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Re: Gamestop Discussion
Posted: Tue Jan 26, 2021 1:43 pm
by captainspoke
Re: Gamestop Discussion
Posted: Tue Jan 26, 2021 11:57 pm
by MajesticSoup
Being in Japan has made this a nightmare to manage. I set a sell order at 150, not really expecting anything to happen until tonight. I wake up and not only did my sell go through (50% profit), but the price had doubled.
Short interest is still sky high. 4 billion dollars worth of 19 dollar shorts have to be paid back this week (don't quote me on this, source may not be credible). At a modest $220 a share, that's more than 800 billion dollars being injected into GME whether the shorters like it or not.
Elon Musk tweeted "GME stonks" this morning, effectively turning Tesla's fanbase to GME. He was hanging out in the WSB discord this morning. WSB gained more than 500,000 new subscriptions this week alone.
And the squeeze still has not happened yet. The 2.75 billion dollar loan given to Melvin was eaten up within hours.
The GME discussion page on the subreddit needs to be extended into 3 parts every day now because each thread can only support up to 100,000 comments.
My mind is going to explode. I might FOMO back in. We may never see an event like this for another decade.
Re: Gamestop Discussion
Posted: Wed Jan 27, 2021 1:08 am
by Kanto
MajesticSoup wrote: âTue Jan 26, 2021 11:57 pm
Being in Japan has made this a nightmare to manage. I set a sell order at 150, not really expecting anything to happen until tonight. I wake up and not only did my sell go through (50% profit), but the price had doubled.
Short interest is still sky high. 4 billion dollars worth of 19 dollar shorts have to be paid back this week (don't quote me on this, source may not be credible). At a modest $220 a share, that's more than 800 billion dollars being injected into GME whether the shorters like it or not.
Elon Musk tweeted "GME stonks" this morning, effectively turning Tesla's fanbase to GME. He was hanging out in the WSB discord this morning. WSB gained more than 500,000 new subscriptions this week alone.
And the squeeze still has not happened yet. The 2.75 billion dollar loan given to Melvin was eaten up within hours.
The GME discussion page on the subreddit needs to be extended into 3 parts every day now because each thread can only support up to 100,000 comments.
My mind is going to explode. I might FOMO back in. We may never see an event like this for another decade.
I think you played it well. Please do not buy Gamestop at $150 a share.
If you do set, a clear pain tolerance beforehand.
It is literally a bubble waiting to pop, and when it does it will absolutely ruin the lives of some of these young traders.
Others will be minted, but far fewer I imagine.
Re: Gamestop Discussion
Posted: Wed Jan 27, 2021 1:42 am
by MajesticSoup
I think I played it responsibly, but my 2 cents are that... now is not the time to be conservative. The numbers work in our favor--short interest is so high that we will see it double at least once more.
When short interest is back down to a normal amount, say 20%, that's when we should be scared. I'd like to reiterate that 4 billion dollars worth of 19 dollar shorts have to be paid back this week, and we know that they haven't been paid back yet.
The next 24 hours will be nuts, but the final showdown is Friday midnight for us.
Re: Gamestop Discussion
Posted: Wed Jan 27, 2021 4:41 am
by adamu
Do what you need to do, but don't do anything silly like spend any money that you're not willing to lose, such as re-directing existing investments. This is how overnight millionaires are made, but also how life savings evaporate in front of your eyes.
Also remember you'll be paying residence tax on those gains more than a year later, after the fun is over. 
edit: above sentence is wrong. Corrected below.
Re: Gamestop Discussion
Posted: Wed Jan 27, 2021 5:37 am
by MajesticSoup
adamu wrote: âWed Jan 27, 2021 4:41 am
Also remember you'll be paying residence tax on those gains more than a year later, after the fun is over.
Are the gains added to my residence tax? I assumed it would be a separate tax I'd pay at the end of the year or something.
Thanks for the reminder though.
Re: Gamestop Discussion
Posted: Wed Jan 27, 2021 5:46 am
by adamu
Ahhh, yeah you're right, they are taxed as capital gains I guess. Sorry talking of windfalls I got confused with Bitcoin, which counts as "miscellaneous" income and falls under income tax.
Re: Gamestop Discussion
Posted: Wed Jan 27, 2021 6:27 am
by eyeswideshut
MajesticSoup wrote: âTue Jan 26, 2021 11:57 pm
Being in Japan has made this a nightmare to manage. I set a sell order at 150, not really expecting anything to happen until tonight. I wake up and not only did my sell go through (50% profit), but the price had doubled.
Short interest is still sky high. 4 billion dollars worth of 19 dollar shorts have to be paid back this week (don't quote me on this, source may not be credible). At a modest $220 a share, that's more than 800 billion dollars being injected into GME whether the shorters like it or not.
Elon Musk tweeted "GME stonks" this morning, effectively turning Tesla's fanbase to GME. He was hanging out in the WSB discord this morning. WSB gained more than 500,000 new subscriptions this week alone.
And the squeeze still has not happened yet. The 2.75 billion dollar loan given to Melvin was eaten up within hours.
The GME discussion page on the subreddit needs to be extended into 3 parts every day now because each thread can only support up to 100,000 comments.
My mind is going to explode. I might FOMO back in. We may never see an event like this for another decade.
Nice one! I couldn't believe the price when I woke up this morning. It is truly insane. Unfortunately my BB shares only went up about 4-5% overnight so I regret not FOMOing into GME now.
Re: Gamestop Discussion
Posted: Wed Jan 27, 2021 6:43 am
by MajesticSoup
If you go on the WSB discord (probably not worth doing), you'll see AMC, BB, and Nokia being violently shilled, but if you go into the voice chat people are only talking about GME. People suspect that big money is buying accounts and bots, as well as manipulating markets to make it look like there are way better plays.
I can't tell what the market sentiment is on anything recently.
Re: Gamestop Discussion
Posted: Wed Jan 27, 2021 6:54 am
by Kanto
MajesticSoup wrote: âWed Jan 27, 2021 6:43 am
If you go on the WSB discord (probably not worth doing), you'll see AMC, BB, and Nokia being violently shilled, but if you go into the voice chat people are only talking about GME. People suspect that big money is buying accounts and bots, as well as manipulating markets to make it look like there are way better plays.
I can't tell what the market sentiment is on anything recently.
If anything my experience with trading single tickers has made me more thankful for broad market index funds.
Momentum trading in a bull market is not a sustainable strategy.
