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Thread: $gme

  1. #1


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    $gme

    Apparently, there is a betting war between Melvin Capital and r/Wallstreetbets of reddit that is causing some major volatility on the exchanges.

    $GME is Gamestop, the brick and mortar store whose major focus is to rent/sell/trade physical game copies of major video games titles and has been going to way of Blockbuster.

    Recent hiring of a Mr. Cohen of Chewy fame has drawn some interest in the stock, but when there was an announcement of serious shorting of over 100% of all possible stocks issued, a subreddit called r/wallstreetbets sprang into action and began driving up the price of the underlying by purchasing call options, in an attempt to short-squeeze Melvin into covering their position.

    Since October of 2020, the overall value of $GME has risen from ~9.70 USD to around 290 USD as of 27 January 2021 | pre-market.

    All one can do is watch on the sidelines safely as this major train wreck of a speculative attack goes on throughout the remainder of January.

    Someone is going to lose...and it is *NOT* going to be pretty.!

    https://www.marketwatch.com/investing/stock/gme

  2. #2


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    Quote Originally Posted by dogman_1234 View Post
    Apparently, there is a betting war between Melvin Capital and r/Wallstreetbets of reddit that is causing some major volatility on the exchanges.

    $GME is Gamestop, the brick and mortar store whose major focus is to rent/sell/trade physical game copies of major video games titles and has been going to way of Blockbuster.

    Recent hiring of a Mr. Cohen of Chewy fame has drawn some interest in the stock, but when there was an announcement of serious shorting of over 100% of all possible stocks issued, a subreddit called r/wallstreetbets sprang into action and began driving up the price of the underlying by purchasing call options, in an attempt to short-squeeze Melvin into covering their position.

    Since October of 2020, the overall value of $GME has risen from ~9.70 USD to around 290 USD as of 27 January 2021 | pre-market.

    All one can do is watch on the sidelines safely as this major train wreck of a speculative attack goes on throughout the remainder of January.

    Someone is going to lose...and it is *NOT* going to be pretty.!

    https://www.marketwatch.com/investing/stock/gme

    There is a 100% certainty that there will be both SEC and FINRA action eventually taken. There might even be a congressional investigation. This kind of activity borders on criminal conspiracy, and there are going to be regulatory reforms and repercussions.

    Don

  3. #3


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    Quote Originally Posted by DSchles View Post
    There is a 100% certainty that there will be both SEC and FINRA action eventually taken. There might even be a congressional investigation. This kind of activity borders on criminal conspiracy, and there are going to be regulatory reforms and repercussions.

    Don
    Action against who Don? Legitimately curious who you think might get prosecuted here.

    It has been an insane week and a half following this stock. I bought puts on Gamestop back when it spiked to $40 a share. I was amazingly wrong on how high the stock could go, but nevertheless my puts are down only 20% and that is with GME over $300! Amazing. The market is essentially guaranteeing the stock will go down in the next few weeks, a position which I also agree with.

    I didn't spend too much shorting the stock, so for the most part, I am sitting back and enjoying the show.

  4. #4


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    Quote Originally Posted by SplitEm View Post
    Action against who Don? Legitimately curious who you think might get prosecuted here.

    It has been an insane week and a half following this stock. I bought puts on Gamestop back when it spiked to $40 a share. I was amazingly wrong on how high the stock could go, but nevertheless my puts are down only 20% and that is with GME over $300! Amazing. The market is essentially guaranteeing the stock will go down in the next few weeks, a position which I also agree with.

    I didn't spend too much shorting the stock, so for the most part, I am sitting back and enjoying the show.
    Hope your puts print!

    How far OTM are you and when do your contracts expire?

  5. #5


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    Quote Originally Posted by DSchles View Post
    There is a 100% certainty that there will be both SEC and FINRA action eventually taken. There might even be a congressional investigation. This kind of activity borders on criminal conspiracy, and there are going to be regulatory reforms and repercussions.

    Don
    There has been many a gnashing of teeth around the US.

    Do you see regs that would limit %float shorts of any instrument as one new reg?

    What regs would we see? What regs would you like to see, if any?
    Last edited by dogman_1234; 01-28-2021 at 06:13 AM.

  6. #6


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    While it is tempting to buy OTM puts; I want to see what the fuck this thing does and how long it burns for.

    We're in for a real treat here!

  7. #7


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    Quote Originally Posted by SplitEm View Post
    Action against who Don? Legitimately curious who you think might get prosecuted here.
    Stay tuned. Keep following the news. This is more than a bunch of pimpled teenagers banding together on social media.

    Don

  8. #8


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    Game Stop Investor Makes 3 Billion Almost Overnight
    https://www.newsweek.com/who-ryan-co...rnight-1565095

  9. #9


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    I'm satisfied with my 3M stock which I bought only several months ago. Over 3% dividend yield and up over $1,400 since I bought it. They just beat last years earnings by 43%

  10. #10


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    I got 29 shares Monday morning and will only sell when the short sellers actually do cover their losses, then buy puts to make money on the way down. Glad to see your puts are doing relatively well SplitEm, I'm thinking a top mid-week. This will be the easiest case for SEC and FINRA regulation to be taken against the brokerage firms and hedge funds. They picked a side, explicitly declared the short sellers to be losers and said straight-faced that Melvin Capital doesn't have enough capital. The billionaires don't have any money to pay their losses and they don't want them to default or repay their debts. The heads of the brokerage firms declared the 'short' squeeze to have gone on infinitely. Short sellers have lost $57 billion in January 2021.

    I was ready to sell once the news came down that they had closed their positions, but I could clearly see the fundamentals had not changed. The short interest as % of float went down from 140% to 120%. The numbers didn't add up, I could clearly see they lied. They forced people to sell. Take your profits and go. They created barriers to entry on buying options as well creating brand new numbers out of thin air. Limiting % float shorts is a great start so that billionaire hedge funds can't crush small businesses like a mall video game store or a mall movie theater during a pandemic that forces malls to close. A bunch of pimple faced teenagers banded together to execute a move that the guy who wrote the book on The Big Short saw coming over a year ago.

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