GME and AMC up BIG TIME TODAY - Roaring Kitty has returned to Twitter

[JohnDB]

 

[FranklinRoosevelt_FTW]

How is this legal. Lots of shady things with the stock market.

 

[Toro]

How is this legal. Lots of shady things with the stock market.

This happens all the time in the market. Usually it's because of pending news.

But when n00bs are trading, they get confused easily.

 

[CrazyTrader55]

How is this legal. Lots of shady things with the stock market.

How are 20 other things that benefit hedge funds legal?

Why is it legal for the government to have wash sale rules?

I think this is hilarious, watching people who are short on these admittedly garbage companies, who thought they had a sure thing, having to cover their trades.

 

[JohnDB]

 

[FranklinRoosevelt_FTW]

Over 43$ a share for now

Keyword for now

 

[FranklinRoosevelt_FTW]

Most of the recent pump took place after hours …glad I own some shares but once again the little guy could not have bought the stock at $27 a share before 7 AM. By 7 AM it was already trading it over $40 per share.

 

[JohnDB]

Most of the recent pump took place after hours …glad I own some shares but once again the little guy could not have bought the stock at $27 a share before 7 AM. By 7 AM it was already trading it over $40 per share.

It's those "off book" swaps of baskets of stocks that happen outside of normal trading hours. That's what charged the price. Especially when the multiplier effect has created 5X the number of real shares (now down to 2.5X due to GME doing a re-issuance of stock)

BUT....there still is not enough shares in existence to cover the issued calls out there.

 

[odanny]

Back down to $30 a share, if you bought shares after market hours and paid what it opened at this morning, you've lost about 25% of your investment.

 

[FranklinRoosevelt_FTW]

I sold at 37 per share this morning after buying at 19.50… but there were some sort of a wash sale although I’m not sure what’s going on with that

Looks like I made a profit but nothing like what it would’ve been when I bought a ton of shares three weeks ago and did not sell at the right time. Anyways, a profit is a profit.

 

[JohnDB]

I sold at 37 per share this morning after buying at 19.50… but there were some sort of a wash sale although I’m not sure what’s going on with that

Looks like I made a profit but nothing like what it would’ve been when I bought a ton of shares three weeks ago and did not sell at the right time. Anyways, a profit is a profit.

Your Wash sale is now over. You can purchase again without the tax.

 

[FranklinRoosevelt_FTW]

Your Wash sale is now over. You can purchase again without the tax.

What I don’t get about the whole thing is that when I sold my GameStop stock all of the numbers seemed normal. The purchase was for $19.50. And the sale was for $37. But is this something that I’m going to have to deal with at tax time? I thought the money would be taken off of the sale price?

 

[JohnDB]

What I don’t get about the whole thing is that when I sold my GameStop stock all of the numbers seemed normal. The purchase was for $19.50. And the sale was for $37. But is this something that I’m going to have to deal with at tax time? I thought the money would be taken off of the sale price?

The wash sale taxes have been paid....however your capitol gains remain unpaid. You will have to pay taxes on your profits.

With the wash sale you paid $33/share. You sold at $37/share so you made a profit of $4/share that you will have to pay taxes on...which you can do quarterly or in most cases of retail investors of yearly when you pay your normal taxes in April.

 

[Toro]

Brian Gil could be breaking the law.

Stuff like this used to happen all the time up until the SEC laws were passed in 1933 and 1934.

https://www.wsj.com/finance/regulation/e-trade-considers-kicking-meme-stock-leader-keith-gill-off-platform-f2003ec4

 

[JohnDB]

Brian Gil could be breaking the law.

Stuff like this used to happen all the time up until the SEC laws were passed in 1933 and 1934.

https://www.wsj.com/finance/regulation/e-trade-considers-kicking-meme-stock-leader-keith-gill-off-platform-f2003ec4

Well yeah....basically he is taking "Their" money. Especially with the new "settlement" rules in place just this month.

E*Trade, and every other major player went right back to shorting the stock through options trading after they took a beating last time and figured they would "wait it out".

But Keith Gill was still watching...and the "big boys" continued to manipulate the stock down. The institutional investors don't get the concept. That stock manipulation is wrong.

I'm not against anyone buying and selling stocks in an HONEST fashion. But destroying a company just because you want to make a few million that isn't even your money? That's the hubris...and one little individual who has a platform on social media let it out that he is again buying a stock that the institutions are shorting....

That's no different than just about every other institution and trader in the market. Keith has said nothing else of encouragement or explanation except to say that he can't say anything....and everyone else understands the short squeeze at this point. 5X the number of actual stock is what is being played....it's not difficult to understand. Even "dumb money" (term used for individual investors).understands the concept.

Keith Gill's investments this time stand to net him a Billion dollars of E*Trade's money because they created the situation.

It's OK if we do it but it's not OK for individual investors to do what we do" doesn't pass the smell test.

I say, "Take your lumps!"....you earned them.

 

[Toro]

Well yeah....basically he is taking "Their" money. Especially with the new "settlement" rules in place just this month.

E*Trade, and every other major player went right back to shorting the stock through options trading after they took a beating last time and figured they would "wait it out".

But Keith Gill was still watching...and the "big boys" continued to manipulate the stock down. The institutional investors don't get the concept. That stock manipulation is wrong.

I'm not against anyone buying and selling stocks in an HONEST fashion. But destroying a company just because you want to make a few million that isn't even your money? That's the hubris...and one little individual who has a platform on social media let it out that he is again buying a stock that the institutions are shorting....

That's no different than just about every other institution and trader in the market. Keith has said nothing else of encouragement or explanation except to say that he can't say anything....and everyone else understands the short squeeze at this point. 5X the number of actual stock is what is being played....it's not difficult to understand. Even "dumb money" (term used for individual investors).understands the concept.

Keith Gill's investments this time stand to net him a Billion dollars of E*Trade's money because they created the situation.

It's OK if we do it but it's not OK for individual investors to do what we do" doesn't pass the smell test.

I say, "Take your lumps!"....you earned them.

E-Trade doesn't directionally trade stock. It's a broker. 99% of the traders are small traders like you. If it's being shorted on e-Trade, it's being shorted by people like yourself. It's a retail platform.

I agree with you re Gill. I don't think he's breaking the law.

 

[JohnDB]

E-Trade doesn't directionally trade stock. It's a broker. 99% of the traders are small traders like you. If it's being shorted on e-Trade, it's being shorted by people like yourself. It's a retail platform.

I agree with you re Gill. I don't think he's breaking the law.

The short is 555% of float with a huge amount dumped yesterday. (Despite GME watering down the stock) Today would be a buying opportunity....because Gill's options expire on the 21st. And that leaves just over two weeks for him to exercise them since they are in the money (no one would not loan him the money) Gill also owns stock and not just options.

So I see this getting crazy. He is going to have to file ownership if(when) he does exercise them. So....looking at even $65/share (conservative estimate) at least a tripling of 250 million investment.

 

[JohnDB]

 

[JohnDB]

 

[CrazyTrader55]

I picked up 200 AMC's at the beginning of the week, sold today for a very modest profit. Don't get greedy.