Here is part of it. I started by telling them I thought it was as close to a sure thing as we would ever see in our lifetime. And then included instructions for how to set up a Robinhood account so they could trade immediately. The following is the meat of what I said (and had researched.)
So here’s the back story. On Reddit (once upon a time was a free speech message forum), in 2019(?) a sub-reddit (forum) was started called WallStreetBets. Curiously, the character representing the WallStreetBets sub-reddit looks like a young Donald Trump. (Look it up!) From what I understand, a user called DeepFuckingValue started explaining that GameStop stock was going to basically be a sure thing down the road because the hedge funds had shorted the stock way beyond the amount of retail shares available. He has since testified before Congress that he still believes in Gamestop (after a big event with that stock and the stock market in January) and doubled-down on buying more stock at $40/share. He is potentially sitting on 500K shares of GameStop if he converts some options to shares.
I became aware of the Gamestop short in January and even posted about it on Facebook. But I was too chicken to jump in – I’ve never bought any stock on my own – just let <husband> and or the money managers buy it for our IRAs and 401Ks. And I know how rigged the stock market can be. And sure enough, some hijinks happened with the Gamestop (GME) stock in January. People couldn’t sell when the stock soared, were limited to buying one share with Robinhood, and the hedge funds won that round. Since then the stock has risen again from $40 to ~$267 as I type.
So the retail investors are betting that they can beat the hedge funds this Friday. It’s called a witching day which happens 4 times a year, where basically the trading companies have to tidy up their books to show that they’re not playing any games. (Of course they game the system because the SEC does NOTHING!) So they have to have all the stock that they have borrowed in hand by Friday. That means that they have to buy it from the retail investors. Now, a lot of those investors are pissed about what happened in 2008, what happened to them in January, and they have learned that they need to hold until the end. Because the hedge funds have shorted the stock so badly that they have to buy every single share that the retail investors own by Friday. If we don’t sell, the price will soar as they frantically try to buy. This is called a short squeeze.
Here is a Twitter thread that explains it better than I can.
https://twitter.com/TheHoustonWade/status/1367743123279867909?s=20
If you go back and search for articles on Gamestop, you’ll see the typical financial reporting, blaming WallStreetBets for ganging up on Wall Street (ha ha ha ha!) in January to cause the crash. There have been Congressional hearings on this and the January hijinks and surprise! they did nothing about the obvious market manipulation.
Here is a really good video made in January explaining more about what is happening and he explains shorts in video form (warning – lots of language!):
https://www.youtube.com/watch?v=4EUbJcGoYQ4
So, given that the stock market is so corrupt, why should you buy shares? Why do I think there is a chance that it will work out this time?
The ex-CEO of Chewy.com (Ryan Cohen) joined the Gamestop board to help save the company. He brought in old Chewy board members to help. A couple weeks ago he cryptically posted to social media a frog and ice cream cone symbol. No explanation. This week, the Twitter account for the guy who is the Reddit user DeepFuckingValue, posted a video of Mario World where Mario is a frog and he gets an ice cream cone. When the video ends, the score is over 500K. People think this is the target price per share! (Berkshire Hathaway stock is over $300K/share so it’s not unheard of!)
Here is that (quick) video:
https://www.youtube.com/watch?v=4EUbJcGoYQ4
There are forces helping this game along. There are too many at play already setting this up for the little guys to succeed. Who? I believe it is ultimately God helping some others (I’ll leave you to figure that out or ask me if you really want to know what I think) help the little guys get retribution on the brokers who have screwed the little guys for decades. The company that the hedge funds bet would go bankrupt now has all sorts of rumors swirling about how they are making a huge comeback.
Soooo, this is now dated. A LOT has happened in 2 weeks. The short didn't happen on the witching day (because there is so much illegal crap going on!) But I am still bullish on this stock and the potential for it to blow sky-high. Almost all of us who joined in the past 2 weeks are now under water but everyone is holding, not overly worried, and just waiting for the shorts to have to be covered. So much is off the books that we retail investors have no insight into when the short squeeze will happen.
There is also a Twitter account I watch (DFV's Twitter) - TheRoaringKitty. His videos let us know that he is still all in and watching the hedge funds antics. They also have a lot of entertainment value.
I watch the Reddit board daily to monitor analysis and posted articles. Like MSM journalism, you can't trust the financial journalists. The Redditors have learned that lesson!
And yes, I bought some Gamestock shares. The first stock I ever bought on my own! No way in hell I'm missing this fun! I will stick it to the hedgies who caused all of us so much misery here in FL (and in the world) in 2008!!
Another benefit of this? I have finally learned more about the stock market! It's crooked as hell but these hijinks should force some transparency back in.
Here is part of it. I started by telling them I thought it was as close to a sure thing as we would ever see in our lifetime. And then included instructions for how to set up a Robinhood account so they could trade immediately. The following is the meat of what I said (and had researched.)
So here’s the back story. On Reddit (once upon a time was a free speech message forum), in 2019(?) a sub-reddit (forum) was started called WallStreetBets. Curiously, the character representing the WallStreetBets sub-reddit looks like a young Donald Trump. (Look it up!) From what I understand, a user called DeepFuckingValue started explaining that GameStop stock was going to basically be a sure thing down the road because the hedge funds had shorted the stock way beyond the amount of retail shares available. He has since testified before Congress that he still believes in Gamestop (after a big event with that stock and the stock market in January) and doubled-down on buying more stock at $40/share. He is potentially sitting on 500K shares of GameStop if he converts some options to shares.
I became aware of the Gamestop short in January and even posted about it on Facebook. But I was too chicken to jump in – I’ve never bought any stock on my own – just let <husband> and or the money managers buy it for our IRAs and 401Ks. And I know how rigged the stock market can be. And sure enough, some hijinks happened with the Gamestop (GME) stock in January. People couldn’t sell when the stock soared, were limited to buying one share with Robinhood, and the hedge funds won that round. Since then the stock has risen again from $40 to ~$267 as I type.
So the retail investors are betting that they can beat the hedge funds this Friday. It’s called a witching day which happens 4 times a year, where basically the trading companies have to tidy up their books to show that they’re not playing any games. (Of course they game the system because the SEC does NOTHING!) So they have to have all the stock that they have borrowed in hand by Friday. That means that they have to buy it from the retail investors. Now, a lot of those investors are pissed about what happened in 2008, what happened to them in January, and they have learned that they need to hold until the end. Because the hedge funds have shorted the stock so badly that they have to buy every single share that the retail investors own by Friday. If we don’t sell, the price will soar as they frantically try to buy. This is called a short squeeze.
Here is a Twitter thread that explains it better than I can.
https://twitter.com/TheHoustonWade/status/1367743123279867909?s=20
If you go back and search for articles on Gamestop, you’ll see the typical financial reporting, blaming WallStreetBets for ganging up on Wall Street (ha ha ha ha!) in January to cause the crash. There have been Congressional hearings on this and the January hijinks and surprise! they did nothing about the obvious market manipulation.
Here is a really good video made in January explaining more about what is happening and he explains shorts in video form (warning – lots of language!):
https://www.youtube.com/watch?v=4EUbJcGoYQ4
So, given that the stock market is so corrupt, why should you buy shares? Why do I think there is a chance that it will work out this time?
The ex-CEO of Chewy.com (Ryan Cohen) joined the Gamestop board to help save the company. He brought in old Chewy board members to help. A couple weeks ago he cryptically posted to social media a frog and ice cream cone symbol. No explanation. This week, the Twitter account for the guy who is the Reddit user DeepFuckingValue, posted a video of Mario World where Mario is a frog and he gets an ice cream cone. When the video ends, the score is over 500K. People think this is the target price per share! (Berkshire Hathaway stock is over $300K/share so it’s not unheard of!)
Here is that (quick) video:
https://www.youtube.com/watch?v=4EUbJcGoYQ4
There are forces helping this game along. There are too many at play already setting this up for the little guys to succeed. Who? I believe it is ultimately God helping some others (I’ll leave you to figure that out or ask me if you really want to know what I think) help the little guys get retribution on the brokers who have screwed the little guys for decades. The company that the hedge funds bet would go bankrupt now has all sorts of rumors swirling about how they are making a huge comeback.
Soooo, this is now dated. A LOT has happened in 2 weeks. The short didn't happen on the witching day (because there is so much illegal crap going on!) But I am still bullish on this stock and the potential for it to blow sky-high. Almost all of us who joined in the past 2 weeks are now under water but everyone is holding, not overly worried, and just waiting for the shorts to have to be covered. So much is off the books that we retail investors have no insight into when the short squeeze will happen.
There is also a Twitter account I watch (DFV's Twitter) - TheRoaringKitty. His videos let us know that he is still all in and watching the hedge funds antics. They also have a lot of entertainment value.
I watch the Reddit board daily to monitor analysis and posted articles. Like MSM journalism, you can't trust the financial journalists. The Redditors have learned that lesson!
And yes, I bought some Gamestock shares. The first stock I ever bought on my own! No way in hell I'm missing this fun! I will stick it to the hedgies who caused all of us so much misery here in FL (and in the world) in 2008!!