I followed GME for the humor. And I've always known how bad the system is. But the way they flaunt the rigging in your face these days, disgusts me.
Today I just saw a NASDAQ company that was making record profits, beat expectations, growth across all sectors, guiding higher for foreseeable future. This share dipped almost 10% over 2 days. Not one mention of the earnings news on ANY finance portal. All news outlets shared the same narrative. They all only talk about MSFT. "MSFT blows expectations, everyone else disappointed, like Boeing". Needless to say, MSFT rocketed and this stock tanked. I had to go to a tech website to find news about it. And after 2 days, the only news that came out about this share was one that talked about the share being below the buy point (this news came out before it dropped below the buy point) and therefore is not a "Buy". Pre market also saw this share dip almost 2 dollars in one go. Both days. Why? The motherfecking shorts, that's why. Up to 20% of trading for the day, the last few days were shorts.
I see how every news outlet writes gush pieces about Melvin's founder, "he's a good guy", "honest, hardworking", yada yada, nevermind the fact he just tried to crash a still viable company and cost a lot of people their jobs in order to make a lazy buck. All this while news outlets also kept talking shit about GME. I see the whole blocking buys and options and only allowing sales garbage from Robinhood and all the portals. I see hedge funds and market movers literally talking publicly about protecting their hedges shamelessly as if that is not a literal crime. I see news media blaming the crash the day before due to "markets spooked by retail frenzy".
Then I see other shit like how one "5 star" analyst claims Intel is a buy now that they have a new CEO and that will turn things around and is bad for AMD. Then a couple of days later, after Intel stock had rallied to a peak, this same analyst talks about how there is uncertainty that Intel will turn things around with new CEO, as any changes will take more than a year to take affect. Needless to say, the shares also tanked.
The sheer amount of manipulation that goes on is disgusting.
On paper, they make it look and sound good. "protect people" etc etc yada yada.
But dig deeper and you realise conflicts of interest. E.g. Citadel having an incentive to profit from order flows. Citadel having an interest in Melvin.
https://www.vice.com/en/article/qjp...-funds-like-citadel-its-users-are-the-product
The whole concept of "market movers" needs regulation. The whole of wall street needs regulation. Shorting more than 100% of available float? Seriously?
The table is tilted, folks. The game is rigged. It's a big club, but you're not in it.
Today I just saw a NASDAQ company that was making record profits, beat expectations, growth across all sectors, guiding higher for foreseeable future. This share dipped almost 10% over 2 days. Not one mention of the earnings news on ANY finance portal. All news outlets shared the same narrative. They all only talk about MSFT. "MSFT blows expectations, everyone else disappointed, like Boeing". Needless to say, MSFT rocketed and this stock tanked. I had to go to a tech website to find news about it. And after 2 days, the only news that came out about this share was one that talked about the share being below the buy point (this news came out before it dropped below the buy point) and therefore is not a "Buy". Pre market also saw this share dip almost 2 dollars in one go. Both days. Why? The motherfecking shorts, that's why. Up to 20% of trading for the day, the last few days were shorts.
I see how every news outlet writes gush pieces about Melvin's founder, "he's a good guy", "honest, hardworking", yada yada, nevermind the fact he just tried to crash a still viable company and cost a lot of people their jobs in order to make a lazy buck. All this while news outlets also kept talking shit about GME. I see the whole blocking buys and options and only allowing sales garbage from Robinhood and all the portals. I see hedge funds and market movers literally talking publicly about protecting their hedges shamelessly as if that is not a literal crime. I see news media blaming the crash the day before due to "markets spooked by retail frenzy".
Then I see other shit like how one "5 star" analyst claims Intel is a buy now that they have a new CEO and that will turn things around and is bad for AMD. Then a couple of days later, after Intel stock had rallied to a peak, this same analyst talks about how there is uncertainty that Intel will turn things around with new CEO, as any changes will take more than a year to take affect. Needless to say, the shares also tanked.
The sheer amount of manipulation that goes on is disgusting.
On paper, they make it look and sound good. "protect people" etc etc yada yada.
But dig deeper and you realise conflicts of interest. E.g. Citadel having an incentive to profit from order flows. Citadel having an interest in Melvin.
https://www.vice.com/en/article/qjp...-funds-like-citadel-its-users-are-the-product
The whole concept of "market movers" needs regulation. The whole of wall street needs regulation. Shorting more than 100% of available float? Seriously?
The table is tilted, folks. The game is rigged. It's a big club, but you're not in it.
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I bet this was Wall Street's reaction: