? What a joke!
Furthermore, everybody understands what happened with GameStop. Unlike some other Wall Street stories, this one isn t complicated. The entire tale, in a nutshell, goes like this.
One group of gamblers announced, Fuck you! Another group announced back: No, fuck YOU!
That s it. Or, as one market analyst put it to me this morning, A bunch of guys made a bet, got killed, then doubled and tripled down and got killed even more.
Regarding improprieties, leaving aside that the Redditors were doing exactly what billion-dollar hedge funds do every day colluding to move a stock for fun and profit the notion that this should be the subject of a federal investigation is preposterous.
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GABRIELA BHASKAR/The New York Times News Service
GameStop Corp. rebounded on Friday after several online brokerages allowed investors to buy shares in the video-game retailer again, just a day after Robinhood Markets and other trading platforms limited trading in a number of volatile stocks during a period of extraordinary volatility and market drama.
But the incredible stock-market gyrations, which have captured global fascination with the rising influence of investors in online chat groups, continue to raise questions over the potential impact on broader markets and reaction from U.S. regulators.
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Two crossed lines that form an X . It indicates a way to close an interaction, or dismiss a notification. Daytrader Damian McVeigh sits in front of computers with his daughter Avril at home during the coronavirus disease (COVID-19) outbreak, in Belfast, Northern Ireland June 16, 2020. Rachael McVeigh/Reuters This story is available exclusively to Insider subscribers. Become an Insider and start reading now.
Steve Sosnick is the chief strategist of Interactive Brokers and head trader of its trading unit Timber Hill.
Sosnick breaks down the short squeeze and gamma squeeze Reddit traders put in place for GameStop.
He also shared how the parabolic moves of these meme stocks could permanently alter markets.
The stock market has been in an uproar this past week over the wildly speculative trading in a handful of stocks, namely GameStop, a retail outlet that sells video games, and has drawn the attention of the US Securities and Exchange Commission, Congress and politicians from both sides of the aisle.