GameStop (Wall St vs Main Street)

[andysinclair]

I thought I would write up an explanation of what is currently going on with GameStop in what could be a defining moment for the world of finance.

I hope some of you find it interesting and informative: https://blog.excelpricefeed.com/2021/01/28/gamestop-wall-st-vs-main-street/

(here's the price/volume chart since the start of the year!)

[TheGuru12]

I wrote a streamer for the comments on WSB! 

https://gist.github.com/tg12/7eaa409bf988753668946179de96af99

[andysinclair]

The price is all over the place today with a high of $482 and a low of $114 !!!

"no one makes money until they sell" and I do fear that many of those on Reddit are sitting on large paper profits that can disappear as quickly as they appeared. The move back down can be as abrupt as the move up once sentiment changes and reality sets in...let's see what happens...

[Caseynotes]

ooff. Robinhood pull a fast one, go 'closing only' on GME but then dumping people out of the trade by actually selling off their shares 😳

[TheGuru12]

This is fake news qanon level BS at the moment. We have no idea what is going on. 

[TheGuru12]

Rumours going round they are going after a the ticker SLV which is basically the Silver Index. Spot Silver is rising currently. 

[Caseynotes]

re Robinhood, there seems to be a lot of people saying the same thing ...

[Caseynotes]

zerohedge @zerohedge

3m

ROBINHOOD SAYS TOLD USERS IT MAY CLOSE SOME 'AT-RISK' POSITIONS it did close positions

Robinhood Reportedly Selling People’s GME Positions Without Warning, Investors Sue | ZeroHedge

[Caseynotes]

Robinhood might be bust.

 

Robinhood’s “position-closing only” list for tomorrow.

 

Robinhood Is Said to Draw on Bank Credit Lines Amid Tumult - BBG

https://t.co/0jHAXH4AX3

 

Stephanie Ruhle  @SRuhle

. @RobinhoodApp CEO on @CNN It’s pretty clear, THEY DID NOT HAVE THE CAP TO MEET THE HIGHER CAP REQUIREMENTS WHEN FLOWS BLEW UP. They could not comply with the requirements. The pressure is ON, but I don’t know how they can open up these stocks tomorrow & avoid this again

[andysinclair]

Pre-market: +103%

[Guest Jamie]

Seems like IG won’t let us buy GameStop shares.

Keep getting the same message “Your order is too far from the last price”

I had tried to put an order level of $300/share.

[Kodiak]

3 hours ago, Caseynotes said:

Robinhood might be bust.

 

Robinhood’s “position-closing only” list for tomorrow.

 

Robinhood Is Said to Draw on Bank Credit Lines Amid Tumult - BBG

https://t.co/0jHAXH4AX3

 

Stephanie Ruhle  @SRuhle

. @RobinhoodApp CEO on @CNN It’s pretty clear, THEY DID NOT HAVE THE CAP TO MEET THE HIGHER CAP REQUIREMENTS WHEN FLOWS BLEW UP. They could not comply with the requirements. The pressure is ON, but I don’t know how they can open up these stocks tomorrow & avoid this again

"12 billions a few months ago"  🤔

[Bigdongus]

cant get on my share dealing account now. want to exit gme

[Caseynotes]

Interesting 20 min vid from Fox on the recent Wall St meltdown, market manipulation, little guys sticking it to the hedge funds, includes an interview with Dave Portney taking down Robinhood.

 

 

[ChristianMike]

Now IG is restricting purchasing of GME and AMC, only allowing you to close positions. IG, I hope you get done for market manipulation. 

[Stuart82]

"Due to the recent extreme volatility, and in order to prioritise the service we give our existing clients, we are not allowing any new positions to be opened on the US stocks GameStop and AMC Entertainment.

These restrictions apply to all IG accounts, and will be reviewed regularly. You will still be able to close any open positions that you have in these stocks. Any orders that you have already placed on these two stocks will remain."

Just got this email...  

[chazUK]

And they are giving literally no explanation. What on Earth does "in order to prioritise the service we give our existing clients" even mean?

[fozzy1978]

Imagine a system of trading securities where you didn't need a broker, didn't need fiat currency nor a bank account.... It's coming within our lifetime.  Wall street along with this corrupt system won't be around for much longer, I'm sure of that. The public just can't tolerate it anymore.  These recent actions by unscrupulous brokers like IG have only caused this process to speed up by 100x. Great way to put yourself out of business IG ! 

[Salomondoli]

Is it really worth to block trading on gme and amc ? you are only losing customers cause of that.

[sillylittlebugga]

Extremely disappointed in IG decision. So much for free market.

[PHOENIX99]

"IG Group is a British company" - If that is so why is this happening.

 

"Due to the recent extreme volatility, and in order to prioritise the service we give our existing clients, we are not allowing any new positions to be opened on the US stocks GameStop and AMC Entertainment."

 

Who are you protecting exactly? Who has bullied you into this? 

[Twerkingcat]

Trade212 users have been going through this for some time and put together nice material on next steps: https://www.reddit.com/r/Trading212ActionGroup/comments/l8lidm/follow_all_these_steps/

Our situation is very similar.

PS. HOLDing the line.

[Dman]

The FCA is just as corrupt by reducing the retailers ability to trade with the amount of margin required and banning crypto trading 

[andysinclair]

Pre-market: -40% after a -30% drop yesterday:

[Caseynotes]

zerohedge @zerohedge

*GAMESTOP SHARES HALTED AFTER DROPPING 42% AT OPEN

[Caseynotes]

 

zerohedge @zerohedge

3m

*GAMESTOP FALLS 57%, TRADES BELOW $100 FOR FIRST TIME IN A WEEK

[R1cha7d]

I would think there are hedge fund managers speculating in the market too to drive the stock up and down like roller coaster, not just, wsb

[Rakazool]

13 minutes ago, Caseynotes said:

 

zerohedge @zerohedge

3m

*GAMESTOP FALLS 57%, TRADES BELOW $100 FOR FIRST TIME IN A WEEK

Prime example of what happens when these companies like IG and RH decide to take the power away from the retail investor. If IG lacks the Liquidity to service their clients then what is the use of having a broker that cannot do what we are here to do? 

[Caseynotes]

5 minutes ago, Rakazool said:

Prime example of what happens when these companies like IG and RH decide to take the power away from the retail investor. If IG lacks the Liquidity to service their clients then what is the use of having a broker that cannot do what we are here to do? 

I suspect most retail punters are saying a quite prayer that they weren't able to buy at $400.

[ChristianMike]

1 minute ago, Caseynotes said:

I suspect most retail punters are saying a quite prayer that they weren't able to buy at $400.

If there were no interference from any broker I'm sure those that bought in at 400 would have made a hefty profit by now.