Whoops im down 200 bucks, will it go up? AAAAAAAAAA
These folks are bleeding cash and had to get another capital injection today from the Big Boy hedge funds. It's working. Remember, it costs you nothing to hold a stock, but every day this goes on Melvin Capital and those other shorting hedge funds lose millions of dollars just to cover their positions. This can only go on for so long. Eventually, they will have to cover big time and that's when the squeeze happens. Make these fuckers bleed.
EDIT: Better source so it's not just some sketchy tweet.
Citadel LLC and Point72 Asset Management are investing $2.75 billion into hedge fund Melvin Capital Management, which has been hard hit by a series of short bets to start the year. The influx of cash is expected to help stabilize Melvin, which has lost 30% for the year through Friday, said people familiar with the firm. Melvin started the year with $12.5 billion and had been one of the best performing hedge funds on Wall Street in recent years. The losses stem from Melvin’s array of short bets against companies and have stunned clients and other traders.
:sicko-yes:
I wouldn't be in this bullshit if it wasnt for a good cause! :Care-Comrade:
Honestly a c/line_go_burr or c/stonks could be a good idea, my brain just loves looking at graphs too much im sorry
Just hold till next week thats when the squeeze will happen 🚀🚀🚀 i am not a financial advisor
I probably was gonna sell if it wasnt going to a good cause (bankrupting financial firms)
i bought at $70. i'm probably never gonna sell it. did it for sole purpose of having a historical relic.
there was a massive prole uprising and middle class nimby types (okay fuck them for sure) still made a TON of money from billionaire hedge fund capitalists.
honestly god bless this shit.
Finally above 70 again, i bought at 108 like a loser so we have a lot of work to do
It hasnt move in a while, i fear its sticking around 70 for some time
Oof, lol. Keep holding, I think itll peak above 120 this week near market close. Welcome to gambling on wall street.
To really make it you need a diamond will and the ability to stomach a lot of risk and short term loss and not immediately turn away. You also need to know when to cut losses, lol. GME remains the most shorted stock out there and the infinity squeeze hasnt hit hard yet. If you cant stomach a lot of risk, just set your price at like 110 or something so you make a little money.
Also, keep in mind that half the people on wall street bets that made a lot of money just do the opposite of what the other half say to do, lol. It's really important to study the Greeks (alpha, gamma, theta, etc) and do your own due diligence and make your own thesis on a stock or option. If you dont want to put in that work, just invest in an index fund or something big like coke and just wait 20 years.
edit: oh yeah, I'm not a financial advisor and this should not constitute financial advice, blah blah blah. Don't take advice of internet people.
Dont worry, I made sure not to invest more than im willing to lose, I just want to know where this wild ride leads me
Starting to settle around 80! We've got a long ride a head of us, and I think it's gonna work out!
Welp, done for the day at $76. Better luck tomorrow folks!
If you're looking to gamble some money I'd suggest looking at Blackberry stocks, it hasn't blown up as big yet on reddit so there's more potential to actually gain something. Still complete gambling though and there's a huge chance you will lose money.
Pretty much lol, I don't participate in any of this because I don't do gambling.
Bought 3 at $20 today, no idea what's going to happen but they are hovering slightly below $20 right now.
If it can reach $43 I will have made $69 profit which would be nice.
I sold my BB stocks for a tidy profit only to lose it by buying GME today...just my luck I guess
BB isn't in the same situation with shorts getting squeezed though is it?
Might as well just pick an index fund for long term.
I know absolutely zero about the stock market but before the GameStop thing blew up a lot of people were talking about buying BB stock on r/wsb. That's gone under the radar now. I just think that anyone buying GameStop stocks now is late to the party and won't gain much. The BB stock price has gone up due to r/wsb shenanigans, but no where near as much as GameStop. Just my probably terrible opinion.
It already went up ~30% since Friday. Think the window to capitalize on the FOMO for the short term is over already barring future shenanigans.
Is it too late to jump in? I don't know anything about stonks. I'm not looking to dump my life savings or anything, just wanna dip my toes in.
Its just as high as it was this morning, and a little lower than when I bought. The right time to buy was a few days ago but if youre up for a little gambling its possible we could all make some money
it's guaranteed to close above $60 by friday. if you do buy in make sure you sell after friday or else you'll be hot fucked because everyone gonna dip after that
So can someone give me like, a quick primer on what the fuck is going on with this? Cause I'm a complete and utter dumbass. I've got two brain cells, but they speak different languages and can't communicate with each other.
I understand that WSB is basically manipulating these stocks, but what the fuck is going on and what's the end goal/original end goal for everyone involved, anyway?
I made an info post earlier, but it was at three in the morning so it’s not in the front page anymore feelsbadman
short selling is a method of selling a stock at price X per share, with the condition that they will buy it back at some time in the future. The seller chooses a stock value Y, such that Y < X. If the stock reaches that value, the seller buys back all the stock immediately at value Y per share. However, the short position also has an expiration date. If it reaches that date and the stock price hasn't hit Y, then the seller immediately buys back all the stock at whatever value it is currently at, even if Y > X.
Looking at how it works, you can see that there is potential for both a big payoff as well as catastrophic failure. If the short seller has good instincts and hits their buyout, they get all their stock back plus whatever money they earned from the earlier stock price, basically free money. On the other hand, if the stock price climbs, the potential losses before the expiration of the short position are essentially infinite, one bad short against a stock that outperforms the market and you could get taken for every cent of capital you control.
So. Melvin Capital Management, a Hedge Fund that started the year with $12.5bn on hand, came into control of a large quantity of Gamestop stock, which has been trading somewhere around $3/share for a couple years. They shorted it to zero, expecting the company to go bankrupt in the next year. /r/WallStreetBets caught wind, and started buying Gamestop stock, driving the price up. It started trending, partly because the market is prone to bandwagoning on stock that shouldn't be performing as well as it is for some odd reason like "Nostalgia" or "Trolling", also partly because regular people love to see a hedge fund eat shit. Now Gamestop is trading around $70 bucks. This represents a loss of around 30% of that 12.5 billion that Melvin started with this year. If Gamestop stays up this high (or higher) until Melvin's short positions run out, they'll have to pony up.
That's pretty fantastic thank you for the explanation, I didn't realise MCM had a due date to where they HAD to buy. That was part of why the whole thing didn't make complete sense to me.
It also seems like an easy thing to manipulate in the long term, if this is the future of the stock exchange late stage capitalism just got a lot funnier
:party-sicko: :party-sicko: :party-sicko: :party-sicko: :party-sicko: :party-sicko: :party-sicko: :party-sicko:
You mean the economy*?
(The important one, not the stupid real world one)
