Attention Financial Prognosticators!

[Glocktogo]

It’s personal now!

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If you read deeper on Reddit, it’s been personal for a while. Lots of people sharing stories of their parents losing jobs during the 2008 crash. They consider this payback and it’s either $5,000 a share, or $5 a share and they will hold indefinitely if they have to!

Robinhood is still severely limiting trading, customers can only buy one share of GameStop
PUBLISHED FRI, JAN 29 20213:11 PM ESTUPDATED FRI, JAN 29 20215:26 PM EST

Maggie Fitzgerald@MKMFITZGERAL
VIDEO00:42
Robinhood limits trades on 50+ stocks, including Beyond Meat, Starbucks
Restrictions on Robinhood traders got tighter throughout the day on Friday, only allowing clients to buy a single share of GameStop.

The stock trading app also expanded its list of restricted stocks from 13 earlier in the day to 50.

“The table below shows the maximum number of shares and options contracts to which you can increase your positions,” Robinhood wrote. CNBC recreated the table.

The restricted list tells clients how many shares and options contracts they can buy pertaining to a particular security. Robinhood customers can only buy one share and up to five options contracts of GameStop; however, if a customer already owns one or more share of GameStop, they are not able to buy any more shares.

Robinhood’s restrictions could take the wind out of point-and-click traders trying to jack up the price of GameStop. Robinhood, however, will not sell any client’s shares of GameStop that are already over the one-share limit from a previous position.

The stock, which closed up 67%, was off its highs of the session as the new more severe limits were implemented. Earlier in the day, clients could buy five shares of GameStop.

The most shares clients could buy of any of the 50 stocks was five. Clients without existing shares can only buy one share and 10 options contracts in AMC Entertainment, which is down from an earlier 115 shares. Shares of AMC Entertainment closed up 53% but also well off their highs of the day. Clients can only buy one share of American Airlines, Bed Bath & Beyond and Koss.

The stock trading app has also expanded its list of restricted stocks. Some of the new names include Advanced Micro Devices, Starbucks, Novavax, General Motors and Beyond Meat.

On Thursday, Robinhood told clients it was only allowed to sell shares, not buy new ones, in certain securities that were garnering social media attention from Reddit crowds. The firm also raised margin requirements, or the amount of money in a client’s account when they will be using leverage to buy a security. Robinhood’s decision was met with outrage, with many users taking their grievance to Twitter.

Robinhood said the trading restrictions were risk management decisions to protect Robinhood and its clearinghouses, but touted that the restrictions would be eased on Friday.

The free trading pioneer raised $1 billion in investor money and tapped more credit lines overnight for its clients to be able to trade names like GameStop and AMC Entertainment on Friday.

However, the restrictions got tighter throughout the trading day, as the list of limited securities grew and the number of shares clients could buy shrunk for certain stocks.

Something tells me they’re allowing Melvin Capital to buy as many available shares as they like. If so, that’s collusion and market manipulation.

 

[O4L]

Ben Shapiro does a pretty good job of explaining this:


That Bruce guy, I mean, screw that guy, amirite?

Okay. I pretty much already figured that much out. I guess I'm a financial guru after all. [emoji16]

 

[Shadowrider]

If you read deeper on Reddit, it’s been personal for a while. Lots of people sharing stories of their parents losing jobs during the 2008 crash. They consider this payback and it’s either $5,000 a share, or $5 a share and they will hold indefinitely if they have to!

I get the same impression. Some of them are either totally lying or are complete fools for not cashing in those huge gains and then there are a few that I'm pretty sure will ride the train all the way to zero just for spite.

 

[Shadowrider]

https://www.reddit.com/r/wallstreet...traders_now/?utm_source=share&utm_medium=mweb

The meme level has been totally redefined on that subreddit. I mean "epic" doesn't do some of them justice. It's meme nirvana over there.

 

[SlugSlinger]

The meme level has been totally redefined on that subreddit. I mean "epic" doesn't do some of them justice. It's meme nirvana over there.

 

[Parks 788]

I have no doubt, I would rather have of a bunch of Parks 788 here to help squash the liberals already present.

However any increase in demand, especially new demand with a finite supply, creates pressure on prices. Couple that with the market forces mentioned, with record low rates in a real estate market that is cheap comparatively to the rest of the country, and the value of the dollar dropping dramatically, its the perfect storm for real estate. Like I mentioned, my neighbor put his house on the market well over $100K over the 2020 appraised value. First car in the driveway was from Minnesota.

I think people from the blue states are going to be shocked when they get here and see the job market cannot provide the wages they may be used to. This is one reason real estate seems cheap here. The cost of living is low here because wages do not support the higher costs.

So there are two sides to this coin. People like to bit*h about others moving in from blue states or from areas where income is higher and drive up real estate prices. So, if you want to blame them for driving up the real estate prices then you really also need to blame the sellers for selling at those high prices. It takes two afterall, right. So anyone that has a problem with buyers driving up home prices you should be every bit as upset with the sellers selling at those inflated prices. Tell your neighbor not to sell at the $100K premium. YOu should tell everyone you know selling a home to only sell at appraised value, nothing more.

My wife and I made a very good real estate investment in 2002 with our home purchase in an extremely desirable neighbor hood. We'll be bringing that equity to OK to purchase out land and home.

 

[Oklahomabassin]

Calm down

 

[SoonerP226]

Here's another view on the GameStop situation. Maybe they weren't just going after hedge funds--maybe they were going after the media.
https://politicspoliticspolitics.fireside.fm/146
You can go to the link and listen there, or you can drop the link into your favorite podcast app. The GameStop segment is the first in the show.

 

[Parks 788]

Calm down

Ha! Calm down? Perfectly calm. The "calm down" response is what happens when you can't refute what i say. Carry on.

 

[HFS]

...YOu should tell everyone you know selling a home to only sell at appraised value, nothing more...

I'M (sort of) JOKING: Sir this is OSA. Nobody wants to buy at appraised value. Everything is supposed to be available exactly when they want it, with easy no interest financing, at way less than appraised value.
BEING MORE SERIOUS: You are right, it takes two to tango as the saying goes. And a person is naive if they think each side in a potential deal isn't "looking out for their own selfish interests," as I heard a lawyer describe it.