Kiroy
Marine Biologist
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reddit turns Wall Street into next NeoPets.
pls don't ruin this thread
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Investing General Discussion
- Thread starter Furious
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pls don't ruin this thread
Sanrith Descartes
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Don't feel bad. I once fucked up a limit order on 400 shares of XOM I was upside down on. Ended up eating about a 7k loss. It happens.
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Hateyou
Not Great, Not Terrible
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Ouch. Yeah so far most of my fuck ups have still been profitable ones, just nowhere near what they could’ve been. I’d be pretty fucking upset if I actually lost $7k that I actually owned.Don't feel bad. I once fucked up a limit order on 400 shares of XOM I was upside down on. Ended up eating about a 7k loss. It happens.
Gravel
Mr. Poopybutthole
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That's why I asked.
People keep talking about infinite losses, but we've essentially already hit that point with Melvin. They're insolvent. Bankrupt. You can't squeeze anything from this rock.
So...what happens? Does the loaning holder have to cover it? Surely not, since they technically still own the stock and not the short.
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Sanrith Descartes
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It was a mixed blessing. Losing 7k sucked. It really did. But it freed up like 16k of cash that was just tied to that anchor and I could start making money with it. I couldn't physically make that choice, but the mistake was some semblance of relief that the money was finally free to invest in good stocks.
Sanrith Descartes
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It means get your paper millions outta here money bags. Don't make me whip my PLTR out on you.Wots all this ackshualizing werds mean.
M-O-O-N. That spells moon
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Gravel
Mr. Poopybutthole
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I'm also super tempted to transfer half the TSP into the treasuries fund for a week.
I saw the 2008 collapse coming (granted, in like 2005 or 2006), and also covid. With 2008 I didn't have enough assets to matter, but covid I just did my normal buy and hold.
Feels like the downside is pretty steep right now, and if the bubble does pop, having a good chunk of change to buy back in would be nice. It'd only be about 1/8th of our total investments, so missing a week or two in gains is also pretty tolerable.
I saw the 2008 collapse coming (granted, in like 2005 or 2006), and also covid. With 2008 I didn't have enough assets to matter, but covid I just did my normal buy and hold.
Feels like the downside is pretty steep right now, and if the bubble does pop, having a good chunk of change to buy back in would be nice. It'd only be about 1/8th of our total investments, so missing a week or two in gains is also pretty tolerable.
Sanrith Descartes
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Timing the market is tough. If you arent making money with the cash (and im not sure you would be making a lot in treasuries at current prices) the risk of opportunity cost if it doesnt crash can be significant.
Borzak
Silver Baron of the Realm
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In one of the articles the person tried to equate 120% of the stock being shorted to XOM being shorted when the energy sector was crashing. Umm yeah pretty sure there was enough volume 1-3 companies couldn't naked short XOM. Totally the same though. The bullshit media on this is getting more and more bullshit by the day.
Borzak
Silver Baron of the Realm
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If the "rest of the market" gets dragged down by a few stocks being naked shorted that pretty much sums up how bad a shape the market actually is in.
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Sanrith Descartes
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It's not GME. The market is over extended. More than 20% above the 200 DMA. I was expecting a correction after the big boys reported earnings these week and next. The CNBC crowd trying to blame today's red on GME are full of shit. Look at the time of the real downward movement amd look at when Janet Powell started speaking. It's not a coincidence.
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Borzak
Silver Baron of the Realm
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The GME move just happened to be at a time that is going to make it a great fall guy for the media and the government to blame a variety of things on. New regulations on free speech, blame a correction on it, a bubble burst if it gets that far. Got to remember how really tech savy the members of congress are....
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Hateyou
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Well I think everyone knows everything is overvalued and it’s in way worse shape than it appears to be. This will just be the excuse the elites use to point fingers at when it crashes. Watch.
Furry
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I’m all for taking a break for a week if that’s how you feel. Might be right might be wrong, but sometimes it’s okay to sit on the sidelines. Predictions on the market are unreliable, though.
To answer your question on what happens when someone can’t produce the stock I think it depends. The question gets even murkier when some people might own stock that doesn’t even exist. Typically it ends with who you bought things from. If they can’t produce they are responsible but no one else. Usually these things happen in small enough amounts that it can be basically ignored. It’ll be interesting to see how it plays out, cause this is insane enough that I don’t think anyone can say exactly how it’s going to shape out. If they send a bill for 50 billion to a guy with 8... well 42 billion is gonna just poof.
Gravel
Mr. Poopybutthole
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Good call. And that's a good wake up call for me, as it's my usual response to people worried about the whole economy crashing. If that's the case, it's ALL worthless.
Best to just stick with my current strategy. We're both employed still, so we can buy the bear.
Kiroy
Marine Biologist
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I think "they" really fucked up with the 'racist, hate speech, white people' angle of attack on wsb and it's discord. Just when they didn't need more people talking about the absolute bullshit tools their using to censor people they do it again when everyone is looking, and it's against the little guy to protect the most elite of elite. oof
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