Octopus Overlords

pr0ner wrote: Thu Jan 28, 2021 4:30 pm The random GME spike to $493 and AMC spike to $20.61 just after 2 PM is interesting.

Where are you seeing that in GME? It's not on my tickers. May have been a settlemen?

TD

GameStop shares are trading lower. The stock has been increasingly volatile following interest from retail investors and Robinhood limited trading in the stock, telling users they can close their position but they cannot buy additional shares.

No mention of their limits on margins with no explanation of what those limits are...

LordMortis wrote: Thu Jan 28, 2021 4:34 pm TD

GameStop shares are trading lower. The stock has been increasingly volatile following interest from retail investors and Robinhood limited trading in the stock, telling users they can close their position but they cannot buy additional shares.

No mention of their limits on margins with no explanation of what those limits are...

I'd go dig up the TD interview this afternoon. It was essentially a dance around the actual truth. I'm sure it was technically correct but avoided the real reasons. Meanwhile the IBKR Chairman went on and was pretty transparent IMO and it was ... not great. Warren is on right now talking about this mess. She is calling for the SEC to actually define market manipulation so the rules can be enforced. I can respect that position.

LordMortis wrote: Thu Jan 28, 2021 4:34 pm TD

GameStop shares are trading lower. The stock has been increasingly volatile following interest from retail investors and Robinhood limited trading in the stock, telling users they can close their position but they cannot buy additional shares.

No mention of their limits on margins with no explanation of what those limits are...

All RH accounts are margin by default. Should be the opposite. If they're doing the right thing they're shutting down all margin and making it opt-in. Not allowing buys was shady as hell (like I said, probably at the command of Citadel).

Liquidating people on long shares is going to get them in trouble.

LawBeefaroni wrote: Thu Jan 28, 2021 4:40 pm

LordMortis wrote: Thu Jan 28, 2021 4:34 pm TD

GameStop shares are trading lower. The stock has been increasingly volatile following interest from retail investors and Robinhood limited trading in the stock, telling users they can close their position but they cannot buy additional shares.

No mention of their limits on margins with no explanation of what those limits are...

All RH accounts are margin by default. Should be the opposite.

I still don't understand how that works. Did the risk management committee at Robinhood just yell YOLO when they threw the on switch on the business?

LawBeefaroni wrote: Thu Jan 28, 2021 4:40 pm

LordMortis wrote: Thu Jan 28, 2021 4:34 pm TD

GameStop shares are trading lower. The stock has been increasingly volatile following interest from retail investors and Robinhood limited trading in the stock, telling users they can close their position but they cannot buy additional shares.

No mention of their limits on margins with no explanation of what those limits are...

All RH accounts are margin by default. Should be the opposite. If they're doing the right thing they're shutting down all margin and making it opt-in. Not allowing buys was shady as hell (like I said, probably at the command of Citadel).

Liquidating people on long shares is going to get them in trouble.

If I wasn't clear, as usual, their was meant to be TD's own limits on margins with not explanation of what TD's limits are.

Also I only learned that RH does margins like that today from an earlier post by pr0ner.

LordMortis wrote: Thu Jan 28, 2021 4:47 pmIf I wasn't clear, as usual, their was meant to be TD's own limits on margins with not explanation of what TD's limits are.

TBH I don't think we'll get a straight answer for a little while. The politicians are swooping in now and these firms are going to be going to ground.

Saw this meme

Rich folk: Why dont the poor just invest their money?
Poor folk: Ok.
Rich folk: .........
Rich Folk: Wait, stop!

Citadel just released a statement saying they weren't involved in any firms stopping trades.

malchior wrote: Thu Jan 28, 2021 5:13 pm Citadel just released a statement saying they weren't involved in any firms stopping trades.

That sounds vaguely familiar to me as a parent of three.
Me walks into kitchen to find a young Carpet Pissr there, who immediately yells at me "HEY DADDY I DIDN'T EAT THAT CANDY YOU SAID I COULDN'T HAVE!!!!"

Yeah - well I'm sure their public statement is technically correct. They didn't tell Robin Hood to stop the trading. Though maybe they did mention that they wouldn't inject any more capital when Robin Hood called up and asked for a capital backstop to cover their open trades.

Edit: Now Robinhood releases a statement that the holds were all risk management decisions and no other firms were involved. Wow. This is craziness.

LawBeefaroni wrote: Thu Jan 28, 2021 4:32 pm

pr0ner wrote: Thu Jan 28, 2021 4:30 pm The random GME spike to $493 and AMC spike to $20.61 just after 2 PM is interesting.

Where are you seeing that in GME? It's not on my tickers. May have been a settlemen?

The Google finance chart shows it. No one else that I can see has shown it.

pr0ner wrote: Thu Jan 28, 2021 5:32 pm

LawBeefaroni wrote: Thu Jan 28, 2021 4:32 pm

pr0ner wrote: Thu Jan 28, 2021 4:30 pm The random GME spike to $493 and AMC spike to $20.61 just after 2 PM is interesting.

Where are you seeing that in GME? It's not on my tickers. May have been a settlemen?

The Google finance chart shows it. No one else that I can see has shown it.

I don't see it in any of my trading platforms. I wonder if it is a data error.

Latest word is that Robinhood had to dip into lines of credit to maintain capital levels due to customer open positions being held on their platform.

Zaxxon wrote: Thu Jan 28, 2021 10:59 am Will be interesting to see the impact on Robinhood customer retention. I imagine there are a lot of furious users right now. I'd certainly be bailing.

I signed up with Robinhood a while ago to dink around with some Beyond stock. I now have some Brookfield and Plug shares too. I was wondering, if I wanted to leave Robinhood, how would I move those shares? Or similarly, if Robinhood shut down, how would I prove I had those shares?

LawBeefaroni wrote: Thu Jan 28, 2021 12:08 pm I meant that a DDOS was a good way to stop reets from selling. If someone were so inclined.



KOSS and GME are halted, gonna crater on open.

We've got some major Internet outages in WA

GME back up to $335 after hours.

Alefroth wrote: Thu Jan 28, 2021 7:09 pm

Zaxxon wrote: Thu Jan 28, 2021 10:59 am Will be interesting to see the impact on Robinhood customer retention. I imagine there are a lot of furious users right now. I'd certainly be bailing.

I signed up with Robinhood a while ago to dink around with some Beyond stock. I now have some Brookfield and Plug shares too. I was wondering, if I wanted to leave Robinhood, how would I move those shares? Or similarly, if Robinhood shut down, how would I prove I had those shares?

Generally your new brokerage can handle it. There's a standard process.

Zaxxon wrote: Thu Jan 28, 2021 8:18 pm

Alefroth wrote: Thu Jan 28, 2021 7:09 pm

Zaxxon wrote: Thu Jan 28, 2021 10:59 am Will be interesting to see the impact on Robinhood customer retention. I imagine there are a lot of furious users right now. I'd certainly be bailing.

I signed up with Robinhood a while ago to dink around with some Beyond stock. I now have some Brookfield and Plug shares too. I was wondering, if I wanted to leave Robinhood, how would I move those shares? Or similarly, if Robinhood shut down, how would I prove I had those shares?

Generally your new brokerage can handle it. There's a standard process.

I also wouldn't worry about the brokerage folding. In the unlikely event it does happen, SIPC steps in to make sure your account/stocks are transferred to another institution. The big risk is that you don't have access to the stock to sell it in the interim though which obviously could be bad.

pr0ner wrote: Thu Jan 28, 2021 8:11 pm GME back up to $335 after hours.

The pump right now is that short interest hasn't changed. The total shares short may not have moved but if 10K short at $50 covered and a new 10K short is at $350, very different landscape.

Generally your new brokerage can handle it. There's a standard process.

I also wouldn't worry about the brokerage folding. In the unlikely event it does happen, SIPC steps in to make sure your account/stocks are transferred to another institution. The big risk is that you don't have access to the stock to sell it in the interim though which obviously could be bad.

Thanks.

So I found the interview with the Robinhood CEO this evening to be a little concerning. He is claiming that 12-13 stocks had issues related to the amount of capital they were required to allocate to cover open positions with the clearing houses. He claimed other stocks were not affected and they only tapped lines of credit "proactively" to provide more options for customers. Several other firms made similar or the same move with regard to trading limits. We don't know if they also had potential liquidity shortfalls. If I was to take this as 100% on the level and no wealth based strings were pulled, then that to me indicates there is some vulnerability in the financial system waiting to be exploited. If enough volume is piled against a small bucket of stocks the financial system starts to melt down...well that doesn't sound good.

Dogecoin up 725% last 24 hrs.

LawBeefaroni wrote: Thu Jan 28, 2021 11:26 pm Dogecoin up 725% last 24 hrs.

Stop the ride, I wanna get off.

pr0ner wrote: Fri Jan 29, 2021 12:35 am

LawBeefaroni wrote: Thu Jan 28, 2021 11:26 pm Dogecoin up 725% last 24 hrs.

Stop the ride, I wanna get off.

2 days later TD publish what they are doing. Shoot Wednesday. Ask questions later.

https://www.tdameritrade.com/td-ameritr ... tocks.page

No mention of why. (unless you consider "the interests of mitigating risk" a good enough why)

Vanguard funds were trading at Tuesday's prices yesterday.. Fidelity popped up a warning every time I logged in. Going to guess that all those affected funds had lots of GME/WSB impacted long or short positions.

Just ridiculous.

Also, BTC $38K from low 30s, apparently on Musk adding "#bitcoin" to his profile and some cryptic tweet.

Finpopulism
Popfinance
Popuvesting
Anarfi
Anarfy
Finarchy
Fanarchy?

We need a new word for this.

Still love ‘storming the capital’ though. That’s brilliant.

TD changed their short interest form Dec to January and now it shows all my short interests in a lot of my positions as up up up as of 1/15. I have to wonder exactly how early into this war of the speculators we are. My ACI was listed at 9% short. HBI 8%.

One does have to wonder why short interests aren't updated more often.

TD crazy slow at opening again today.

LawBeefaroni wrote: Thu Jan 28, 2021 11:26 pm Dogecoin up 725% last 24 hrs.

I tried to buy some yesterday at .021 but not sure how to do so. Looks like I already missed the boat.

I also bought 4 shares of GME yesterday at $224. It's up to $350 at open - I'll probably bail soon for some easy money. I'd rather get out too soon than get stuck when it' inevitably falls back to $20.

EDIT - got out at $337 for an easy ~$400 after tax and whatnot.

Exodor wrote: Fri Jan 29, 2021 10:36 am

LawBeefaroni wrote: Thu Jan 28, 2021 11:26 pm Dogecoin up 725% last 24 hrs.

I tried to buy some yesterday at .021 but not sure how to do so. Looks like I already missed the boat.

I also bought 4 shares of GME yesterday at $224. It's up to $350 at open - I'll probably bail soon for some easy money. I'd rather get out too soon than get stuck when it' inevitably falls back to $20.

Wow. You have a stronger stomach than me.

LordMortis wrote: Fri Jan 29, 2021 10:41 am

Exodor wrote: Fri Jan 29, 2021 10:36 am

LawBeefaroni wrote: Thu Jan 28, 2021 11:26 pm Dogecoin up 725% last 24 hrs.

I tried to buy some yesterday at .021 but not sure how to do so. Looks like I already missed the boat.

I also bought 4 shares of GME yesterday at $224. It's up to $350 at open - I'll probably bail soon for some easy money. I'd rather get out too soon than get stuck when it' inevitably falls back to $20.

Wow. You have a stronger stomach than me.

I bailed at $337. I'll have regret if it shoots to $1000 but this way I walk away with some easy money.

I have an Ameritrade account I've had for years that I never touch which had a pretty significant amount of cash just sitting in it so it was an easy risk for me.

My cash and more cash and more cash set aside to buy VTI on the way down is starting to hit. Not sure if that's a good or a bad thing...

Only positions moving up on the day? Heavily shorted stocks. aye yeye yeye.

The big GME winner that I know is a midwestern housewife and Twitch streamer that bought one share when it was on it's way up and sold it at $420.69, because she assumed that's what reddit would want her to do.

Well, I've had a fun day.

My dad and brother come over this morning to help me put some flooring in (we're all in a covid pod). I'm making some small talk with my brother before we get started and ask him if he has been following the GME craziness. He gives me a dirty look and says don't talk to me about that. Apparently my Dad had inherited GME stock from my grandpa when he died a couple of years ago, but sold it. I didn't dare ask how much so we just changed the topic.

Later at lunch, my dad out of the blue asks if we have been hearing anything about GameStop because he has stock in that. My brother was wrong--he HADN'T sold.

After my brother and I stopped choking on our soup, we immediately had him log in his Schwab account. Yep. 250 shares. So, not sudden multi-millionaire territory, but "totally pay for that new addition on the house" territory. After a brief convo about risk/reward we all concurred that the thing to do was cash out and take the windfall. Sold at about $350. And it'll be taxed at long term capital gains which is nice.

Nice. I have to hear from my old man on how much he believed in GME until it cratered to under $10 and he finally got rid of it. It is part of every conversation since the new year.

@Hamlet: Well played (in terms of selling vs holding IMO). That was the only smart move unless you just wanted to play the lottery for funsies with that new found money.