Mirror: Before #WallStreetBets There Was #SaveCanadianMining Who Saved Canadian Small Cap
Article: SEC Suspends Trading In 15 Companies Due To “Questionable Trading And Social Media Activity”
Article - Media, PublicationsSEC Suspends Trading In 15 Companies Due To “Questionable Trading And Social Media Activity”
TYLER DURDEN, 26 February 2021
Two weeks ago we said that the regulatory crackdown against WallStreetBets had begun when the SEC suspended trading in pennystock Spectra Science (SCIE). Well, today we got the clearest confirmation yet that the SEC will do everything in its power to make sure that are no more Melvin Capitals and will seek to put a resolute end to the reddit bull raids when it announced that it “suspended trading in the securities of 15 companies because of questionable trading and social media activity.”
Today’s order states that trading is being suspended because of “questions about recent increased activity and volatility in the trading of these issuers, as well as the influence of certain social media accounts on that trading activity.” In enforcing the suspension, the SEC referred to federal securities laws, according to which “the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.”
Continue reading “Article: SEC Suspends Trading In 15 Companies Due To “Questionable Trading And Social Media Activity””
Observer: wallstreetbets
Observer
r/wallstreetbets, also known as WallStreetBets or WSB, is a subreddit where participants discuss stock and option trading. It has become notable for its profane nature, aggressive trading strategies, and role in the GameStop short squeeze that caused losses on short positions in U.S. firms topping US$70 billion in a few days in early 2021. The subreddit is famous for its colorful jargon and terms.[2]
ARTICLE: BREAKING THE SILVER MARKET: Investment Demand To Overwhelm The Market
Article - Media, PublicationsBREAKING THE SILVER MARKET: Investment Demand To Overwhelm The Market
SRSROCCO, 28 February 2021
The Silver Market is on the verge of being overwhelmed by investment demand. While this has been a steady process over the past decade, the situation changed rapidly in 2020, and especially in the last two months. Since the WallStreetBets “SilverSqueeze” campaign, more investors are waking up to the SILVER STORY…
Article: SEC Data Show $359 Million of GameStop Shares Failed to Deliver
Article - MediaSEC Data Show $359 Million of GameStop Shares Failed to Deliver
Brandon Kochkodin, Bloomberg, 17 February 2017
-
GameStop surged more than 1,700% before curbs were implemented
-
More than 2 million shares failed to deliver at peak of mania
“Fails-to-deliver can occur for a number of reasons on both long and short sales,” reads a disclaimer on the SEC website. “Therefore, fails-to-deliver are not necessarily the result of short selling, and are not evidence of abusive short selling or ‘naked’ short selling.”
Comment: The SEC is full of shit and a RICO organization complicit in Class A felonies enabled by the Department of Justice and the Senate Banking Committee. For the slow learners, start with the Cartoons.
Article: Reddit Trader Roaring Kitty Accused Of Fraud In The Latest Wild Lawsuit Coming Out Of GameStop Saga
Article - Media, PublicationsReddit Trader Roaring Kitty Accused Of Fraud In The Latest Wild Lawsuit Coming Out Of GameStop Saga
Jonathan Ponciano, 17 February 2021
One of the most outspoken retail traders on Reddit’s WallStreetBets discussion board has been targeted in a proposed class-action lawsuit alleging the 34-year-old securities broker behind the widely followed “Roaring Kitty” persona committed securities fraud for misrepresenting himself as an amateur trader online while pumping up GameStop stock prices.
“As a licensed securities professional, including the period he was licensed by and associated with MML and MassMutual, Gill was obligated to follow various securities laws, [SEC] rules and regulations and FINRA rules,” the 38-page suit says. The suit specifically references five securities rules, including one that requires licensed securities professionals to observe “high standards of commercial honor and just and equitable principles of trade” while conducting business and another saying that their public communications–on social media included–should “be fair and balanced” and “not omit any material fact or qualification” if the omission could mislead investors.
Article: Report: Feds Investigating Meme Stock Frenzy For Market Manipulation
Article - Media, PublicationsReport: Feds Investigating Meme Stock Frenzy For Market Manipulation
Sarah Hansen, 11 February 2021
Federal authorities are investigating whether massive gains in “meme stocks” like GameStop in January were caused by market manipulation or other illegal behavior, the Wall Street Journal reported Thursday.
In January, individual traders from online communities like Reddit’s r/WallStreetBets forum and users of popular online brokerage apps like Robinhood were a driving force behind the meteoric rise of a handful of previously unpopular stocks. The traders pitted themselves against major hedge funds who had bet that the price of stocks in struggling companies like GameStop, AMC Entertainment, and Blackberry would fall in a practice called short selling. The rapid surge of interest from retail investors pushed the price of those stocks to record levels, and hedge funds like Melvin Capital faced massive losses as a result. At the peak of the frenzy, Robinhood restricted trading on shares of GameStop and a handful of other stocks, prompting a swift backlash from lawmakers and multiple class-action lawsuits from traders who said they had missed out on gains.
Article: Government agencies probe GameStop pump over potential illegal manipulation
Article - Media, PublicationsGovernment agencies probe GameStop pump over potential illegal manipulation
DUNCAN RILEY, 11 February 2021
U.S. government agencies have launched federal investigations into whether the social-media-driven activity around GameStop Corp.’s share price rise in January constituted illegal market manipulation.
According to a report today in The Wall Street Journal, both the U.S. Department of Justice and the Commodity Futures Trading Commission are formally investigating the pump of GME stock, and the Securities and Exchange Commission is also reviewing the matter.
The investigation by the justice department is being led by the department’s fraud section and the San Francisco U.S. attorney’s office who have sought information about the security activity from brokers and social media companies that were at the center of the trading frenzy. Subpoenas are said to have been issued for information to brokers including Robinhood Markets Inc. that was widely used by those buying up GameStop and other shares such as AMC Entertainment Holdings Inc. Continue reading “Article: Government agencies probe GameStop pump over potential illegal manipulation”
Article: The Gamers’ Uprising Against Wall Street Has Deep Populist Roots
WebThe Gamers’ Uprising Against Wall Street Has Deep Populist Roots
Wall Street may own the country, as Kansas populist leader Mary Elizabeth Lease once declared, but a new generation of “retail” stock market traders is fighting back.
Ellen Brown, SheerPost, 10 February 2021
A short squeeze frenzy driven by a new generation of gamers captured financial headlines in recent weeks, centered on a struggling strip mall video game store called GameStop. The Internet and a year off in this shut down to study up have given a younger generation of investors the tools to compete in the market. Gerald Celente calls it the “Youth Revolution.” A group of New York Young Republicans who protested in the snow on January 31 called it “Re-occupy Wall Street.” Others have called it Occupy Wall Street 2.0.
Continue reading “Article: The Gamers’ Uprising Against Wall Street Has Deep Populist Roots”
Article: Robinhood Users Face Uphill Fight For TRO In GameStop Suit
Article - Media, PublicationsRobinhood Users Face Uphill Fight For TRO In GameStop Suit
Craig Clough, 10 February 2021
A California federal judge indicated Wednesday that she is unlikely to issue a temporary restraining order or preliminary injunction against Robinhood Financial LLC to prevent it from blocking specific transactions on volatile stocks after a user suing the company said the online trading platform’s recent actions were “unprecedented.”
The lawsuit before U.S. District Judge Virginia Phillips is one of more than 30 civil suits Robinhood is facing over its decision late last month to block users from buying shares of GameStop, AMC and other volatile stocks recently caught up in a well-publicized trading frenzy. Continue reading “Article: Robinhood Users Face Uphill Fight For TRO In GameStop Suit”
Article: “This is for you, Dad”: Interview with an Anonymous GameStop Investor
Article - MediaAuthor: Matt Tiabbi / Feb 6, 2021
Raised in a family devastated by bubble economics, one Reddit investor saw GameStop as a way to send a message to “cancerous rent-seekers”
Article: The Stock Market Is Broken, Now For All To See
Article - MediaThe Stock Market Is Broken, Now For All To See
Authored by Wolf Richter via WolfStreet.com,
The historic short squeeze, engineered by a bunch of deeply cynical small traders, exposed just how rigged the market has been…
Article: Why the Reddit trading frenzy and short selling won’t work in China
Article - Media, PublicationsWhy the Reddit trading frenzy and short selling won’t work in China
Evelyn Cheng, 04 February 2021
The recent short selling frenzy on Wall Street will not likely come to China, where there are many more market restrictions. Short selling refers to a trading strategy that allows investors to bet that the price of a stock or security will fall.
To short a stock, investors borrow shares and sell them, then ideally buy them back at a lower price later, and pocket the profits made. If the share price does not drop, the short seller will try to minimize losses by buying back the stock, which now costs more. Investors in mainland China have a limited ability to short stocks — a sign that the local markets are still immature. Tight regulation and online censorship in China also contribute to different investor behavior versus that of the U.S. Continue reading “Article: Why the Reddit trading frenzy and short selling won’t work in China”
Article: Reddit And GameStop Lessons: Former SEC Enforcement Chief Explains Stock Manipulation And How To Avoid Trouble
Article - Media, PublicationsBruce Brumberg, JD, 04 February 2021
As just about everyone knows by now, investors communicating on the Reddit forum WallStreetBets drove up the stock price of GameStop while openly discussing both their tactics and their reasoning. Some of them purchased GameStop shares as part of a strategy expressly intended to squeeze hedge funds that were shorting the stock. Others simply saw the stock as undervalued.
Will they face charges of stock-market manipulation from the SEC, or even criminal charges? What can investors legally say about a company that could move its share price? What trades can they make individually or together without risk of a government crackdown? Continue reading “Article: Reddit And GameStop Lessons: Former SEC Enforcement Chief Explains Stock Manipulation And How To Avoid Trouble”
Article: GameStop shares halve
Article - Media, PublicationsShah Husain Imam, 03 February 2021
GameStop Corp shares more than halved in value on Tuesday and silver prices retreated as the Reddit-driven trading frenzy that roiled stock and commodity markets appeared to fizzle, at least for now.
The videogame retailer’s shares, whose wild gyrations have made or lost billions of dollars for hedge funds and other investors in recent weeks, closed down 60 per cent at $90. They are now worth less than a fifth of their high of $483 last week, reports Reuters. Continue reading “Article: GameStop shares halve”
