That’s only reported every two weeks. Anything more frequent than that is just guessing.
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Thanks, Xerty.
And it doesn’t seem relevant anymore. New shorts are in at much higher prices.
The clearing houses (and some brokers completely of their own volition, like IB) turned off retail demand (but NOT supply) to kill the squeeze last week and now they’re just opening and closing the spigot to siphon off money from retail as efficiently as possible while controlling the flow. They’ll do the same thing to prevent any future short squeezes in the future.
As for intraday, they can just repeat ladder attacks all day long and sell back shares at a profit because retail idiots are doing market orders with huge spreads… They make money on the way up and then on the way down too, when the morons “investing” their life savings throw in the towel eventually.
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yes. it’s not the gold miner that always makes money, the pick axe maker does
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These guys are quite good, and were on the right side of the GME move.
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I think I’ll manage to have lost money in both directions
I heard he got fired from his job too. He’s gonna need a few $M to pay for lawyers when the SEC comes looking for a patsy.
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MA regulators coming after him too.
Sounds like he cashed out enough and gave notice around the end of last month instead of being fired, although it sounds like they would have fired him if they’d known.
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yeah working for MassMutual=compliance/regulation hawks
Matt Levine excellent as always. Here on selling GME calls
“Our edge is that no one else is dumb enough to be in this trade.”
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Looking at his Reddit account and the times he posted, it looks like he was doing Gamestop analysis and promoting the stock during work time. He likely was using work computers and networks as well.
I wonder if that could set him up for trouble with the regulators or a civil lawsuit from his employer.
He says he is going to “stop posting updates”. I take that to mean he is going to dump his shares and lawyer up.
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I wonder if that could set him up for trouble with the regulators or a civil lawsuit from his employer.
From his employer, I doubt the repercussions could reasonably extend beyond “fired with cause”.
But for what he did with Mass Mutual, I would expect that he was in a WFH setting, so 50/50 on whether he was using company assets (out of convenience) or his own (assuming he had the desk space).
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Is he still holding GME, or did he sell?
He was still holding as of close of market yesterday.
The guy has already banked $13MM on the trade, so he can afford to let the 50,000 shares and 500 calls expiring in April go down in value to mitigate risks with the SEC.
(especially since his proclaimed original thesis wasn’t related to the potential for a short squeeze, at all)
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I think the short squeeze is over, but when my 100 shares at $150 are put to me, I’ll probably keep them and sell calls off them as implied volatility is likely to be quite high for some time. I certainly was prepared to take the bath on shares if necessary but the drop seems to be much faster than the rise, as it often is.
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C’mon $30 tomorrow!
Still holding most of my puts. Sold 2/11 earlier today.
Dunno how low to hold out for. I could buy 300sh AH if it drops enough (3 puts expire tomorrow and are $72 strike)… though I dunno if that breaks rules in the ira to then immediately exercise the puts before settlement…
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The psychology is so funny.
When the stock was going up everyone thought they were savvy genius investors. My local newspaper had a guy that was a paper millionaire for like a day.
Now a week later it has collapsed they think the market is manipulated and they’ll be looking for someone to sue.
Absolutely nothing changed about the company except the stock price. The whole time it was a failing mall retailer with declining foot traffic and an outdated business model that will be replaced with digital downloads. The stock is worth maybe $20-$30 a share.
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Also there were a lot of shorts at low prices, providing a lot of potential recursive demand as the price went up.
Clearing house and brokerage throttling successfully killed the short squeeze way lower than its natural death would have.
Contrary to IBKR chairman’s claim, short squeezes are NOT illegal.
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WFH makes this issue tougher. I’m using a work computer now (out of convenience)