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Pure insanity with Game Stop right now.

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dscher

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Pure insanity with Game Stop right now.

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Alot of buying to cover still going on. Agree, pure insanity. The percentage of float short was insane. 136% or something like that...short squeeze on steroids.
 

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the fact that gamestop went up was preposterous on its own. they are on their last legs.
 

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I know this is not market per se. I see Options Trading, many people make money just on the premiums they receive alone. Anyone her trade options and can advise TD Ameritrade versus E trade which are supposed to have good education programs.
 
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I know this is not market per se. I see Options Trading, many people make money just on the premiums they receive alone. Anyone her trade options and can advise TD Ameritrade versus E trade which are supposed to have good education programs.

Many more people lose money trading options. They can be used as hedges, but also used to take on insane amounts of risk. You can make money on the premiums by writing calls and puts, but if the options are exercised, you are obligated to buy or sell the underlying security at the contract price. There is always somebody on the opposite side of the option contract betting against you and only one investor can be right.
 
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dscher

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There is always somebody on the opposite side of the option contract betting against you and only one investor can be right.
This is a main reason I don't like options. The experienced opposite side of the trade will usually be large firms and market makers that know exactly what they are doing as a hedge which allows them the upper hand. Options trading is extremely difficult in general. But, just like anything in life, if you are passionate about learning the business, you can be successful over time with good risk management.
 

Russ Smith

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Pure insanity with Game Stop right now.

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Then it went up 92% today and is up 50% more after hours. It went from 78.56 when you posted that to over 222 after hours.

You could have tripled money in 2 days, all apparently because of a huge short squeeze because it's not related to anything good about GME.
 
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Then it went up 92% today and is up 50% more after hours. It went from 78.56 when you posted that to over 222 after hours.

You could have tripled money in 2 days, all apparently because of a huge short squeeze because it's not related to anything good about GME.

We just liquidated a client who was short 60K shares. He lost nearly 9 million in a few months. He could no longer meet the margin calls. He owes over half a million too. Crazy!
 

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Then it went up 92% today and is up 50% more after hours. It went from 78.56 when you posted that to over 222 after hours.

You could have tripled money in 2 days, all apparently because of a huge short squeeze because it's not related to anything good about GME.

It's been nuts. I was almost tempted to buy earlier in the day but thought it was already run up too much. Could have still doubled the money. A guy at work bought when the madness started like a week ago and is up over 2400% on one of his calls. He has a couple others at like 400% and 800%. It's nuts. I'd watch out though since it's going to have to come crashing down.

Keep an eye on AMC and EXPR. Been some rumblings about going after the shorters on them too. Both are in similar shape to GME when WSB targeted it.
 

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We just liquidated a client who was short 60K shares. He lost nearly 9 million in a few months. He could no longer meet the margin calls. He owes over half a million too. Crazy!
Holy.....

:shocker:

If things like this aren't a sign of pure market euphoria, I don't know what is... It's manic
 

Devilmaycare

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Is there a brokerage house that you guys recommend? I've been using Vanguard and I'm livid with them right now. They've been down all morning and of course it's on a day that I had a bit over $10k clear into my account. Everything I was planning on buying is up pretty good right now too. I had only been using Vanguard out of lazy convenience. I had an IRA with them so everything had already been set up for the brokerage account.
 

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I use Schwab but I dont use an advisor or anything like that, I just buy and sell through Schwab.
 
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Is there a brokerage house that you guys recommend? I've been using Vanguard and I'm livid with them right now. They've been down all morning and of course it's on a day that I had a bit over $10k clear into my account. Everything I was planning on buying is up pretty good right now too. I had only been using Vanguard out of lazy convenience. I had an IRA with them so everything had already been set up for the brokerage account.

Make sure you call them immediately and inform them of your intention. They should have a system outage policy where they will honor best price within a certain time of your call.
 
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Is there a brokerage house that you guys recommend? I've been using Vanguard and I'm livid with them right now. They've been down all morning and of course it's on a day that I had a bit over $10k clear into my account. Everything I was planning on buying is up pretty good right now too. I had only been using Vanguard out of lazy convenience. I had an IRA with them so everything had already been set up for the brokerage account.

Schwab who acquired TD Ameritrade recently is the market leader. Etrade who was acquired by Morgan Stanley is also another popular online broker. BofA Merrill is a good option if you like the banking tie in. All of these offer free equity trades. I think most everyone does now.
 

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i just bought AMC and put a limit sale at $4 increase as they are doing it to AMC now.
 

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It's a populist financial uprising. Pardon the political take but I see shades of Occupy Wall Street and MAGA in it for sure.
when I heard of it, I figured it was just some robinhood poor investment thing happening with a terrible company to invest in, now I see what really happened. Makes me tempted to follow that reddit channel and play their game with some small buys
 

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Schwab who acquired TD Ameritrade recently is the market leader. Etrade who was acquired by Morgan Stanley is also another popular online broker. BofA Merrill is a good option if you like the banking tie in. All of these offer free equity trades. I think most everyone does now.

Thanks, I have an unfunded TD Ameritrade account already that I had opened to use the thinkorswim app. Might just use it. I hate BofA as a bank so I'd avoid them. How's WellFargo? Asking just because they have an office in the suite next to mine. Although with WFH for the last year I haven't been around it. :)

i just bought AMC and put a limit sale at $4 increase as they are doing it to AMC now.

Keep an eye on EXPR, BB, and NOK too. All might take off in the same way. EXPR and NOK both had little runs so far today. NOK just got halted twice due to it.

when I heard of it, I figured it was just some robinhood poor investment thing happening with a terrible company to invest in, now I see what really happened. Makes me tempted to follow that reddit channel and play their game with some small buys

Careful with WSB right now, might need to wait for WSB2. Because of GME the subred is getting over run by new people and bots trying to pump different stocks. Signal to Noise is really bad right now.
 

Russ Smith

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this gamestop thing is wild


over 325 now. Apparently the guys who drove it up have sold out but it's still going up on momentum from all the short sellers getting squeezed.

Unreal. Could have made 7X in a few days if you were in and held on.
 
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Thanks, I have an unfunded TD Ameritrade account already that I had opened to use the thinkorswim app. Might just use it. I hate BofA as a bank so I'd avoid them. How's WellFargo? Asking just because they have an office in the suite next to mine. Although with WFH for the last year I haven't been around it. :)

Wells hasn't been in the online discount broker space that long. They are lagging badly in that area.
 

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Wells hasn't been in the online discount broker space that long. They are lagging badly in that area.
Yes... I left Wells happily a few years ago and went to Merrill. The don't allow investing/trading for Btc or vix products.. which is shady biz imo. But, nonetheless I stick with them for their package deal with the banking side.
 

Devilmaycare

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over 325 now. Apparently the guys who drove it up have sold out but it's still going up on momentum from all the short sellers getting squeezed.

Unreal. Could have made 7X in a few days if you were in and held on.

Yeah, it's nuts. I didn't realize what was happening last week either. My thinking was $30 for GameStop, way over priced they're a dead company. $80 for it now, it can't go higher than that. $150 you'd have to be crazy to buy now. $320 ok, this madness has to be near the end, right? right? lol

Meanwhile a guy I work with just got himself completely out of debt and is starting to get house down payment money. I'm super happy for him but really kicking myself.
 

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