
They can see your strategy and exploit it for their profit. They literally have access to your brokerage account's open trades. I think that's more unfair than some internet nerds using publicly available knowledge to develop a guess hypothesis about what the other traders are up to.
Chaz McNulty
Footballguy
I would think a Margin Call would prevent them form being to much in the hole. Wouldn't the client have to have a certain amount invested, and an automated margin call would occur if they exceeded their limit. But if something gapped up an incredible amount (beyond their account limit), I am not sure how they go about recovering the money.
General Malaise
Footballguy
Isn't this why hedge funds are REQUIRED to secure a borrow before executing a short sale? Hedge Funds can't short what they can't borrow....the inventory has to be there. And again, the vig they pay the loan department during the short sale period is varitable and subject to change. A loan department can increase the cost to borrow and the riskier the stock the higher the vig, generally speaking.
Stock loan departments at prime brokers have the sense of humor and patience of a puritanical pastor from the 1600s....you can't monkey around with 'em. They'll kick you out and you don't want a scarlet letter hanging around your neck for being booted from. PB for not securing a borrow before shorting.
Feel like this needs to be repeatedly stated - shorting stocks at hedge fund level is challenging, risky, expensive and incredibly regulated.
General Malaise
Footballguy
Yeah, go back and read articles from '99 about Priceline. Traditionalists were losing their ever loving minds over this one - "HOW CAN PRICELINE HAVE A MARKET CAP LARGER THAN THREE MAJOR AIRLINES.....THEY HAVE NO REVENUE, NO EARNINGS, NO ASSETS!!!!!!"
Priceline is what, $2000 a share today?
