Down goes the Dow

VS-SJW-IR-TS idiot wrote:

VS-SJW-IR-TS idiot wrote:...77 two days ago to 285 in pre-market trading today...

Make that 344...! Cowabunga, dude!

Now at 231. Holy volatility, batman!

This is a decent replacement for competitive sports!

Sustainable? Sure, why not. People have been waiting for over a decade for TSLA to stabilize and come back to reality and look at how that's turned out. One of the new, highly celebrated new board member's of GameStop is Ryan Cohen, the CEO of Chewy. That company sells dog food online - it's literally Pets.com 2.0. But it has a market cap of like $45 billion. GameStop is currently at $10 billion and the narrative that it's not a retail company, but an e-commerce one, has already started to form.

I say this because I think it's important to note that some things have irrational human psychological strength. Tesla is hilariously overvalued and aside from battery range the car is an absolute piece of sh!t. But some people will kill you before they buy anything else. That sort of loyalty can go far in this market where money is essentially free.

Dr. Racket wrote:Sustainable? Sure, why not...

Great, it's a bet! $77/share on 31 December decides which of us extends the other their dignity.

VS-SJW-IR-TS idiot wrote:

Dr. Racket wrote:Sustainable? Sure, why not...

Great, it's a bet! $77/share on 31 December decides which of us extends the other their dignity.

I'll take this bet because I'm bored and have nothing better to do, but I'm emphasizing the fact that things like this can happen because of the market conditions. I'm not actually bullish on GameStop - it's a fvcking brick and mortar retail store selling low margin video games and funko pop toys.

But yes, I think it can easily stay above $77/share by end of year. I also reserve the right to cancel the bet in the event of highly damaging market-wide external forces, like a meteor hitting Earth or another pandemic.

I don't see how GME stays over $50 once the Reddit/Robinhood crowd moves on to the next hot tip. Heck, I don't see how it stays over $77 today.

I must admit, I'm enjoying following the Robinhood group on Facebook. It's dumb and dumber meets the stock market. Great for a few laughs.

Dr. Racket wrote:I also reserve the right to cancel the bet in the event of highly damaging market-wide external forces, like a meteor hitting Earth or another pandemic.

Is that a millenial thing to do?

As a guy with one foot nearly Boomer and the other foot ankle deep in gen-X, I was raised to call that being a chicken... :-)

For a guy who sometimes criticizes my forecasts as being too vague, you're sure reluctant to offer one yourself...

VS-SJW-IR-TS idiot wrote:

Dr. Racket wrote:I also reserve the right to cancel the bet in the event of highly damaging market-wide external forces, like a meteor hitting Earth or another pandemic.

Is that a millenial thing to do?

As a guy with one foot nearly Boomer and the other foot ankle deep in gen-X, I was raised to call that being a chicken... :-)

For a guy who sometimes criticizes my forecasts as being too vague, you're sure reluctant to offer one yourself...

We Millennials are more cautious bunch than the boomers who caused at least two recessions (one of which was the greatest financial crisis since the Great Depression) and launched a multi-trillion dollar highly destabilizing war in the desert so Halliburton could setup shop.

Dr. Racket wrote:We Millennials are more cautious bunch ...

Hahaha ha! This whole discussion has revolved around clear evidence to the contrary. Such a kidder... :-D

Igy, is this what you meant by getting “owned”?

?

Market is tanking right now but GME up to $247 premarket after closing at $148

How does it work if I want to short Gamestop?

Is there a strike price and a date, and I have to sell the contract or close on that date myself?

Swaglord_the_real_one_1_one_1 wrote:

How does it work if I want to short Gamestop?

Is there a strike price and a date, and I have to sell the contract or close on that date myself?

if you want to straight up short GME you would ask your broker if she could get a borrow for you.

She would probably laugh and say 'no chance friend can I interest you in a growth fund?'

But if she could get a borrow for you, then you'd borrow the shares and then sell them. The cost would be very very very high. double digits as a percentage, I suspect.

I'd be v. surprised if people can get borrows on that stock...it's a small cap after all. Well it was. Not that many shares outstanding.

You seem to be thinking of using options - I'll leave that to people smarter than me.

GME up 116% to $320

the agony of the short sellers is hard to comprehend.

savage.

Here's GME daily trading volume over time, in dollars per day:

https://ibb.co/hWvb7L3

The past few years, and average of $50M has changed hands daily, compared with $26B yesterday. That's a sizable percentage of the total daily trade volume in the US markets (something like 15-20% average daily volume).

Dr. Racket, do you still think this is sustainable? Here, I'm looking for you to use some critical math thinking skills.

I should admit there are some simplifying assumptions skewing the recent $USD volume values, since I've just taken daily volume and multiplied by daily closing price. On a day when price grew ~ 100%, the average traded price would be considerably lower than at the close. Still, from an order of magnitude perspective, the meaning is the same; a distinction without a difference.

You could buy puts or sell calls but premiums are so high due to volatility that it isn't worth it.

BTC 29,600

down 30% from its highs

things are poppin.

buy if it gets 40% down?