If GME opens low in the 200s I will look to buy some OTM opt—oh wait, I can’t buy shit because the system is fraudulent. Hell yeah
Robinhood will allow limited buying of restricted securities Friday, GameStop jumps after hours “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,” the company said. https://www.cnbc.com/2021/01/28/rob...rities-friday-gamestop-jumps-after-hours.html
Them losing their ass was the only explanation. You don't light your value prop on fire for anything else.
Guessing this leads to a big price jump early tomorrow morning. Probably your best chance to dump your meme stocks outside of Gamestop
Robinhood Markets, the trading app that’s popular with investors behind some of this month’s wildest stock swings, has drawn down some of its credit lines with banks, according to people with knowledge of the matter, Bloomberg News reports. The firm has tapped at least several hundred million dollars, one of the people said. Lenders include JPMorgan Chase & Co. and Goldman Sachs Group Inc. A representative for Robinhood declined to comment. https://www.bloomberg.com/news/arti...n-credit-lines-from-banks-amid-trading-frenzy
I think they are well sourced when it comes to HFT/market structure. It's when they stray from that area is when they become lunatics
SIAP- this thread is moving faster than I can keep up with- but has Robinhood released any sort of justification as to why they and other brokers stopped the trading of these stocks? I know we all have our own speculations but I am wondering what the company spin was
Maybe I’m just a complete dipshit, but I still don’t understand how Robinhood’s credit line is an acceptable explanation for things unless there was collusion or malfeasance involved. I get the margin calls. I get shutting down margin accounts for GME. I don’t understand any restrictions on cash accounts. I don’t understand restrictions on all of the other stocks.
Also it just so happens that the only stocks they restricted are ones being short squeezed? Stop chugging Wall St's cum Gallant Knight
One thing I read is that it may take some time for the purchases to roll in because the public auction for bandwith that just happenedwas a lot more expensive than expected.
The Qanon Qultists that stormed the capitol created decreased consumer confidence in their other batshit crazy proclamations, subsequently creating a 5G bull run. Hydroxychloriquine and ingestible bleach took a hit.
The argument you will get from short sellers is that it helps incentivize the uncovering of fraudulent companies
If you can place a financial bet on your projected positive projections of a company's stock price, why shouldn't you be able to place a similar bet if you have a negative projection of a company or their stock price? Perhaps there should be limits on the amount of shorting that can go on with respect to a particular stock as Chamath pointed out, but why should it be completely banned?
Yeah, Had Robinhood shut down margin calls for GME I would have actually thought they were helping some people out and protecting themselves to a degree. What they actually did was incredibly disappointing but thankfully brought attention to a serious problem. I am surprised the SEC does have rules in place preventing what RH did.
this isn't aimed at you, but it's hilarious that this is their claim while simultaneously lobbying down the influence of the IRS and SEC at every corner
The stock market isn't really about making a "bet." It's about (supposedly ) investing in companies you think are strong. Shorting is the opposite of investing and the opposite of what the stock market is supposed to be about. Same with more exotic financial instruments to be honest.
Because they literally profit off revealing it. The problem is, its easier to make shit up than actually uncover truth. See Andrew Left.