Investment & Investing

When does the market open so we can watch this shit again?

Damn, I've never given a shit about a share before. I feel dirty

This is my new favourite thread.

1430 GMT

They should wheel out the trader who made the short on national TV so we can all laugh at him (it's definitely a man)

"YEah lets screw over hedgefunds!"

But blackrock are making money here.

he hasn't been buying new positions. he hasn't even been buying shares. he purchased a few call options over the past year; essentially betting on a price increase

I know it’s too late to get in now but where are you (and others) trading? Had a brief look last night and it seems the main US app isn’t available here and most UK sites don’t do US stocks anyway.

It's available on https://www.ii.co.uk/

For anyone who missed @swedeee post a couple of days ago, a nice visualisation of /wsb sentiments

https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment

Oh, we had an II account but closed it because of the heavy fees 🤷‍♂️

Trading 212
Freetrade
Revolut (limited selection)

All will have you buckling up on your rocketship to the moon within 10 minutes

Hah!

I'm in on etoro. Pretty straightforward thing to use, and you can fuck about with leverage, too.

http://www.etoro.com

fidelity ISA for oeics/funds/ETFs (higher fees but good access to these)
T212 ISA for meme stocks (low fees)
degiro for stranger stocks that arent available on t212 like some smaller biotechs etc (also low fees, but no ISA)

I bought within my SIPP on Hargreaves Lansdown. Bought on Monday, sold on Tuesday (in hindsight is was too early, but I was happy with my profit)

Happily watching from the sidelines now.

If you look at his position he's hedged his bets and has two positions.

a) a holding of the stock of 50,000 shares bought at an average of $14.8947. So if he was able to sell off that at the current price he'd get $17mm.

b) a call option on GME for $12 expiring April 16th 2021. So he has bought the option to buy a number of GME shares for $12 up until that date. Whoever sold that call is cursing their luck as they are going to lose the shares they own for just $12/share despite the price being >$300.

If I'm reading the eTrade screen properly then the "500" calls he has are actually 500 blocks of 100 shares.

So he has the right to buy 50,000 GME shares at $12, at any time before April 16th, which he could then sell for >$300 each. Someone who holds 50,000 GME shares has sold this position, so someone is going to lose out on a lot of possible profit from this, but then they may not have expected it, so they may not be worried.

He has to find buyers at >$12 and/or >$14.8947 for him to make more money. Luckily the more the price rises the more the hedge funds will be squeezed into closing their positions and that means buying right now. Even if the price starts to fall he's going to be able to sell as the funds will be using the falling prices to close their positions, he may not make $50mm but he's already made near $14mm and will probably make at least another $10mm more.

So the people who are most likely going to pay for DFV's fleet of lambos and sweet baby-blue fixehs are the funds. That will mildly affect some everyday people as well (as their own pensions/401k's/etc will be affected slightly), but not before it's wiped out a big chunk of the stupid profits and bonuses that these funds often make/pay, which is no bad thing. It also teaches them a lesson that they don't have free reign of the markets as they think they do.

I think the funds are just fucked off that they didn't think of this themselves, it could have been a fund operating the short squeeze on a bunch of other funds, and there would be much less of a story.

So there are three things at play here:-

a) Shorts - This is what most of the big firms are mostly doing - these are untimed but have a borrowing fee (which is now hitting ~25% per annum)
b) Long/holding - What the majority of the WSB lot are doing, buying the actual stock in order to squeeze the shorts
c) Options - This is now how DFV is making another chunk of money.

Pre market trade data has just become available:

https://www.nasdaq.com/market-activity/stocks/gme/pre-market

Was reading through all this last night, mental.

Duncs, happy for me to try and use your referral link here?

must be mighty fustrating covering your huge short with 5 shares here 11 shares there etc.

end of day debrief, how many shares did we cover today mortimer

Heavy fees? I thought they were supposed to be one of the cheapest?

Revolut

That's interesting. So I can lose money on the move now too. Sweet :)

The Citron guy is on Twitter

Duncs, happy for me to try and use your referral link here?

Absolutely, would be much appreciated :)

http://www.trading212.com/invite/FysSdTA8

If only the free share was a backdated GME one

Quarterly iirc that made no sense for passive investing. Active trading might work out.

Cheers. Chess bezzas 4 eva.

I think I'm paying 10 or 20 quid per month for my SIPP.

I don't know if that's good or bad. I opened it few years ago after doing a bit of research so maybe times have changed or maybe I made a wrong decision (how dare you!)