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By Allison Morrow, CNN Business Editor s Note: A version of this story appeared in CNN Business Nightcap newsletter. To get it in your inbox, sign up for free, here. ....
Transcripts for CNN CNN Newsroom Live 20210201 06:51:15 archive.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archive.org Daily Mail and Mail on Sunday newspapers.
We have a big week for data, including both ISM reports and a focus on employment. Investors thirst for more data about the strength of the economic rebound. We are also in the heart of earnings season, worried about vaccines, and wondering if Washington will provide more help. Despite this jam-packed agenda the financial media highlight a story that is much more fun. Someday our focus can return to data and earnings. For now, many are worried, asking: How will the Reddit Rebellion affect my investments? Please share this article - Go to very top of page, right hand side, for social media buttons. ....
Share Source: AP Photo/Richard Drew The wealthy and well-connected will protect themselves. Over the past few days, they’ve certainly done that on Wall Street. Since time began, hedge funds have worked and coordinated with one another on securities they’ve targeted. These pump and dump operations have gone on and one for years, decades really. It’s nothing new. Yet, this form of market manipulation is now a problem. It’s an issue because normal people committed the awful crime of making money. They made money by using the same schemes as the big wigs. It was the ‘Reddit Rebellion.’ It was populism engulfing the market and the elites hated it. There’s always a risk when playing the market. It’s another thing entirely when the spigot is turned off by the powers that be and folks have their trading options limited. ....
The USDollar managed to end higher for the month of January while stocks, bonds, and gold all ended lower. Source: Bloomberg Cryptos, however, had a big month, led by Ethereum (and helped the last few days by a migration of WSB rs and Elon Musk). Source: Bloomberg Of course, the really big news was the Reddit Rebellion that routed shorts late in the month, pushing Most Shorted . The probes and lawsuits are coming. Texas Attorney General Ken Paxton sent out a Civil Investigative Demand to 13 entities, including Robinhood and Citadel, regarding the suspension of stock trading and investing requiring higher margin reserves for trading certain companies and suspending chat platform activity. ....