Way pumped that i bailed on GME friday morning, i hope my cousin's buddy who threw everything he had at it at the beginning and was up 220k last tuesday did the same.
Way pumped that i bailed on GME friday morning, i hope my cousin's buddy who threw everything he had at it at the beginning and was up 220k last tuesday did the same.
Interesting that Silver ETFs (SIVR, SLV) were being really pumped yesterday on the TVs and by bots on Reddit. All of yesterdays gains gone and it's on the slide now.
In reply to Patrick (Forum Supporter) :
WAAAAY better to sell too early than too late in situations like this.
Mr_Asa said:classicJackets (FS) said:Back on track, the stock is trading at/above $500 this morning..
Wife has been holding 3 shares she bought at 145 a couple days ago. Set her sell limit for 600.
Excited
She still in?
Robbie (Forum Supporter) said:In reply to Patrick (Forum Supporter) :
WAAAAY better to sell too early than too late in situations like this.
Nobody ever went broke selling at a profit.
EDIT: Another quip from a friend of mine: "I know how to buy low, it is the selling high part I always mess up on"
Steve_Jones said:Mr_Asa said:classicJackets (FS) said:Back on track, the stock is trading at/above $500 this morning..
Wife has been holding 3 shares she bought at 145 a couple days ago. Set her sell limit for 600.
Excited
She still in?
Yeah, everything I've been seeing (you know, past the actual price) says that the volume of trading hasn't changed. There were warnings that this week would be bad in an effort to chase people out.
Mr_Asa said:Steve_Jones said:Mr_Asa said:Wife has been holding 3 shares she bought at 145 a couple days ago. Set her sell limit for 600.
Excited
She still in?
Yeah, everything I've been seeing (you know, past the actual price) says that the volume of trading hasn't changed. There were warnings that this week would be bad in an effort to chase people out.
From a basic fundamental standpoint, how do you get large price changes with small volume of trades? I won't be offended if you explain it like I'm a child.
In reply to STM317 :
I sell you 1000 of my shorts. You sell me 1000 of yours. Actual volume: 0 traded, volume that the system sees bought and sold: 2000 shorts.
The algorithms are apparently pretty dumb in that way. Problem is that no one buying really has the volume to drive it up, so until the shorts have to be covered there won't be much actual movement.
https://www.nasdaq.com/market-activity/stocks/gme/latest-real-time-trades
As always, I'm not a financial advisor, I'm just an ape holding onto some stocks.
In reply to Mr_Asa :
In the scenario above, what happens when another ape sees the price drop and jumps in to buy a few shares (let's say 5) that are on "sale" from the previous high? How does that play into the 1000 shorts sold back and forth? Does one of the short sellers now have 1005 shorted?
Mr_Asa said:In reply to STM317 :
I sell you 1000 of my shorts. You sell me 1000 of yours. Actual volume: 0 traded, volume that the system sees bought and sold: 2000 shorts.
The algorithms are apparently pretty dumb in that way. Problem is that no one buying really has the volume to drive it up, so until the shorts have to be covered there won't be much actual movement.
https://www.nasdaq.com/market-activity/stocks/gme/latest-real-time-trades
As always, I'm not a financial advisor, I'm just an ape holding onto some stocks.
I'm not sure if it matters who sold to who. Volume is volume - right? That's what "at arms length" means, that the buyer doesn't know who the seller is and vice versa?
Now to answer the question a different way, if you can make it so that you are the only person buying or selling the shares (REALLY low volume would help with that), then of course you control the price to whatever you want it to be. Seems to me it's probably hard to get the volume that low.
More realistically, it seems to me that the number of investors buying GME has probably stopped basically completely except for people who are forced to cover shorts, and some of the investors who bought last week are selling to cement their profits. So there are basically only sellers in the market right now. Which explains low volume AND price reduction. And the waiting game begins...
In reply to Indy "Nub" Guy :
So, shares are not the same as shorts. Shorts are kind of like an IOU while shares are just shares. The systems that are available for free (the ones I've found at least) don't really make a distinction between them, so unless you're a subscriber you're just going to see Bought: 1000, Bought: 1000, Bought: 5, Sold: 1000, Sold: 1000
That's why (until Robinhood and others limited amount you could buy) you would see an actual trading volume in the single digits. Individuals were buying the stocks and holding them while hedge funds and others would sell back and forth in an effort to drive the price down.
Again, not a finance guy, just a dumb monkey. Don't actually listen to me for financial advice.
There's a difference between trading a share and trading an option on that share. Shorting a stock is trading a share (with a loan rolled in), but once you have shorted the stock someone can sell that debt - they're selling the loan now - as an 'option'. If you are trading options, that would be option volume not share volume.
So, I short a stock today for $10. That means I get a loan for 1 stock from my broker, and I sell the stock immediately for $10. I now have $10, and an obligation to return the stock by a specified time and date. Essentially I have a $10 debt to my broker, I owe them a stock that is currently worth $10 by X date. They could turn around and sell that debt to some other party, and then I would owe 1 stock to a different party that is currently worth $10. The broker has now sold me a stock, and they have also sold my debt as an option.
The buyer of my debt is also probably bundling up my debt with a bunch of other debt options (the risk of default of one single loan is relatively high, but if you bundle up a bunch of loans the return is reduced by the few that default but the risk is substantially decreased overall) that they have purchased and they are selling portions of that debt as a bond. This is just another option, though it is one further step removed from the actual share trade, and on and on. Selling my debt and the packaging of that debt into another product and selling that is not really trading the share at all. I still own the share, it's just who I owe my debt to is changing and getting chopped up and sold around.
The price of a debt on a share is often driven by the price of the share, but I'm not sure about the other way around.
EDIT: I think I'm getting my language mixed up a bit. I think I meant derivatives instead of options, as options are a specific type of derivative.
Today GME ended at $90 down 60% from yesterday.....
Is there anyway to tell at what price most of the shorts were first traded before Reddit got involved ?
In reply to californiamilleghia :
When all this started it was in single digits, I think
So no matter what, the people that bought those shorts are hurt right now.
Mr_Asa said:In reply to californiamilleghia :
When all this started it was in single digits, I think
So no matter what, the people that bought those shorts are hurt right now.
Note to self -
"do not get the internet pissed at you "
In reply to californiamilleghia :
Been a good idea for a while now.
https://en.m.wikipedia.org/wiki/Don%27t_F**k_with_Cats:_Hunting_an_Internet_Killer
Mr_Asa said:In reply to californiamilleghia :
When all this started it was in single digits, I think
So no matter what, the people that bought those shorts are hurt right now.
Do you really think the guys running a hedge fund are gonna be out on the street if this one trade blows up?
Or is it more likely they just get recapitalized in a day and go on as before?
Alternatively, how do you think all the new RH users are going to make out?
Do you think they're all going to be able to beat the market, or are they gonna get savaged?
CrustyRedXpress (Forum Supporter) said:Mr_Asa said:In reply to californiamilleghia :
When all this started it was in single digits, I think
So no matter what, the people that bought those shorts are hurt right now.
Do you really think the guys running a hedge fund are gonna be out on the street if this one trade blows up?
Or is it more likely they just get recapitalized in a day and go on as before?
Alternatively, how do you think all the new RH users are going to make out?
Do you think they're all going to be able to beat the market, or are they gonna get savaged?
Too many variables.
The guys running the hedge fund might get fired, the people that own the company that manages the hedge fund will just laugh and start a new one.
Not a clue how all the new users will do. Depends on if they hold or not. Because the actual volume of trading is close to nil it doesn't really matter how many ladder attacks the hedge funds do. At some point the interest on the shorts is going to start making it prohibitive to NOT buy stocks to return their shorts. At that point the price is going to rise. Will the retail investors that are following reddit hold until that point and get paid $5000 per stock? Will the folks following reddit sell as soon as the stock rises enough to eliminate their losses?
Not a damned clue.
u/DFV is still holding though, and he's a beacon for a lot of the reddit folk https://old.reddit.com/r/wallstreetbets/comments/lb6jld/gme_yolo_update_feb_2_2021/
Again, not a financial advisor, just a monkey. If your erection lasts for more than 4 hours, call a doctor
Sure... $GME and $AMC went down a 'bit' yesterday. Yes, it was sad. Each day has a new dawn right? Both stocks have had over a 15% gain so far today while the markets are up less than 1%. Who cares about what was lost yesterday.
Patrick (Forum Supporter) said:Way pumped that i bailed on GME friday morning, i hope my cousin's buddy who threw everything he had at it at the beginning and was up 220k last tuesday did the same.
Did your cousin's buddy get out in time ?
Don't know about funds, but it looks like precious metals retailers are doing well. Just checked the place I deal with, and spot silver is $27, while a silver eagle is $41 if you buy a small number of them, and $39 if you buy 1000 or more. The premium was bad last time I bought, but it was not that insane. And they are currently out of 2021 Silver Eagles, which is not normal. I did not even want to look at gold prices.
eastsideTim said:Don't know about funds, but it looks like precious metals retailers are doing well. Just checked the place I deal with, and spot silver is $27, while a silver eagle is $41 if you buy a small number of them, and $39 if you buy 1000 or more. The premium was bad last time I bought, but it was not that insane. And they are currently out of 2021 Silver Eagles, which is not normal. I did not even want to look at gold prices.
I just buy 10 Troy Oz silver bars...is there a reason to dilute the pure silver play by spending about 50% more per ounce for coins?
In reply to RX Reven' :
Mostly for ease of resale. I do a mix of bars and coins, and the Eagles are likely easier to unload quickly, and usually you get the premium you pay for the coins back when it is time to sell. However, with premiums being what they are right now, I have doubts that will hold, unless this craziness stays. Just checked, and it looks like 10 oz and higher bars are kind of hard to come by at all right now. Found 100 oz at about $6/oz premium. I remember buying bars at around $1/oz premium 10-15 years ago. And silver is not 6 times as expensive as back then.
RX Reven' said:eastsideTim said:Don't know about funds, but it looks like precious metals retailers are doing well. Just checked the place I deal with, and spot silver is $27, while a silver eagle is $41 if you buy a small number of them, and $39 if you buy 1000 or more. The premium was bad last time I bought, but it was not that insane. And they are currently out of 2021 Silver Eagles, which is not normal. I did not even want to look at gold prices.
I just buy 10 Troy Oz silver bars...is there a reason to dilute the pure silver play by spending about 50% more per ounce for coins?
From my experience with gold, people are more likely to buy the coins because you can easily compare size and weight and know it hasn't been tinkered with and is pure. When you get to bars there isn't a great standard, so you have to have more equipment and more cost involved to prove purity. I know a couple places I can sell gold ounce bars, but I know many many more that I can sell gold coins at.
AAZCD (Forum Supporter) said:Sure... $GME and $AMC went down a 'bit' yesterday. Yes, it was sad. Each day has a new dawn right? Both stocks have had over a 15% gain so far today while the markets are up less than 1%. Who cares about what was lost yesterday.
opened at 112, closed at 92. No gain today.
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