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GameStop shares are jumping again, but short sellers aren’t backing down


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2021 Jan 26, 6:54am   17,256 views  215 comments

by zzyzzx   ➕follow (8)   💰tip   ignore  

https://www.cnbc.com/2021/01/26/gamestop-shares-are-jumping-again-but-short-sellers-arent-backing-down.html

GameStop’s short interest stands steadily at 139%, unchanged from a week

Interesting read on how a messageboard found a stock shorted at > 100% of the stock, so they decided to collectively buy the stock, hoping to make money off a short squeeze.

IMO, gambling, not investing, but I should add it to my watch list to see what happens.

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177   Cash   2021 Feb 1, 9:32am  

This is how I am seeing it going down, I guess I should say up based on over all-RSI across the time frames and pattern
the bias is strongly to the upside imo. There was a gap that has now been filled so that condition is off the table and the fact it
is Monday traders maybe showing some hesitation this morning. Volume is reducing so is consolidation price should spring
into action to the upside GL on your trades

181   Ceffer   2021 Feb 1, 11:29pm  

Current conspiracy theory hopium: military intelligence was behind this, not a rogue group of reddit pirates. Reddit and Robin Hood were their smoke screen.

Trump's 'plan' according to his EOs and exposure of foreign interference in the election process indicated that Feb 1. would be the beginning of asset seizure of those involved in the election fraud. Speculation was that nervous Globalists are attempting money laundering using Wall Street maneuvers through the hedge funds, and this was a counter measure. This is why the Wall Streeters are nervous as cats. These big deals when successful spin off money to politicians in various fig leaf bribes to 'look the other way'. Janet Yellen's vig was 800K?

Don't ask me if it is true, I haven't a clue, more chatter from the bleachers where the blind lead the blind, and the two blinds lead the gullible.
182   joshuatrio   2021 Feb 2, 6:34am  

Funny, I'm not a gambler, neither is my wife. When I her what was going on with $GME last night, and that I dropped a few bucks on it, her response was: "hold, don't sell."

Millennials and Gen X'ers have seen enough hedge funds and elitists get bailouts, at the expense of the taxpayers. If we can drop a few of the assholes, it's worth it - even if we lose in the process.
183   clambo   2021 Feb 2, 7:14am  

I called up Vanguard Brokerage and while chatting with the broker trading was stopped then started again.

A limit order got through, at $120 limit.

I got some at $113.78

I told the broker about the dot win stock blog in case Reddit kicks them out.

I didn’t know I needed approval to trade on margin, I would have bought more.

I will margin my shitty WFC which I inherited at $54, don’t believe the Buffet hype is the lesson learned.

Addendum: it looks like I made a few bucks on it
oops , no so fast 😨
184   zzyzzx   2021 Feb 2, 7:53am  

$80.5701/sh -$144.4299 (-64.19%)
185   zzyzzx   2021 Feb 2, 8:39am  

$129.98 -$95.02 (-42.23%) As of 11:35AM EST
186   zzyzzx   2021 Feb 2, 12:41pm  

Someone finally did a Hitler Downfall video for this:
Hitler loses billions on short-selling GameStop stock
https://www.youtube.com/watch?v=R8JX005MZeE
187   EBGuy   2021 Feb 2, 3:29pm  

If you sustained any losses, don't feel too bad as deepf***ingvalue is down $13.5 million today.
188   Booger   2021 Feb 2, 3:38pm  

Closed at $90.
189   Patrick   2021 Feb 2, 7:50pm  

Meh, it was fun. I'll hold it for now. Up hugely on the other stocks I own.
191   zzyzzx   2021 Feb 3, 6:10am  

$109.26 +19.26 (21.40%) Before hours: 9:09AM EST
192   clambo   2021 Feb 3, 9:13am  

I just bought 10 more shares, limit order $100/share.

I paid $93.63/share.

I was actually going to buy just 5 more shares; moral=don’t talk on the phone while making a stock trade 😉
194   Booger   2021 Feb 5, 1:51pm  

$63.77/sh +10.27 (+19.2%)
195   EBGuy   2021 Feb 10, 5:44pm  

For completeness... Dude where's my short interest?
196   clambo   2021 Feb 11, 10:00am  

I’m underwater but I only have an unrealized loss of $750.

I’m about $34,000 underwater on WFC which I inherited and held because I believed the Buffet hype.

As soon as WFC gets up to $50 or so, I’m selling it.

“Dompe eeet!” as a French dude says on YouTube.

My friend showed me her Robinhood app and she made a huuuge % gain from Clovis Oncology.

I asked her “What made you buy this?”
“I don’t know.”

I told her next time she gets a good idea please tell me about it. I will pay her a commission, I show gratitude.
197   Cash   2021 Feb 11, 1:51pm  

My data is pointing to the "possibility" of $30/25 mid +/- next week.
Price will have cooled down enough by then and round 2 should be
at the door... On a fast bums rush to that area I would take some test buys...
198   zzyzzx   2021 Feb 19, 11:23am  

$38.78/sh -$1.91 (-4.69%)
199   RC2006   2021 Feb 19, 12:01pm  

Should stop around 15
200   zzyzzx   2021 Apr 9, 11:08am  

$154.8501/sh -15.4099 (-9.05%)
201   stereotomy   2021 Apr 9, 11:42am  

Who wudda thunk? Crowdsourcing as the antidote/antibiotic/nemesis to the hedge fund cabals?

Sounds like Robinhood and the SEC are now doing to small investors what the plutocrats and the Business Roundtable did to the the largest middle class in the history of the world (US 1950-1975) 30 years ago: initiate a war of annihilation against them.

After all, what segment of society has consistently led/supported any major successful revolution in the past 300 odd years? You guessed it: the middle class.

This is all about threat mitigation by the plutocrats.

The Romans said it best, though even they hadn't invented it: divide et impera
202   zzyzzx   2021 Apr 13, 6:37am  

$138.4484/sh -2.6416 (-1.87%)
203   clambo   2021 Apr 13, 7:20am  

I’m now above water, I got a few more shares so my average cost per share is about $134.

I’m going to hold this thing to either $400 or ride it down to Davey Jones’ Locker.
204   clambo   2021 Apr 14, 3:19am  

I just saw elsewhere that GameStop wants to pay a dividend; the shorts are on the hook to pay it out, they keep getting fucked, this is fun.
205   zzyzzx   2021 Apr 14, 4:22am  

clambo says
I just saw elsewhere that GameStop wants to pay a dividend; the shorts are on the hook to pay it out, they keep getting fucked, this is fun.


Seems reasonable given their history of dividends:

https://news.gamestop.com/news-releases/news-release-details/gamestop-declares-quarterly-cash-dividend-announces-intent

https://www.nasdaq.com/market-activity/stocks/gme/dividend-history
206   Patrick   2021 Apr 14, 5:51pm  

I love this.

I don't see how the shorts have to pay the dividend directly but a dividend would certainly harm the shorts by driving up the price of the stock.
207   clambo   2021 Apr 14, 6:36pm  

The shorts owe the dividends for the GME shares they borrowed to the broker who lent the shares to them.

This could be a clever way for guys like Cohen to really put the screws to the shorts.

The shorts are going to have to find a lot of money somewhere in due time.
208   Patrick   2021 Apr 14, 8:02pm  

clambo says
The shorts owe the dividends for the GME shares they borrowed to the broker who lent the shares to them.


Wow, I didn't know this:

If a stock in which you currently have a short position pays a dividend, you are responsible for the dividend on the shares you have borrowed. When the dividend is due, your broker will withdraw cash from your brokerage account equal to the amount of the dividend paid on the shorted shares. The broker then pays the money to the owner of the shares. You should check when a stock typically pays dividends before shorting the shares. You do not want to get surprised by having a dividend payment taken from the cash value of your brokerage account.


https://pocketsense.com/dividends-work-short-positions-7597.html

I still don't quite get it though. The company itself pays a dividend to shareholders out of earnings. So maybe the person holding the borrowed shares (the shorter) gets that dividend from the company, but then has to turn it over to the owner of the shares.
209   EBGuy   2021 Apr 15, 4:35pm  

Patrick says
So maybe the person holding the borrowed shares (the shorter) gets that dividend from the company

I don't think so, as the first thing a "short" does is sells the borrowed shares on the open market. Whoever buys those borrowed shares is entitled to the dividend. The short seller doesn't own the stock again until they "buy to cover" (and give those shares immediately back to the original owner).
210   Patrick   2021 Apr 15, 4:58pm  

Ah! Now I get it.

Thanks @EBGuy

The key is the the shorted shares are out there God knows where, and the person who bought them from the shorter is the one getting the actual dividend payment from the company.

So the shorter is liable to pay that dividend to the person he borrowed the shares from.

That's also kinda interesting because the dividend is being paid out twice in the case of shorted stock. First from the company to whoever bought the shares from the shorter. But then the shorter himself has to pay it to the guy he borrowed the shares from.
211   EBGuy   2021 Apr 15, 5:01pm  

Patrick says
That's also kinda interesting because the dividend is being paid out twice in the case of shorted stock.

Yeah, that's something I didn't realize until we had this discussion. It's a "short dividend stimulus" in the overall market.
212   zzyzzx   2021 Jun 23, 5:33am  



https://dailycaller.com/2021/06/22/hedge-fund-white-square-capital-gamestop-meme-stock/

A London-based hedge fund that bet against GameStop during the first “meme stock” rally in January is shutting down after facing double-digit percentage losses, the Financial Times first reported Tuesday.

White Square Capital said in a recent letter to investors it would shut down its main fund and return capital following a review of its business model, according to people familiar with the matter. The hedge fund had managed about $440 million in assets during its peak but suffered huge losses betting against GameStop early this year, the Financial Times reported.

Small-time retail investors, coordinating their actions on online forums such as r/WallStreetBets in January, drove up the price of so-called “meme stocks,” including GameStop and AMC Entertainment. GameStop surged from less than $20 at the start of the year to more than $480 at its peak.

Hedge funds caught in the short squeeze, including Melvin Capital and Light Street Capital, incurred substantial losses. Melvin Capital, the largest fund that bet against GameStop, saw more than half of its $12.5 billion portfolio wiped away in January.
213   HeadSet   2021 Jun 23, 8:37am  

zzyzzx says
White Square Capital said in a recent letter to investors it would shut down its main fund and return capital

I presume that this "return of capital" to investors will be a fraction of what those investors put in.
214   zzyzzx   2023 Sep 28, 8:21am  

https://finance.yahoo.com/news/ryan-cohen-named-gamestop-ceo-123317063.html

(((Ryan Cohen))) named GameStop CEO

Every single time!!!

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