Want to Make $1 Million? Market Manipulation Is Back! (Thanks to Social Media)
Thomas Yeung, 16 July 2021
When Keith “Roaring Kitty” Gill announced he was buying GameStop (NYSE:GME) shares and options on Reddit’s r/WallStreetBets, regulators might have considered his outrageous claims as parody — speech protected by First Amendment rights. Who could take $20 calls on GME seriously when the stock was trading at $5?
Since then, other social media forums have blurred the lines between satire and intentional deception. This week, shares in SCWorks (NASDAQ:WORX) doubled after traders on Discord and Twitter banded together to push prices higher. MINM, DTSS and an alphabet soup of other small-cap stocks have followed the same path Continue reading “Article: Want to Make $1 Million? Market Manipulation Is Back! (Thanks to Social Media)”
Is Discord the Next r/WallStreetBets? 5 Stocks That Suggest That’s the Case
Thomas Yeung, 09 July 2021
If you want to become a day trader, I don’t blame you. People who consistently earn several percentage points per day can become wealthy beyond belief. Crypto arbitrageur Sam Bankman-Fried recently became a minor celebrity after revealing he was a billionaire by age 29.
Typically, professional traders like Mr. Bankman-Fried are either exploiting price differentials or using some form of statistical arbitrage. That’s when investors profit from minor pricing divergences across different exchanges or assets. Continue reading “Article: Is Discord the Next r/WallStreetBets? 5 Stocks That Suggest That’s the Case”
GameStop and AMC turn around big on Thursday as retail investors unsubtly remind Wall Street they are going nowhere
Thornton McEnery, 08 July 2021
Retail traders spent Thursday morning buying the dip created by all the people digging the graves of meme stocks on Tuesday and Wednesday.
Shares of GameStop GME, -0.08% and AMC Entertainment AMC, -3.65% started the holiday-shortened week in something of a nosedive, with both falling sharply from Tuesday morning into midday Thursday before sudden potent rallies fueled by Reddit chatter and Twitter hashtags saw both stocks recover dramatically, and AMC almost erase its weekly loss entirely before falling back a bit in the afternoon. Continue reading “Article: GameStop and AMC turn around big on Thursday as retail investors unsubtly remind Wall Street they are going nowhere”
JOBS ON THE RISE, VIRGIN’S BRANSON FLIES & ROBINHOOD’S LYING EYES
Joseph Hargett, 02 July 2021
That’s right: The Labor Department said this morning that the U.S. economy added a better-than-expected 850,000 jobs in June … and economists are both excited and scared. On one hand, economists praised the strong jobs growth as proof that the economy is continuing to rebound strongly from the COVID-19 pandemic.
“Things are picking up,” said Indeed Economist Nick Bunker. “While labor supply may not be as responsive as some employers might like, they are adding jobs at an increasing rate.” Continue reading “Article: JOBS ON THE RISE, VIRGIN’S BRANSON FLIES & ROBINHOOD’S LYING EYES”
Moez Kassam & Anson Funds Part II: Rotten To The Core
Market Frauds, 28 June 2021
Note to all readers: The Canadian regulators (OSC and IIROC) are asking people for information on illegal trading strategies. If you or a company or investor have been hurt by Anson Funds please do not remain silent. Get in touch with the OSC and file a formal complaint. This really is your only chance to be heard. Make it count! You can also send information to the SEC here: https://www.sec.gov/whistleblower Continue reading “Article: Moez Kassam & Anson Funds Part II: Rotten To The Core”
Meme stocks show that ‘community’ is profitable: Reddit co-founder
Thomas Hum, 28 June 2021
As trading platforms like Robinhood create a rise in retail investor market participation and spark a renewed interest in shares of companies dubbed “meme stocks” like GameStop (GME), BlackBerry (BB), and AMC (AMC), the world of finance is seeing an intersection with the social media sphere.
“What you’re seeing is a much larger trend here,” Alexis Ohanian, founder of venture capital firm Seven Seven Six and co-founder of Reddit, told Yahoo Finance Live. “It is the intersection of community and capital. It’s the intersection of social media and finance.” Continue reading “Article: Meme stocks show that ‘community’ is profitable: Reddit co-founder”
Reddit trading is leading to ‘massive market manipulation,’ top investor warns. How to protect your portfolio
Lizzy Gurdus, 24 June 2021
The Reddit-fueled trading frenzy is getting out of hand, according to the country’s top investment advisor.
Ric Edelman, the No. 1 registered investment advisor in the United States and founder of Edelman Financial Engines, said Monday that he’s “very concerned” about what he sees as a sweeping “pump-and-dump scheme” roiling markets. Continue reading “Article: Reddit trading is leading to ‘massive market manipulation,’ top investor warns. How to protect your portfolio”
TLC: THE LONG CON: The markets are frothing with liquidity. PART 1
Reddit: u/con101smd, 22 June 2021
TLC: THE LONG CON:
The markets are frothing with liquidity.
How Wall St. conquered the wild west of crypto by laundering funds obtained from illegal naked short selling practices through stock market exchanges worldwide.
Mobile Edition & full PDF: https://docs.google.com/document/d/1fdZV5B6RtyVurxcVsXAOtWNn5NE8BZS1TPu24ZAzLkI/edit?usp=sharing
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Reddit Hates Short Sellers, But the Stock Market Needs Them
Brandon Kochkodin, 23 June 2021
There’s something a little weird about short selling. Shorting—or betting that a stock’s price will fall—is a feature of finance that doesn’t have a close analogue in the real-world economy.
Buying a stock you like isn’t much different from purchasing a product that catches your eye. But if you’re walking through the local grocery store and see an item that sets your stomach turning—say, ketchup-flavored potato chips—you don’t stand in the aisle waving off other customers, telling them how bad it is. You don’t try to crush the bag. You just think, “Who in the world eats this … ” and go on your merry way without putting it in your cart. Continue reading “Article: Reddit Hates Short Sellers, But the Stock Market Needs Them”
Former SEC chair on the market risks even meme stock traders can’t afford to ignore
Eric Rosenbaum, 20 June 2021
The Wall Street establishment and the Reddit, Robinhood-fueled meme stock traders don’t see eye to eye, on just about anything. In fact, rolling eyes at the stock market’s traditional ways is inherent in trades like GameStop and AMC Entertainment.
Warnings from the market greats, like Warren Buffett, may as well be a badge of honor among the new traders. But one thing Buffett hasn’t noted in his criticisms of the “casino” atmosphere of this bull market and companies like Robinhood, which he has thoroughly beat on, is that when he was a young investor himself he had a fondness for “cigar butt” stocks — the dregs of the market, companies with a few puffs left in them — before he graduated to a more refined kind of investing that made him a billionaire. And that Buffett footnote raises an important point about the market’s newest investors. Continue reading “Article: Former SEC chair on the market risks even meme stock traders can’t afford to ignore”
ITUB Stock: A Story of Reddit, Warren Buffett and Currency Manipulation Allegations
Brenden Rearick, 16 June 2021
You’ve got to hand it to r/WallStreetBets: They’ve gotten very robust in their stock selection process as compared to the GameStop (NYSE:GME) era. The message board, which has grown significantly in the first half of the year, is picking mortgage REITs and private prisons as some of the latest meme stocks. It should not be a surprise then that the retail investor group is looking to follow whales to new frontiers, like they are doing today with Itaú Unibanco Holdings (NYSE:ITUB) stock. Continue reading “Article: ITUB Stock: A Story of Reddit, Warren Buffett and Currency Manipulation Allegations”
South Korea Changes Course and Begins Investigating CBDCs
John Anlyt, 13 June 2021
The central bank of South Korea (BOK) announced this week the launch of a second specialist team to supposedly develop a digital currency central bank (CBDC) a year after dissolving their first group of researchers.
The entity said it will rededicate itself to studying everything related to the creation and implementation of a CBDC, and the formation of the new research group appears to be a direct response to China’s plans to issue a digital yuan.
The announcement surprised the crypto ecosystem as it signifies a turnaround in South Korea . A little less than a year ago, the BOK stated that there was almost no possibility of a CBDC in the country, which is why the cryptocurrency and digital currency research task force was dissolved .
The beginning of 2020, with China’s firm decision to launch its own CBDC, caused the BOK to change its stance on the issue and claim that it is now ” in the process of investigating ” the possible issuance of its digital currency.
The BOK clarified that its team of researchers will be small, with an initial appointment of eight members specialized in areas as varied as IT, human resources, economics and management.
Popular exchange LocalBitcoins has been suspending user accounts in some countries in Africa, the Middle East and Asia without notice . As reported by Forbes these weeks, some users can no longer withdraw their bitcoins from the platform, who only communicated that it is due to a “process of improvements.”
The exchange made no further public comment on the matter. The first complaints began to be noticed last week , when LocalBitcoins users in countries such as Afghanistan, Iraq, Nigeria, Syria and Pakistan expressed that they could not withdraw their Bitcoins without deleting their accounts.
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Let the Apes Have Wall Street
Matt Taibbi, 10 June 2021
The much-publicized war over “meme stocks” drags a longstanding Wall Street ripoff out of the shadows, to hilarious results
On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. “Look, there are a lot of short sellers out there who have been borrowing stock they didn’t have,” Seymour said.
“Naked shorts, yeah,” said Lee.
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Wall Street languid as “meme stock” frenzy hogs spotlight
Stephen Culp, 08 June 2021
Wall Street stocks wavered near the starting line on Tuesday as a lack of clear market catalysts kept institutional investors on the sidelines, while retail traders kept the rally of so-called meme stocks alive. All three major U.S. stock indexes were little changed, with the S&P (.SPX) and the Dow (.DJI) hovering within 1% of their record closing highs.
The tech-laded Nasdaq (.IXIC) fared best, with Amazon.com Inc (AMZN.O) and Apple Inc (AAPL.O) providing the biggest boost. The CBOE volatility index (.VIX), a measure of investor anxiety, touched its lowest level in over a year. Continue reading “Article: Wall Street languid as “meme stock” frenzy hogs spotlight”