OT: Game Stop

[City of Cuse]

The thread is so heavily inundated now I don’t know how you can figure out who is legit.

That's why I was saying wait a few months when the mods can regain control and people post their positions again.

 

[Cusefan0307]

Wall Street bets is good for information and any information when it comes to investing and trading is good.

 

[OttoinGrotto]

It's unfortunate that this well thought it post has one like and the one liner saying "stonks" got five.

I speak the language of the people.

It's a blessing and a curse.

 

[Brooky03]

T
Yolo guy Deep*****value is Keith Gill.
I'd be careful. Things could get spicy here. I'm looking for a retest for a backside short position.

Unlike the media portrayal of Keith as mainly an average guy, unsophisticated investor type. His FINRA broker check stats tell a very different story. I smell securities fraud.

He disclosed his positions and why a short squeeze wss the move to make. Unlikely he ran afoul of SEC regs.

 

[Todoubled23]

Broker's get hit with "failure to supervise" in most cases that are brought against them. This is not any different, he's a registered rep/broker dealer. FINRA still has regulations surrounding social media usage.

“Investors and financial services professionals alike are increasingly using social media for a variety of business purposes. Social Media may be a new medium, but FINRA’s rules on communicating with the public are still applicable. The rules protect investors from false, misleading claims, exaggerated statements, and material omissions…

“Firms and their registered representatives must retain records of communications related to their ‘business as such.’ The ‘business as such’ requirement is based on the content of the communication not the type of device or technology used to receive or send the communication. These records must be preserved for a period of not less than three years…

“Firms must have the ability to supervise the business-related content associated persons are communicating on these sites, including possible suitability determinations if recommendations are made. A registered principal must review prior to use any social media site that an associated person intends to use for business. The principal may only approve a social media site if the principal has determined the associated person can and will comply with applicable rules…”

 

[Todoubled23]

Broker's get hit with "failure to supervise" in most cases that are brought against them. This is not any different, he's a registered rep/broker dealer. FINRA still has regulations surrounding social media usage.

“Investors and financial services professionals alike are increasingly using social media for a variety of business purposes. Social Media may be a new medium, but FINRA’s rules on communicating with the public are still applicable. The rules protect investors from false, misleading claims, exaggerated statements, and material omissions…

“Firms and their registered representatives must retain records of communications related to their ‘business as such.’ The ‘business as such’ requirement is based on the content of the communication not the type of device or technology used to receive or send the communication. These records must be preserved for a period of not less than three years…

“Firms must have the ability to supervise the business-related content associated persons are communicating on these sites, including possible suitability determinations if recommendations are made. A registered principal must review prior to use any social media site that an associated person intends to use for business. The principal may only approve a social media site if the principal has determined the associated person can and will comply with applicable rules…”

plus, posting unrealized gains/losses while still working at massmutual is a strike in itself, I don't see this ending well. Halts, senate banking committee hearings etc.

 

[FloridaFan]

AMC is a solid price point this. It was 13 pre pandemic and is clearing out a lot of debt and is cash secure through 21. It’s also the highest shorted stock besides GME at this point

 

[Brooky03]

Broker's get hit with "failure to supervise" in most cases that are brought against them. This is not any different, he's a registered rep/broker dealer. FINRA still has regulations surrounding social media usage.

“Investors and financial services professionals alike are increasingly using social media for a variety of business purposes. Social Media may be a new medium, but FINRA’s rules on communicating with the public are still applicable. The rules protect investors from false, misleading claims, exaggerated statements, and material omissions…

“Firms and their registered representatives must retain records of communications related to their ‘business as such.’ The ‘business as such’ requirement is based on the content of the communication not the type of device or technology used to receive or send the communication. These records must be preserved for a period of not less than three years…

“Firms must have the ability to supervise the business-related content associated persons are communicating on these sites, including possible suitability determinations if recommendations are made. A registered principal must review prior to use any social media site that an associated person intends to use for business. The principal may only approve a social media site if the principal has determined the associated person can and will comply with applicable rules…”

What is an associated person?

 

[Brooky03]

AMC is a solid price point this. It was 13 pre pandemic and is clearing out a lot of debt and is cash secure through 21. It’s also the highest shorted stock besides GME at this point

AMC was dying before the pandemic. They’re cash secure through the end of the year but they were struggling to make ends meet in the best of times.

 

[bpo57]

AMC is a solid price point this. It was 13 pre pandemic and is clearing out a lot of debt and is cash secure through 21. It’s also the highest shorted stock besides GME at this point

Fair points but it is also a serial issuer of new shares which just keep diluting existing shareholders.

 

[Todoubled23]

What is an associated person?

In this scenario, it is the main WSB pumper "DeepF*****Value" or Keith (real name). FINRA rules state he cannot open a brokerage account with a different firm until there is signed written consent from both the firm he was working at (massmutual) and the broker he used (etrade). FINRA rule 3210

He literally passed all of the securities exams required that tell you exactly what you cannot do as a registered rep and did it. This has happened before, where someone/group pays for the pump and dump. Blackrock owned a 13% stake, RC ventures owned 13% stake, Michael Burry owned a stake...plenty of people that could be entangled here. The pump and dumps never went away, they just got more sophisticated.

 

[FloridaFan]

AMC was dying before the pandemic. They’re cash secure through the end of the year but they were struggling to make ends meet in the best of times.

The post pandemic boom will help keep them solvent and allow them to expand and get onto more stable footing too

 

[Brooky03]

In this scenario, it is the main WSB pumper "DeepF*****Value" or Keith (real name). FINRA rules state he cannot open a brokerage account with a different firm until there is signed written consent from both the firm he was working at (massmutual) and the broker he used (etrade). FINRA rule 3210

He literally passed all of the securities exams required that tell you exactly what you cannot do as a registered rep and did it. This has happened before, where someone/group pays for the pump and dump. Blackrock owned a 13% stake, RC ventures owned 13% stake, Michael Burry owned a stake...plenty of people that could be entangled here. The pump and dumps never went away, they just got more sophisticated.

Does it make a difference that his job at MassMutual is not as a trader (I recall that he’s an instructor)? Apologies if this is a dumb question.

 

[Cusefan0307]

Does it make a difference that his job at MassMutual is not as a trader (I recall that he’s an instructor)? Apologies if this is a dumb question.

Depends on the company rules. I worked at a bank as a non trader and still had a 30 day hold on all stocks.

 

[Todoubled23]

Does it make a difference that his job at MassMutual is not as a trader (I recall that he’s an instructor)? Apologies if this is a dumb question.

I'm not even clear on that just trying to interpret these rules lmao. I just know how these usually go. I would not be shocked to see it get halted and end up on the pink sheets in a month.

 

[Niastri]

Does it make a difference that his job at MassMutual is not as a trader (I recall that he’s an instructor)? Apologies if this is a dumb question.

The rules for his company are likely more stringent than the regulatory rules.

If he is as Investment Advisor Representative, Registered Representative and Insurance Agent, he has 11 regulatory agencies on his ass right now.

I think the rules are a little less strict if he isn't an IAR. My firm is extremely strict, so the rules I have to follow are harsher than the regulatory agencies. I would get fired long before the any of the 11 started sniffing.

I suspect the same is true for a Mass Mutual agent. If he is giving investment advice on a forum under an assumed name, he's done for.

 

[Todoubled23]

The rules for his company are likely more stringent than the regulatory rules.

If he is as Investment Advisor Representative, Registered Representative and Insurance Agent, he has 11 regulatory agencies on his ass right now.

I think the rules are a little less strict if he isn't an IAR. My firm is extremely strict, so the rules I have to follow are harsher than the regulatory agencies. I would get fired long before the any of the 11 started sniffing.

I suspect the same is true for a Mass Mutual agent. If he is giving investment advice on a forum under an assumed name, he's done for.

I found it pretty telling MassMutual's only comment when contacted was he is no longer employed there. FINRA still has him on staff presently.

 

[Shrmdougluvr]

For someone who got in early, what is the benefit of continuing to hold shares at this point? The profit is still the traditional spread on the stock right? At this point, haven't the hedge funds that were targeted covered (and some supposedly have since doubled down) or are not presumably going long to ride the wave or hedge? I can't imagine there is much "sticking it to the man" left to do. (FWIW I will never be convinced this was the motivation of most of the retail players). That ssaurron Redditor claims he's still holding and expects the stock to jump way up on Monday now that retailers have sorted out their ability to trade. (Also, I really think that guy is completely full of it and is a manipulator - you can't complain about banks being over-levied in 2008 and then levy yourself to unconscionable levels without being a greedy, scheming, so-and-so).

 

[kirbivore]

Retail traders on reddit are hilarious. Taking all the credit for the run up. Combined reddit users worldwide couldn't sniff the butt of these whales in stocks that have been there for generations. When they falsely claimed to be the new kings of the stock market big boys simply reposition another short. Hilarious reddit users are delusional.

Check out some of the darkpool flow from the big boys.

Still less delusional than the dude from WV, Frank the Tank, and Clay Travis

 

[dan7800]

What is all this about Gamestop? I bought a few thousand shares 2 weeks ago and haven't checked up on things since. How's it going?

 

[lindros2]

Sadly I was on the sidelines for this.
I lost a bunch this week on Apple, Tesla, and Palantir. All paper losses, doesn't affect me.
Having worked with AMC (and their Chinese owners) I'd stay 1000000 miles away from their stock. They have nowhere to go to reinvent their business. Then again, same with GameStop - fundamentals are awful since games are going digital now and there's no resale market.
(also in Atlanta our malls are more dangerous than the OK Corral in the 1870's)

 

[lindros2]

For someone who got in early, what is the benefit of continuing to hold shares at this point? The profit is still the traditional spread on the stock right? At this point, haven't the hedge funds that were targeted covered (and some supposedly have since doubled down) or are not presumably going long to ride the wave or hedge? I can't imagine there is much "sticking it to the man" left to do. (FWIW I will never be convinced this was the motivation of most of the retail players). That ssaurron Redditor claims he's still holding and expects the stock to jump way up on Monday now that retailers have sorted out their ability to trade. (Also, I really think that guy is completely full of it and is a manipulator - you can't complain about banks being over-levied in 2008 and then levy yourself to unconscionable levels without being a greedy, scheming, so-and-so).

Tax.es.

 

[Arangeman]

Re AMC: I for one can’t wait to get back to sitting in a big, dark room with coughing, farting and talking strangers to watch a movie I could stream and watch on my couch in sweatpants.

I’ll get on a plane cause I’ll have to to get somewhere. We all have movie theaters in our living rooms.

 

[Arangeman]

For someone who got in early, what is the benefit of continuing to hold shares at this point? The profit is still the traditional spread on the stock right? At this point, haven't the hedge funds that were targeted covered (and some supposedly have since doubled down) or are not presumably going long to ride the wave or hedge? I can't imagine there is much "sticking it to the man" left to do. (FWIW I will never be convinced this was the motivation of most of the retail players). That ssaurron Redditor claims he's still holding and expects the stock to jump way up on Monday now that retailers have sorted out their ability to trade. (Also, I really think that guy is completely full of it and is a manipulator - you can't complain about banks being over-levied in 2008 and then levy yourself to unconscionable levels without being a greedy, scheming, so-and-so).

I feel like it’s out of the hands of retail traders. They aren’t going to drive the stock up. Or down. It’s institutional and as a holder of both I’m not sure what to do. Buy more? Calls? Puts? I need the Dukes.

 

[Todoubled23]

For someone who got in early, what is the benefit of continuing to hold shares at this point? The profit is still the traditional spread on the stock right? At this point, haven't the hedge funds that were targeted covered (and some supposedly have since doubled down) or are not presumably going long to ride the wave or hedge? I can't imagine there is much "sticking it to the man" left to do. (FWIW I will never be convinced this was the motivation of most of the retail players). That ssaurron Redditor claims he's still holding and expects the stock to jump way up on Monday now that retailers have sorted out their ability to trade. (Also, I really think that guy is completely full of it and is a manipulator - you can't complain about banks being over-levied in 2008 and then levy yourself to unconscionable levels without being a greedy, scheming, so-and-so)

I'd be actively watching it premarket/afterhours as stops don't work then. Or set a wide trailing stop during regular session. I just get the feeling that the media consistently portraying this as a feel good david vs goliath story won't end up like that at all. Stats already showing a huge influx of new brokerage accounts being opened in the last week, that's enough new bagholders to hold JPM, Citi, Credit suisse, goldmans bag while they exit out of their longs and likely pile into shorts.