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GameStop, AMC, BlackBerry, et al.


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I was going to post yesterday there is no way in hell that GameStop is worth $400 per share, but decided I had more important things to do.  It bugs me that many news and other websites that write about this stuff, are calling these traders "investors."  Nope.  It's gambling, not investing.   Creating one of the greatest short-squeezes in history isn't investing.  Open and close your position as fast as you can, before the market goes against you.  

 

https://finance.yahoo.com/news/robinhood-bars-users-from-buying-game-stop-stock-infuriating-its-users-144007484.html 

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Concur...and a lot of them are going to be in for some rude awakenings come tax time when they learn about short-term capital gains. 

 

None of the movement is about fundamentals.  I get why BlackBerry was in the single digits, and I thought about getting in before the last hardware release had come out.  But with the Chinese contracts with Huawei and others, I was worried about possible shutdowns on the US exchanges. 

 

The mindboggler for me was KOSS.  They used to make good headphones, but beyond that, I know nothing of them.  They were under $10 at one point yesterday and over $140 pre-market today. 

 

The Robinhood shutdowns of certain stocks will be the real cause of interventions though.  I have a problem with a stock platform trying to decide what stocks or options one can be involved with...even when those stocks are reminiscent of the old-fashioned pump-n-dump scams or the dot-bomb era that predates some of these kids.

 

 

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2 hours ago, centex said:

Concur...and a lot of them are going to be in for some rude awakenings come tax time when they learn about short-term capital gains. 

 

None of the movement is about fundamentals.  I get why BlackBerry was in the single digits, and I thought about getting in before the last hardware release had come out.  But with the Chinese contracts with Huawei and others, I was worried about possible shutdowns on the US exchanges. 

 

The mindboggler for me was KOSS.  They used to make good headphones, but beyond that, I know nothing of them.  They were under $10 at one point yesterday and over $140 pre-market today. 

 

The Robinhood shutdowns of certain stocks will be the real cause of interventions though.  I have a problem with a stock platform trying to decide what stocks or options one can be involved with...even when those stocks are reminiscent of the old-fashioned pump-n-dump scams or the dot-bomb era that predates some of these kids.

 

 

I didn't know about Koss but found an article about them.  Maybe in the 1980's Koss was the big thing, when people were into fancy home entertainment/audio accessories, but I haven't heard about some big comeback.  

 

https://www.jsonline.com/story/money/business/2021/01/27/koss-stock-rose-more-than-400-wednesday-driven-online-traders/4283188001/  

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2 hours ago, Burgerwars said:

there is no way in hell that GameStop is worth $400 per share

It's different this time.  Valuations don't matter.  😃

 

2 hours ago, centex said:

I have a problem with a stock platform trying to decide what stocks or options one can be involved with

+1

The worst part about this is that real individual traders have tried to hedge their positions, and have been prevented by their brokerage disallowing certain options trades in those stocks.  The brokerages cost the real traders a lot of money by preventing the hedges.

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