GME - Gamestop Stock up $70 today to 148

[GutterBoy 2,277]

I bought some SLV last week on the reddit rumors, up 10% today.  CHA CHING.  I'll fock around with that since it's actually silver and not some nerd store that it going out of business.

[Mike Honcho 4,007]

2 minutes ago, kilroy69 said:

The dump is on

I thought so last week, but it seemed that was cause Robinhood shut people out.  Doesn't matter, I wasn't able to get the put-options. 

[kilroy69 993]

down 87 bucks so far and it has a long way to go 

 

[kilroy69 993]

Down 111 now 

[KSB2424 3,082]

 

 

[GutterBoy 2,277]

Party is over.  I Hope no one here got stuck with shares.

I'm glad I sold my SLV yesterday as that looks to be sh!t today too.

[kilroy69 993]

down 97 in premarket trading 

[GutterBoy 2,277]

Reddit is still claiming that they are holding strong.  It could just be a shake out of other shareholders that are taking profits, but the short interest is dropped so I don;t know how they get another huge run.  Target was $1000.  Doesn't look like it's gonna happen.  But even if it gets that high, it's gonna crash back down to $5 anyway.

This is certainly fun to watch.

[edjr 5,546]

13 minutes ago, GutterBoy said:

Reddit is still claiming that they are holding strong.  It could just be a shake out of other shareholders that are taking profits, but the short interest is dropped so I don;t know how they get another huge run.  Target was $1000.  Doesn't look like it's gonna happen.  But even if it gets that high, it's gonna crash back down to $5 anyway.

This is certainly fun to watch.

I spent like an hour last night reading reddit nitwits saying they lost 50k, 100k and they are still holding. idiots

[nobody 2,031]

In the end, the people with the most money are going to win.  That's not going to be some reddit chat group.  I'm sure these hedge funds were like, ""yep we lost 50 billion.  Let's just get another 50 billion out of our couch cushions and reestablish short positions at these ridiculous levels."

[kilroy69 993]

1 hour ago, nobody said:

In the end, the people with the most money are going to win.  That not going to be some reddit chat group.  I'm sure these hedge funds were like, ""yep we lost 50 billion.  Let's just get another 50 billion out of our couch cushions and reestablish short positions at these ridiculous levels."

This is what I have been saying all along. 

[Mike Honcho 4,007]

10 hours ago, edjr said:

I spent like an hour last night reading reddit nitwits saying they lost 50k, 100k and they are still holding. idiots

I read an article on CNN last week about the redditers and how their strategies. These people encourage each other to basically go big or go home, invest life savings on OPTIONS. If they bought calls thinking that GME was going up, that money is gone. 

Here's the article, some pretty crazy stories.

Inside the Reddit army that's crushing Wall Street

[tubby_mcgee 686]

Yesterday, some hot shot predicted Gamestop to go to $1,000

https://www.foxbusiness.com/markets/investment-exec-forecasts-gamestop-topping-1k-per-share

[nobody 2,031]

I guess if you're a hedge fund, you establish a small short position in one of these stocks the robin hooders love.  Then you dangle it in front of these wsb guys and let them pump it up.  Then you bring in the extra 10 billion in money you've been holding in reserve and crush them.

[nobody 2,031]

GME trying to put up a fight today.  I guess the Robinhooders got their paychecks.

[lod001 1,235]

On 2/2/2021 at 7:52 PM, tubby_mcgee said:

Yesterday, some hot shot predicted Gamestop to go to $1,000

https://www.foxbusiness.com/markets/investment-exec-forecasts-gamestop-topping-1k-per-share

That's the type of hammerhead you don't let near your $.

[JustinCharge 2,397]

GME opened today at $44.70  GME doubled today and is back up to $91.  After hours, GME rocketed back up to $168.  AMC opened today at $7.  AMC back up to $9.  Up to $11 in after hours.  I still have 10 shares of AMC at $15.66. 

[Frozenbeernuts 1,652]

8 hours ago, JustinCharge said:

GME opened today at $44.70  GME doubled today and is back up to $91.  After hours, GME rocketed back up to $168.  AMC opened today at $7.  AMC back up to $9.  Up to $11 in after hours.  I still have 10 shares of AMC at $15.66. 

I will admit to getting burned on amc. My buddy, who is usually pretty spot on, was convinced it was going to rocket. I bought it above $16 only to see the bottom fall out immediately. I am slowly selling as the price goes up. If I come out with a loss of less than $1k I will be happy

[edjr 5,546]

All those crazy focks that held onto GME. Good for them

[JustinCharge 2,397]

3 hours ago, Frozenbeernuts said:

I will admit to getting burned on amc. My buddy, who is usually pretty spot on, was convinced it was going to rocket. I bought it above $16 only to see the bottom fall out immediately. I am slowly selling as the price goes up. If I come out with a loss of less than $1k I will be happy

I'm holding.  I just bought a few shares.  Won't change my life either way.  Just for giggles.

[Frozenbeernuts 1,652]

3 hours ago, JustinCharge said:

I'm holding.  I just bought a few shares.  Won't change my life either way.  Just for giggles.

It won't change my life, but I was down $3500 on the stock at one point. That hurt considering I had done a good job up until that point

[edjr 5,546]

my stonks are down 6k this week

[Hardcore troubadour 12,576]

1 minute ago, edjr said:

my stonks are down 6k this week

 Biden 

[edjr 5,546]

4 minutes ago, Hardcore troubadour said:

 Biden 

[usurpers26 26]

11 hours ago, Frozenbeernuts said:

I will admit to getting burned on amc. My buddy, who is usually pretty spot on, was convinced it was going to rocket. I bought it above $16 only to see the bottom fall out immediately. I am slowly selling as the price goes up. If I come out with a loss of less than $1k I will be happy

Don't sell the shares...if you have 100+ shares, just start selling covered calls on them and lower your cost basis.  

[Frozenbeernuts 1,652]

16 minutes ago, usurpers26 said:

Don't sell the shares...if you have 100+ shares, just start selling covered calls on them and lower your cost basis.  

I dont know what this means or how to do this. I had 300 shares. I have sold 200 total. Im holding the rest to see if I can get close to even 

[usurpers26 26]

1 minute ago, Frozenbeernuts said:

I dont know what this means or how to do this. I had 300 shares. I have sold 200 total. Im holding the rest to see if I can get close to even 

Trading options (in your case it would be selling CCs) is relatively straightforward once you get over the initial learning curve.  Check out youtube for "selling covered calls basics" etc. there's a lot of good info on there.  There's a guy "in the money" who does a very nice job explaining the basics.

Option contracts are in lots of 100 shares.  So, super quick.  Your current cost basis is $16.  If you SELL a covered call at a "strike price" - this means whomever buys that contract from you has the right to BUY those 100 shares at the "strike" if the underlying stock is trading at or above the strike price by the expiration date. 

So there's four basics here, type of option (calls/puts), strike price, expiration date and premium.  Put it to work...

You SELL a CC on AMC at a $16 strike price.  Let's say the premium for this contract, expiring April 1st is $0.80 (premiums go up and down just like a stock).  Since options are always in lots of 100.  Your premium is $80 - this is yours to keep, no matter what as long as you hold this contract to expiration (you can close the contract early but lets keep it basic).

Two things can happen:
1 - On April 1st, AMC is trading > $16 (your strike price) - the 100 shares of AMC you own get called away and you are paid the strike price for them ($16/sh = $1600).  You "made" money, cause don't forget about that premium.  Total = $1680
2 - On April 1st, AMC is trading < $16 (your strike price) - you KEEP your 100 shares of AMC and the premium of $80.

Now you just lowered your cost basis to $15.20 a share.  Rinse and repeat until you shares get called away or you lower your cost basis enough to where you want to hold them (you can still write CCs even if you are long on a stock - just push out your premium to a price you would be genuinely happy to sell at, etc.).

[Hardcore troubadour 12,576]

Predicting a stimulus bounce, there has to be, then a market dive when that dries up. I base this purely on the fact that Joe Biden is a loser, always has been, and gets most things wrong. It’s who he is. 

[TimHauck 1,790]

21 hours ago, JustinCharge said:

GME opened today at $44.70  GME doubled today and is back up to $91.  After hours, GME rocketed back up to $168.  AMC opened today at $7.  AMC back up to $9.  Up to $11 in after hours.  I still have 10 shares of AMC at $15.66. 

Why is GME still a thing?  Didn’t all the hedge funds get out of their positions?

[JustinCharge 2,397]

Sounds like you guys are a couple of bookies.

[JustinCharge 2,397]

1 hour ago, TimHauck said:

Why is GME still a thing?  Didn’t all the hedge funds get out of their positions?

Once a stock becomes extremely volatile, it can stay that way for a long long time.  Also, by restricting trading in GME, it created demand that likely will show up in the future. 

That's fundamental free market theory:  When you have a free market, and you artificially restrict access, you actually create bonus artificial demand and prices can end up far higher than where they would have gone had no intervention taken place. 

Because they restricted access to GME and AMC, free market theory states that they will set a new all-time high later this year that would never have been touched had they not restricted trading.  So, I'm holding.

[JustinCharge 2,397]

what free market? no such thing!

https://www.yahoo.com/finance/news/u-sec-suspends-trading-15-202238680.html

U.S. SEC suspends trading in 15 securities due to 'questionable' social media activity

Fri, February 26, 2021, 12:24 PM

WASHINGTON (Reuters) - The U.S. securities regulator on Friday suspended trading in the securities of 15 companies because of "questionable trading and social media activity," the latest in a string of temporary trading halts amid volatile trading in so-called "meme stocks."

The Securities and Exchange Commission acted because none of the companies have filed any information with the regulator for over a year, it said in a statement. This is the regulator's third and largest wave of suspensions in response to social media activity.

[bandrus1 413]

Just now, JustinCharge said:

what free market? no such thing!

https://www.yahoo.com/finance/news/u-sec-suspends-trading-15-202238680.html

U.S. SEC suspends trading in 15 securities due to 'questionable' social media activity

Fri, February 26, 2021, 12:24 PM

WASHINGTON (Reuters) - The U.S. securities regulator on Friday suspended trading in the securities of 15 companies because of "questionable trading and social media activity," the latest in a string of temporary trading halts amid volatile trading in so-called "meme stocks."

The Securities and Exchange Commission acted because none of the companies have filed any information with the regulator for over a year, it said in a statement. This is the regulator's third and largest wave of suspensions in response to social media activity.

I really cant help but think these are foreign entities just begging for us to do things like this and shut down trading and erode any credibility there may be 

 

The whole thing stinks

[nobody 2,031]

What the hell?  Questionable social media activity?  So analysts can set price targets.  Short sellers can go on CNBC and dump on a stock and be completely full of shìt.  Ackman can go on CNBC at the start of the pandemic and say all of our children are going to die, and then we find out he makes 20 Billion off the sell-off, but as soon as the average joe starts getting involved, SEC starts doing it's job.

[JustinCharge 2,397]

19 hours ago, nobody said:

What the hell?  Questionable social media activity?  So analysts can set price targets.  Short sellers can go on CNBC and dump on a stock and be completely full of shìt.  Ackman can go on CNBC at the start of the pandemic and say all of our children are going to die, and then we find out he makes 20 Billion off the sell-off, but as soon as the average joe starts getting involved, SEC starts doing it's job.

Absolutely. 

[JustinCharge 2,397]

GME heading to fresh recent highs.

[Mike Isles 583]

$237

son bought 5 shares in the $90 range. What do you suggest. Also just for fun. Not life changing either way. 
 

[lod001 1,235]

28 minutes ago, Mike Isles said:

$237

son bought 5 shares in the $90 range. What do you suggest. Also just for fun. Not life changing either way. 
 

Sell 2 keep 3. All profit from there. 

[Utilit99 4,099]

1 minute ago, lod001 said:

Sell 2 keep 3. All profit from there. 

Agree. Definitely don't teach the kid to keep riding it out and then have lost it all. 

[edjr 5,546]

I bought a bunch of CCIV at 17 a month or so back. it went to 65, I sold enough to get all my money back and letting the rest ride. Went all the way down to 20, but it's break even no matter what