GameStop : GME

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Realrocknrolla
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Euler wrote:
Tue Feb 02, 2021 10:42 pm
Realrocknrolla wrote:
Tue Feb 02, 2021 9:50 pm
Euler wrote:
Tue Feb 02, 2021 9:42 pm
Curiously closed at $90 this evening, having previously close at another round number on Monday.
Im guessing you shorted bud?
I have been short on it. I've spent more time on calls this week to the US than trading what little racing there is on.
Brilliant. It was inevitable really wasn’t it.

Makes up for the 9-0 😂😂🤐🤐
jamesg46
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Euler wrote:
Tue Feb 02, 2021 10:42 pm
Realrocknrolla wrote:
Tue Feb 02, 2021 9:50 pm
Euler wrote:
Tue Feb 02, 2021 9:42 pm
Curiously closed at $90 this evening, having previously close at another round number on Monday.
Im guessing you shorted bud?
I have been short on it. I've spent more time on calls this week to the US than trading what little racing there is on.
Which broker has given you shares to borrow? TD Ameritrade has none!
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Euler
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I've got loads of brokers, but I've held an account with Schwab for nearly 30 years and that's where I'll often go to do the serious stuff.
jamesg46
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This is the first time I've "ever" not believed you... also, genuinely I'm happy if you did get those shares to borrow and got a profit.
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wearthefoxhat
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Euler wrote:
Tue Feb 02, 2021 11:34 pm
I've got loads of brokers, but I've held an account with Schwab for nearly 30 years and that's where I'll often go to do the serious stuff.
Don't miss this other opportunity.... ;)

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Realrocknrolla
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wearthefoxhat wrote:
Wed Feb 03, 2021 9:20 am
Euler wrote:
Tue Feb 02, 2021 11:34 pm
I've got loads of brokers, but I've held an account with Schwab for nearly 30 years and that's where I'll often go to do the serious stuff.
Don't miss this other opportunity.... ;)


gilet.png
Lmao.

How frickin annoying is that.
MAGTRADEUK
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More like game over, panned out pretty much as expected.
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abgespaced
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There's a good reason the stock was being shorted so heavily- the company heading towards bankruptcy. Gamestop lost roughly $1.2b over the last two years and only look even weaker with the lockdowns destroying retail. Not to mention the damage caused by rioters.

So, the value of the stock was almost zero, the mean. Pushing the price up for no other reason other than expecting it to go up, only moves it further away from that mean, causing immense downward pressure. Unfortunately the everyday retail investors who bought in at $400-$500 got that back-to-front.
MAGTRADEUK
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Yes but, there was market manipulation there, just like the old dot com bubble days, chat rooms etc, someone knew there was a big short position and decided to start buying up the stock, plus a few high profile tweets by some who saw this as an opportunity to make more money. Trouble for those that are short, the stock they have borrowed and ultimately have to buy back is increasing, therefore they will have to pay more, plus the margin payments on the borrowed stock will rise. Once they throw in the towel and buy the stock back all will return to where is was before, excpet for those "retail traders" whom got caught up in it all and left holding dog poo stock, you can guarantee that the smart money would have been in and out of this pretty quickly.
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Euler
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"I just want my money back but I know it is gone," wrote an investor from the Wallstreet Bets Discord named Slik, a 52-year-old Nevada resident. On Friday, Slik had invested $1.1 million in options on GameStop stock and lost $850,000. "I just didn't spend enough time to research what I was doing, or what the market could do to my account so quickly."
https://www.pcgamer.com/uk/after-gamest ... e-hurting/
MAGTRADEUK
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Yet he still put the money in, just goes to show, sheep mentality and fear of missing out. I always used to think if everyone is buying this we must be at a top or its been pumped ready for some big house or holder to dump. I stopped trading financial markets as I am of the age I cant afford my investments to go wrong as I dont have the time left to negate any errors I make.
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superfrank
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Hedge fund made $700m from GameStop
https://www.wsj.com/articles/this-hedge ... 1612390687
The GameStop surge is often cast as a triumph of amateurs over professionals. Which it was, to a degree. But it also was a trade that pitted professionals against other professionals…

“When it started its march, we thought, something's percolating here,” said Mr. Mashaal, 55 years old. “But we had no idea how crazy this thing was going to get.”

Senvest’s interest in the videogame retailer was piqued by a presentation from the new GameStop chief executive at a consumer investment conference in January 2020.
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Euler
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I think the interesting thing for me in episodes like this, is that I've seen in all before and there is little or nothing, especially in this era, that you can do to stop people being stupid. So I'll just base my decision on what I think the masses will do.
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Euler
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This is a good article. I read this feed a lot: -

https://notboring.substack.com/p/robinh ... -robinhood
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superfrank
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No need for anyone to do a 9-5 these days!

TikTok Investors
https://twitter.com/TikTokInvestors/sta ... 3598558213
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