Completely agree on the broker points you made. Points I overlooked to be honest!
But in regards to what you said about hedge funds wanting price back down, from what I've read (and by no means 100% understand) is that the reason they want price back down is due to the fact these hedgefunds shorted at <$10 roughly, and now price is through the roof, they will stand to lose billions when their contracts expire, apparently this Friday. So when they expire, they need to buy back the shares they have shorted, thus sending price even higher. I read the short float or open interest is still 120%, and shorts don't cover the amount of shares available to buy?
Now as I said before I don't fully understand half of this at all, and I'm going off what I've seen on reddit, but some people have sounded like they have logic behind the madness of what's going on?
It's in no way fundamentals driving this but I think it's the figures people post on reddit in regards to amount of shorts @ X amount vs amount of total shares, and obviously the momentum they've gained, I think some people believe they simply can't lose if price maintains a certain level come tomorrow.
All I know for 100% certain is people are gonna get burned baaaaaaadly on this lol.
If you know more detail on this I'd love to hear because I've never heard of anything like this before and I find it quite interesting to be honest! Not something I'd be part of but fantastic to watch haha!
Your point number 2 is a very good point Marcus as I don't think anyone involved in this has really thought about that, they only think about their own gains and nothing else.
and number 3, pretty much sums up the whole thing.. except everyone wants to try hit the jackpot. There's a guy posting $48 million gains who bought in at less than $5 a share, I assume these guys dropping their life savings in at $300+ think they can also be that guy lol. In a way its sad because this will absolutely annihilate some peoples lives forever. Just hope any new regulations don't come back to bite us!
And Matty, yeah its certainly entertaining! Ive never used reddit before but now I keep finding myself looking on WSB to see what else they've come up with to back their theories on price *GOING TO THE MOON* haha. Some redditors have apparently started a lawsuit against Robin Hood 🤣 one thing I do know is this **** has been distracting me today so I'm deleting reddit and getting back to business as usual haha.
Completely agree on the broker points you made. Points I overlooked to be honest!
But in regards to what you said about hedge funds wanting price back down, from what I've read (and by no means 100% understand) is that the reason they want price back down is due to the fact these hedgefunds shorted at <$10 roughly, and now price is through the roof, they will stand to lose billions when their contracts expire, apparently this Friday. So when they expire, they need to buy back the shares they have shorted, thus sending price even higher. I read the short float or open interest is still 120%, and shorts don't cover the amount of shares available to buy?
Now as I said before I don't fully understand half of this at all, and I'm going off what I've seen on reddit, but some people have sounded like they have logic behind the madness of what's going on?
It's in no way fundamentals driving this but I think it's the figures people post on reddit in regards to amount of shorts @ X amount vs amount of total shares, and obviously the momentum they've gained, I think some people believe they simply can't lose if price maintains a certain level come tomorrow.
All I know for 100% certain is people are gonna get burned baaaaaaadly on this lol.
If you know more detail on this I'd love to hear because I've never heard of anything like this before and I find it quite interesting to be honest! Not something I'd be part of but fantastic to watch haha!