Reddit Stock market manipulation (was: Y'all watching the GME stuff?)

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invisibledemon

Bored
Moderator
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I'm not on the train, just started learning about investing but have been watching this drama play out with the GME stock stuff.

I know a lot of you guys are well versed in this type of thing, what are your takes?

Do you expect to see some quick legislative moves to stop/prevent it?

Would this be considered market manipulation or what?

Anybody here buy into it?
 

Briansol

Admins
Staff member
Admin
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not touching it with a 10 ft pole. just as fast as it went up (AMC is today's pig) it will crash back down.

if you're reading it, you're already too late.
 

BigJ

I'm just about that action Boss.
VIP
My bro is all over this. He made a few grand yesterday and is up a few already today.
 

invisibledemon

Bored
Moderator
VIP
Yeah, I saw that some are starting to pump AMC up now but the game stop stuff is just really interesting to watch the fallout with the wall street investors and the news.

If I were a gambling man with a big enough portfolio I would have probably jumped in for some quick gains and then bailed out. I'm more the type to set a gain goal and then get out and not be concerned about the "well if I would have waited until now..."
 

BigJ

I'm just about that action Boss.
VIP
Yeah I tried to purchase this am when there was a dip but RH was down. Then it went up. Would have been a 30-40% gain. Oh well.

I saw the hedgies are all having to get bailouts and shit from other hedgies and capital funds. Love seeing these guys that do credit default swaps get a piece of it. Now watch all these trade apps get regulated because the hedgies are mad.
 

BigJ

I'm just about that action Boss.
VIP
I don't know..... Depends on who is getting paid. Ultra progressives (fancy for leftist) and progressives aren't in the pocket yet.... I saw WBS is down already.

I did see a funny joke. Both companies are still more realistically priced than Tesla.
 

invisibledemon

Bored
Moderator
VIP
Yeah, a lot of the platforms have blocked buying and selling those. Robinhood has blocked buying but allowing selling. Apparently TD Ameritrade has blocked it completely, some foreign ones have done so as well. Fidelity hasn't blocked anything but a lot of people are trying to set up new accounts there to switch from the ones causing the drops so they're struggling to keep up on the server side. I think it will drop today and start to go back up once people get the new accounts up and funded to trade some more.
 

Briansol

Admins
Staff member
Admin
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the smart people are already out and made a killing. buying now = bag holder. gme will be back to 8 bucks.
 

BigJ

I'm just about that action Boss.
VIP
There are some other stocks running that had mid-day pops of 100% like like Sundial Growers, etc from retail.
 

Briansol

Admins
Staff member
Admin
VIP
RH just sent an email

An update on market conditions​

Hi Brian,​
It’s been a tough day, and we’re grateful to you for being a Robinhood customer. In light of the extraordinary market conditions this week, we temporarily limited buying for certain securities this morning. Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed.
This was a temporary decision made to best continue serving you, and was not an easy one to make. We know it’s led to frustration and confusion, and wanted to provide some clarity.​
As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment. These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today.​
To be clear, this decision was not made on the direction of any market maker we route to or other market participants.​
The past year in particular has shown us that the financial markets are for everyone—not just institutional investors and hedge funds. We’ve seen a new generation enter the market, and they’re sparking conversations about what it means to be an investor. We stand in support of you, our customers. Democratizing finance for all means giving more people access, not less.​
We’ll keep monitoring market conditions and will update this Help Center article with the latest changes. We also published a blog post regarding today’s events.​
Thank you again for being a Robinhood customer. We’re so grateful for your support.​
Sincerely,
The Robinhood Team


for the record, I don't use RH as a platform. Signed up years ago and never used it.
 

cheese9988

Senior Member
VIP
142052075_3873269692740147_2037564600638101483_n.jpg


Thought this lays things out well.
 

Briansol

Admins
Staff member
Admin
VIP
It's missing a lot... Like why don't they just wait till it goes down again... And you're not actually buying shares as it states, you buy contracts at x date with a spread.

It's a game that's complicated on purpose. There's money to be made if you know what you're doing And get lucky.
 

BigJ

I'm just about that action Boss.
VIP
I doubled some money on Doge yesterday to today. Little pops here and there in the market. My bro uses Webull as a side hustle. Hopefully he doesn't miss the tax man at end of year but makes a grand or two once in a while. Everything is luck.

I buy and hold most part like $50 a month just for fun with your normal large cap stuff.
 
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