Gamestop

[ua_guy]

I like Scott Galloway's explanation of whats going on.

It's definitely a social justice statement. Day-traders have reintroduced significant moral hazard in the strategies of these hedge fund investors.

Was the cause actually isolation, boredom, horniness? I don't think it was.

[jeffmem]

https://www.reddit.com/r/wallstreetbets/comments/l6omry/an_open_letter_to_melvin_capital_cnbc_boomers_and/?utm_medium=android_app&utm_source=share

[corn18]

https://www.reddit.com/r/wallstreetb...m_source=share

I am now woke.

[jeffmem]

I am now woke.

Nodding!!!

And in case it gets deleted from reddit I am copying and pasting it here.


Posted byu/ssauronn

11 hours ago


An Open Letter to Melvin Capital, CNBC, Boomers, and WSB

Discussion


Mods do not delete, this is important to me, please read


I was in my early teens during the '08 crisis. I vividly remember the enormous repercussions that the reckless actions by those on Wall Street had in my personal life, and the lives of those close to me. I was fortunate - my parents were prudent and a little paranoid, and they had some food storage saved up. When that crisis hit our family, we were able to keep our little house, but we lived off of pancake mix, and powdered milk, and beans and rice for a year. Ever since then, my parents have kept a food storage, and they keep it updated and fresh.
Those close to me, my friends and extended family, were not nearly as fortunate. My aunt moved in with us and paid what little rent she could to my family while she tried to find any sort of work. Do you know what tomato soup made out of school cafeteria ketchup packets taste like? My friends got to find out. Almost a year after the crisis' low, my dad had stabilized our income stream and to help out others, he was hiring my friends' dads for odd house work. One of them built a new closet in our guest room. Another one did some landscaping in our backyard. I will forever be so proud of my parents, because in a time of need, even when I have no doubt money was still tight, they had the mindfulness and compassion to help out those who absolutely needed it.
To Melvin Capital: you stand for everything that I hated during that time. You're a firm who makes money off of exploiting a company and manipulating markets and media to your advantage. Your continued existence is a sharp reminder that the ones in charge of so much hardship during the '08 crisis were not punished. And your blatant disregard for the law, made obvious months ago through your (for the Melvin lawyers out there: alleged) illegal naked short selling and more recently your obscene market manipulation after hours shows that you haven't learned a single thing since '08. And why would you? Your ilk were bailed out and rewarded for terrible and illegal financial decisions that negatively changed the lives of millions. I bought shares a few days ago. I dumped my savings into GME, paid my rent for this month with my credit card, and dumped my rent money into more GME (which for the people here at WSB, I would not recommend). And I'm holding. This is personal for me, and millions of others. You can drop the price of GME after hours $120, I'm not going anywhere. You can pay for thousands of reddit bots, I'm holding. You can get every mainstream media outlet to demonize us, I don't care. I'm making this as painful as I can for you.
To CNBC: you must realize your short term gains through promoting institutions' agenda is just that - short term. Your staple audience will soon become too old to care, and the millions of us, not just at WSB but every person affected by the '08 crash that's now paying attention to GME, are going to remember how you stuck up for the firms that ruined so many of us, and tried to tear down the little guys. I know for sure I'll remember this. In response, here is a list of CNBC sponsors and partners. They include, but are not limited to, IBM, Cisco, TMobile, JPMorgan, Oracle, and ZipRecruiter. Their parent company is NBCUniversal, owned by Comcast and GE.
To the boomers, and/or people close to that age, just now paying attention to these "millennial blog posts": you realize that, even if you weren't adversely effected by the '08 crash, your children and perhaps grandchildren most likely were? We're not enemies, we're on the same side. Stop listening to the media that's making us out to be market destroyers, and start rooting for us, because we have a once in a lifetime opportunity to punish the sort of people who caused so much pain and stress a decade ago, and we're taking that opportunity. Your children, your grandchildren, might have suffered as I described because of the institutions that we're fighting against. You really want to choose them, over your own family and friends? We're not asking you to risk your 401k or retirement fund on a single GME bet. We're just asking you to be understanding, supportive, and to not support the people that caused so much suffering a decade ago.
To WSB: you all are amazing. I imagine that I'm not the only one that this is personal for. I've read myself so many posts on what you guys went through during the '08 crash. Whether you're here for the gains, to stick it to the man as I am, or just to be part of a potentially market changing movement - thank you. Each and every one of you are the reason that we have this chance. I've never felt this optimistic about the future before. This is life changing amounts of money for so many of you, and to be part of a rare instance of a wealth distribution from the rich to the poor is just incredible. I love you all.

Note: I can't seem to get a hold of mods and they keep ****ing removing the post. I have no idea how to get this to stick and its important to me that the people I'm addressing read it.

[james.hendrickson]

This is still huge - there are 1.5 million people on r/wallstreetbets right now.

[corn18]

GME down 62%
AMC down 67%
BBBY down 38%

[jeffmem]

You know I think the problem started yesterday with all this. I tried to sell the 1 share of GME I had at 300, 350 330, 200, 250, 275, etc. I tried selling it above and below the current market price. I tried limit orders, I tried market orders, and TDA was rejecting my order, telling me all sorts of nonsense, like the price is way above or way below, or too different or whatever, when I could clearly see the price was what it was. It refused to sell it. So I ended up finally selling it around 250. I made about 100 bucks. Today, the same thing is going on with AMC, I put in a market order for the 10 shares I had, it wouldn't even sell them at market. I am not sure if it is because no one wants to buy it, or the system is just rejecting me to do anything with it. The price is almost back down to $5, a $15 loss per share because the system won't fill the order for whatever reason. Today though it seems not rejecting my order, it just doesn't want to sell it, I am guessing it is because no one wants to buy it. but it seems odd to me. These brokers, I hope, are going to owe their customers billions. I hate to see them go bankrupt, and they won't they have plenty of money, but they need to be taught a lesson.

[Leo]

This is too crazy and funny. Looks like people from subreddit wallstreetbets are holding. I was able to join again earlier during the dip using my Merrill Edge. I might hold til tomorrow or Monday and see what happens. (Just few shares so no worries to lose a small change)

[disneysteve]

Apparently people are upset with Robinhood for "manipulating the market". Isn't that exactly what all of these Reddit people are doing themselves? Kind of hypercritical, pot calling the kettle black.

[ua_guy]

Apparently people are upset with Robinhood for "manipulating the market". Isn't that exactly what all of these Reddit people are doing themselves? Kind of hypercritical, pot calling the kettle black.

It's a symphony of pots and kettles, really. Hedgies manipulate the market through wealthy advantage, they write the rules in their favor. When poor people manipulate a market, it's disingenuous, stealing. A double standard. What the day-traders forgot was that retail brokers aren't actually on their side. So the brokerage firms will adhere strictly to the terms of margin and options agreements. And who really thinks this will actually bring regulation to derivatives, speculation. It won't.

[disneysteve]

It's a symphony of pots and kettles

Sounds cacophonous.

[james.hendrickson]

Really, this is what Gamestop is all about.

[disneysteve]

Update from TD Ameritrade:

Securities with trading restrictions

We have placed some restrictions on the following securities. These restrictions will not prevent clients from making basic buy and sell transactions. This list is as of January 28, 2021, 4:00PM ET.

• AMC, CVM, EXPR, FOSL, GME, NOK, BB, BBBY, FIZZ, GSX, IRBT, NCMI, TR, UONE, VIR, NAK, NAKD, DDS, KOSS

The following restrictions are in place:

• • • Stocks - 100% holding requirement (not marginable)
    • Long calls and puts are allowed
    • Covered call and short put orders may only be placed with a broker. Please be aware that wait times to speak with a broker may be longer than normal due to current market conditions.
      • Covered calls only allowed if your account currently has the shares
      • Short puts only if you have the maintenance/cash to cover the entire exercise amount of the short puts
    • All other complex options orders will not be accepted
    • We may also implement additional restrictions on the opening of option trades that expire Friday, January 29th

Please keep in mind that this list is not inclusive of every security restriction and may change at any time.

[james.hendrickson]

Update from TD Ameritrade:

Securities with trading restrictions

We have placed some restrictions on the following securities. These restrictions will not prevent clients from making basic buy and sell transactions. This list is as of January 28, 2021, 4:00PM ET.

• AMC, CVM, EXPR, FOSL, GME, NOK, BB, BBBY, FIZZ, GSX, IRBT, NCMI, TR, UONE, VIR, NAK, NAKD, DDS, KOSS

The following restrictions are in place:

• • • Stocks - 100% holding requirement (not marginable)
    • Long calls and puts are allowed
    • Covered call and short put orders may only be placed with a broker. Please be aware that wait times to speak with a broker may be longer than normal due to current market conditions.
      • Covered calls only allowed if your account currently has the shares
      • Short puts only if you have the maintenance/cash to cover the entire exercise amount of the short puts
    • All other complex options orders will not be accepted
    • We may also implement additional restrictions on the opening of option trades that expire Friday, January 29th

Please keep in mind that this list is not inclusive of every security restriction and may change at any time.

What do you all make of this? I'm seeing similar warnings from Schwab.

[disneysteve]

What do you all make of this? I'm seeing similar warnings from Schwab.

I think they’re just trying to cut off the manipulation nonsense that’s been happening. I have no problem with that.