Is the stock market going to tank?

[Micol]

thanks! bam out

[CovertM]

Yo Lee!
Thoughts on today? Shady shit go down for sure or just the way the game works?

The idea that the most "skullfucked" shorts were able to get out today seems reasonable. Now its just less detrimental shorts slowly unwinding their positions.

I may be overreacting, but I see legislative action and reform that does not benefit the retail investor coming down the pipe.

and most importantly, still holding?

I'm keeping my last 15 shares in my account forever to always remind me of this shit!

[LeeLau]

@CovertM went skiing! and out of cell range so traded volatility today and did better than I could have imagined. Remember I said TGR Forums was the shoeshine boy? Another indicator is the old man yelling at sky syndrome. When you got these kinds of ex post facto listen up here Sonny boomer old white dude posts you know there's still legs in the game.

I see GME hit $570, and is now down below $300. Yee haw!!! Wonder how many small retail investors just screwed themselves. I guess it must have been worth it to stick to the man? IDK, and actually don't really care. Someone will probably right a book about it. "Gamestop. How I became a millionaire in a week, and then lost it all the next day." By Joe Schmuck Internet Day Trader.

ETA now under $200. Damn, that was fast!

I'm back in with a small number of shares in GME. Basically putting it on black that RH gets enough pressure to reinstitute gme buys and that triggers a bump.

My thoughts. When I saw RH and other brokers restrict I thought GME would get annihilated. RH traders can't do premarket and the news hit premarket. I missed the spike to 510 but caught a premarket sell at 440 and dumped half of what I had left. Result - I now had 20% of my initial shares. Went skiing and came back to see the wild ride. GME did better than I expected. Recall that a large chunk of buyers simply disappeared as the casino changed the game mid-stream.

Afterhours action is wild. Remember RH CANNOT trade ah so these are some other natural buyers. I believe that shorts stepped in today. Recall my theory that there is a new crop of short sellers every day. In the last 4 sessions except for today they have been totally annihilated. They have no certainty of borrow. The options trade like ass if you're a buyer (short sellers buy calls to hedge) so its' terribly expensive to hedge. So all the shorts can do is rely on timing. And for the last 4 days EXCEPT TODAY timing has been terrible.

Now if I was short-selling and I saw this kind of intraday action I would smell blood and start skullfucking GME. This is the weakness. You attack weakness and you put it down. But what happened? Price stabilized thru the day. Price actually rose to end of day. That should be your first sign.

A smart short should also check social and boards. Remember I use TGR for its boomer retardation indicator. A the spew about book-value and haha-dumb millennials grows that's a proxy for hedgefund shorting arrogance. Check WSB and they are PISSED. So royally pissed as a collective now that's its personal. Now you're a T-Rex but you've got not just 80,000 chickens coming at you but 5 to 10x these chickens.

So what does a smart counterparty to a shortselling fund (call this EAT_ASS_CITADEL LLC) do ? Remember they smell blood in the water. Now we've got old trapped shorts (Melvin and their remains, whatever new shorts thought they could get in the game. Check Markit. Check Ortex. Bam - short float is still over to Uranus (between 130 - 245% - wild wild numbers so who knows what's real. EAT_ASS_CITADEL LLC checks WSB and sees that the rabble are still out for blood. Many say they're getting new brokers who won't restrict them and switching from RH but it takes 3 days to settle funds. Assuming our merry band of autists get their act together that means on Monday all the people who switch from RH can now resume buying.

But wait. There's more! RH cannot trade ahours. RH now announces after market closes that RH traders can resume "limited" buying tomorrow. So maybe shares but still not options. My theory is EAT_ASS_CITADEL LLC gets in on the action. They start buying. They know RH buyers/WSB, anyone in the world who hates short selling hedge fund assholes (that's a lot of people apparently) will be buying tomorrow.

Imagine the feeling if you're a short; either a new short or an old trapped short or Gabe Plotkin now mopping floors. This isn't even the first wave of renewed buying. This is the stillness of the ocean before a tsunami washes over you either tomorrow cleaning out the option chain. Again! Or the renewed buying next week when a bunch of pissed off WSB autists with new accounts with an axe to grind fueled by the Holy Jihad to hunt comes at you. And you know your friends in the Hamptons (EAT_ASS_CITADEL LLC et al) know you're still trapped and they're going to pile on.

It's going to be very interesting

[gravitylover]

meh, maybe I don't get it. I'll play the $20/share game instead, I don't have the cojones (or the $$) to play with you guys.

[LeeLau]

Yo Lee!
Thoughts on today? Shady shit go down for sure or just the way the game works?

The idea that the most "skullfucked" shorts were able to get out today seems reasonable. Now its just less detrimental shorts slowly unwinding their positions.

I may be overreacting, but I see legislative action and reform that does not benefit the retail investor coming down the pipe.

and most importantly, still holding?

I'm keeping my last 15 shares in my account forever to always remind me of this shit!

Back to volatility. My friend in Australia shared with me news that regulators were thinking of using "market-calming" measures as volatility and attacks on heavily shorted names on the ASX were killing the poor poor hedge funds. I checked GME on Frankfurt and it was mooning. However some of the Euro brokers had followed RH to curtail trading in meme stocks (not just options but the stocks). I feared the worse and unloaded a good chunk of shares at 450.

I;ve got CCs on 200, 320 expiring this week and a small position in 570 exp Feb 19 Before today I was sure I'd lose the 200 and possibly the 320s. I knew volatility and hence IV in calls would be insane today. IB had restricted even accounts owning the underlying from selling calls so I wasn't even sure I could do this. However I tried at market open and ended up selling enough 570C exp Feb 19 for premiums of between 160-180. Which frankly was amazing.

My goal was then to buy back the 200C and 320C as I didn't want to have naked calls. GME went thru something like 4 volatility halts from high 300s to 150. I ended up paying almost half in premiums that I got for selling the 570C to close out the 200C and 320C. I didn't end up closing all the 200C but got half of them as it turns out. So I got insanely lucky and got to convert the short options to cash (excess premiums) and traded lower strike price, lower time value options for higher.

When I got back to cell service I saw GME mooning again. Sold a few at 330. But it now looks like I'll keep more of my shares than I expected which is fine as I see shorts getting crushed next week. And I also don't see volatility dropping so with any luck I'll get to sell for ridiculous premium again. Still more than a bit in awe of how this is working. Such incredible entertainment

[Cono Este]

I’ve not read too much into this GameStop horse shit, but I believe that’s what it is.

There are too many players, too many exchanges, too many derivatives, listed and OtC out there to ever really know what people are doing.

For example. The short interest ratio means absolutely nothing. There could be warrants etc out there and it’s simply a hedge.


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[BobMc]

I’ve not read too much into this GameStop horse shit, but ...

Do you ever think that perhaps when that thought crosses your mind you should stop right there?

[Cono Este]

Do you ever think that perhaps when that thought crosses your mind you should stop right there?

Keep running up the commissions. The street loves you.


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[mcsquared]

I am with Cono. The collateral damage from this nonsense will ruin lives. Take a wide berth. The HF might have a bad quarter or 2. Retail will get fucked.

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[shroom]

lee has it dialed

[jono]

I am with Cono.

Do you ever think that perhaps when that thought crosses your mind you should stop right there?

Bob's not doing so bad, either.

[MakersTeleMark]

Go long, like my dick, then dump your load. One thing I do know is that the intertubes is full of pump me up morans.

#lambo

[LeeLau]

Taibbi brings it as usual

This quote made me think of Toadman

"GameStop has prompted more pearl-clutching than any news story in recent memory. Expert after grave-faced expert has marched on TV to tell Reddit traders that markets are complicated, this isn’t a game, and they wouldn’t be doing this, if they really understood how things work"

https://taibbi.substack.com/p/suck-i..._source=reddit

[mcsquared]

Some bullshit going on. ETrade won't let me execute more than like 3 0dte credit spreads. Levers are getting pulled to prop this shitshow up.

[CovertM]

Lee,

You fucked with any of Chamath's SPAC yet? If this thing plays out like I think it will he may be a White Knight and SoFi may take a large share of ex RH users.

$IPOE is already blowing up.

[Brock Landers]

Annnnd I’m back in. Let’s gooo $AMC

[LeeLau]

Some bullshit going on. ETrade won't let me execute more than like 3 0dte credit spreads. Levers are getting pulled to prop this shitshow up.

How're you playing VIX? I was thinking a strangle. Long calls long puts. Unwind as one side of the trend breaks. Nice vol play on your side btw

[LeeLau]

Lee,

You fucked with any of Chamath's SPAC yet? If this thing plays out like I think it will he may be a White Knight and SoFi may take a large share of ex RH users.

$IPOE is already blowing up.

Haven't looked. I've been looking at where to rotate my GME profits back to boomer dividend yield suitable for wheeling. So far

MSFT
SU
T
XOM
MAC

I've got some Spacs but they're all bought much closer to NAV.

[Brock Landers]

I like abbvie and Tyson foods for dividend growers.

[JimmyCarter]

Closed out gme call for 2200% gain. Holding a handful of shares for shits and giggles, but not nearly enough to be selling options with so will probably just market sell at some random point (maybe I will try to get that 420.69 screenshot)

Fun ride, glad I can get work done instead of staring at the daily pricing for a while.

[mcsquared]

How're you playing VIX? I was thinking a strangle. Long calls long puts. Unwind as one side of the trend breaks. Nice vol play on your side btw

I think the risk is to the upside. VIX is either going to 90+ or 25 from here in the short term. I am long UVXY and I have 13.50 Feb and March calls.

I was doing pretty well selling 0dte spreads on SPX for awhile. But it seems that WSB screwed that up for awhile.

[Mazderati]

Tyson foods

COVID backlash and competition to big chicken don't concern you?

[mcsquared]

COVID backlash and competition to big chicken don't concern you?

Look at you two. Thinking about fundamentals. Ha!

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[mcsquared]

Speaking of which, WTF is going on with IRM? Most boring stock ever and I stopped paying attention to it since it was in my IRA. 5-10% daily moves?

[JimmyCarter]

Digital REITs are still insane for dividend growth, but maybe not quite boomer stock.


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