Originally Posted by Peter Gibbons:
I am down a bit over $200K today (driven largely by one stock where I have a “mandatory” high concentration). Did I win? Is winning the right word here?
I forgot to include my stock options. With those included the daily loss is around $350k. I am an optimist and this just means I will have some nice gains in the future as the stock (eventually) rebounds. [Reply]
Looks like AAPL totes crushed all sales records. Hope it skyrockets overnight.
This GME AMC BBBY crap might crash the market. Traditional investors seem to be freaking out. But if I had any of those stocks I’d just set a sell at 4x or something and be happy with that
Really this is like a pyramid scheme. People are going to get hosed. If you buy a short and the stock goes up the amount of your purchase, the broker puts a call on you to either sell it back (at 100 percent loss to you) or add more money to cover it. [Reply]
I would HOPE that the rest of the market would be relatively fine. It's not like short selling is the norm. But who knows. When you've got a bunch of coordinated, angsty people who are out to prove a point rather than make good financial decisions, weird shit happens. [Reply]
I was going to sell a put option on GME today and Schwab wouldn't let me do it. The message said my account was not set up for that type of trade. My broker called and talked to them and had a different excuse. They're not supposed to do it but they just refused to let me make the trade. Basically kept me from making $10,000.00. [Reply]
Originally Posted by DaFace:
I would HOPE that the rest of the market would be relatively fine. It's not like short selling is the norm. But who knows. When you've got a bunch of coordinated, angsty people who are out to prove a point rather than make good financial decisions, weird shit happens.
But is it that different than hedge funds shorting the hell out of a stock to deliberately try to choke the life out of a company?
Originally Posted by philfree:
I was going to sell a put option on GME today and Schwab wouldn't let me do it. The message said my account was not set up for that type of trade. My broker called and talked to them and had a different excuse. They're not supposed to do it but they just refused to let me make the trade. Basically kept me from making $10,000.00.
TD Ameritrade said it was restricting trading for GameStop, AMC and others amid a triple-digit percentage surge in the value of those companies in recent days.
Originally Posted by suzzer99:
But is it that different than hedge funds shorting the hell out of a stock to deliberately try to choke the life out of a company?
Some good stuff here from Chamath.
Well, it's certainly DIFFERENT. That doesn't make it any better or worse, though, which I think is your point.
My concern is mainly that, while it's funny in a way to see big hedge funds get slapped I guess, the people who are currently "investing" in GME don't have any real reason for doing so. Yes, the shorts having to sell is pushing the price higher right now, but very soon the bottom will inevitably drop out, and people are going to lose a ton of money. And the losers aren't going to be hedge fund owners - they'll be all of the people who got caught up in the hysteria on WSB.
In the end, it's a lose-lose situation for all except the handful who manage to get lucky and time it perfectly. [Reply]
Originally Posted by philfree:
I was going to sell a put option on GME today and Schwab wouldn't let me do it. The message said my account was not set up for that type of trade. My broker called and talked to them and had a different excuse. They're not supposed to do it but they just refused to let me make the trade. Basically kept me from making $10,000.00.
Sell a put on Gamestop?
Schwab did you a favor there assuming you are approved for Tier 2 options trading. [Reply]
Originally Posted by DaFace:
I would HOPE that the rest of the market would be relatively fine. It's not like short selling is the norm. But who knows. When you've got a bunch of coordinated, angsty people who are out to prove a point rather than make good financial decisions, weird shit happens.
At the moment the short side of the GME trade are liquidating all their long positions, that is what is pushing the market down overall even though Apple and other companies have had strong earnings.
Hopefully for us normies it doesn't go too much further. [Reply]
Originally Posted by Discuss Thrower: Sell a put on Gamestop?
Schwab did you a favor there assuming you are approved for Tier 2 options trading.
I have an account setup for level 3 and I use a service to give me the trades to make. There's always risk but so far I've hit on 100% of these trades and never had to buy the stock. For the Game Stop trade the strike price was.....$10.00 so the stock would have had to go down 97% for me to have to buy the stock. [Reply]
Originally Posted by DaFace:
Well, it's certainly DIFFERENT. That doesn't make it any better or worse, though, which I think is your point.
My concern is mainly that, while it's funny in a way to see big hedge funds get slapped I guess, the people who are currently "investing" in GME don't have any real reason for doing so. Yes, the shorts having to sell is pushing the price higher right now, but very soon the bottom will inevitably drop out, and people are going to lose a ton of money. And the losers aren't going to be hedge fund owners - they'll be all of the people who got caught up in the hysteria on WSB.
In the end, it's a lose-lose situation for all except the handful who manage to get lucky and time it perfectly.