It has been an interesting week, to say the least. The whole GameStop (GME), Redditt, and Robinhood saga has been one of the most fascinating events I have ever seen. The WallStreetBets Redditt group has gone from 1.8 million members to 6 million this morning. The financial world is watching, and it seems like a lot of them are jumping into the game GME is back up more than 100 points this morning, regaining much of what it lost yesterday.
Other heavily shorted stocks have joined the party, with AMC (AMC) leading the group's pack of secondary picks.
Reading the WallStreetBets forum is somewhat surreal. It is very much and us against them atmosphere with an almost revolutionary feel at times. Here are some recent posts to give you some flavor for the missionary zeal of these folks:
Put in what you can lose and help make Wall Street bleed retards. We control the market now.
Put as much pressure on the shorts as possible! BUY BUY BUY AND HOLD HOLD HOLD!!!!
The time has come we can no longer sit back and wait to make you're voices heard through AMC and GME. History is in you’re hands we either going to be fucked by Wall Street once again or finally stand up AND SAY F*** WALL STREET it’s time for people to take what’s rightfully there’s. The day is still young don’t lose Faith when the day is over, Wall Street will be in shambles. My friends hold you’re head high will win this war next destination Mars.
It is one of the craziest things I have ever watched.
The aftermath will be equally fascinating, with implications for the future of trading.
Is there collusion on the site to manipulate trading?
Is it ethical for brokerages to restrict trading ...