01/29/2021 Live Update

[JFR]

https://www.cnbc.com/2021/01/29/stocks- ... rging.html

These are stocks from RobinHood's restricted list of yesterday, trading today.

Yes, some sheep got fleeced. And RobinHood drew some attention to itself from regulatory bodies.

The young retailers tried to play the Big Boy's game. Good luck with that. And many of those naive, young, wannabe investors got burned playing a game over their heads.

I expect RobinHood will be fine. I do not see an evil hand in their actions, but they did give dumb people access to an extremely complicated, dangerous game, crowded with sharks.

Just IMO.

[Al_Dente]

margin calls

[K447]

A red January foretell the year end?

This is 2021 - what could possibly happen?

[JFR]

SPY 5. Big drops today. Finding some support.

[Cobra]

Small double bottom, not sure whether it's enough to reverse the trend or not, but bears should be prepared.

[Al_Dente]

...........These are stocks from RobinHood's restricted list of yesterday, trading today....

Thanks BOSS

[BullBear52x]

Day low is in?

[Cobra]

It's the very first test of EMA20 in 2+ hours, watch for EMA short setup here.

[JFR]

...........These are stocks from RobinHood's restricted list of yesterday, trading today....

Thanks BOSS

You are welcome, Pasta Boss.

[Al_Dente]

Yes, Robinhood still "allows" buying  BUT WITH THESE TOTAL SIZE RESTRICTIONS:
(meaning, for example, if you have 2 shares of GME in your account, you CANNOT buy a third share !!! )

• AAL - 55 shares
• AMC - 25 shares
• BB - 25 shares
• BBBY - 30 shares
• CTRM - 1650 shares
• EXPR - 200 shares
• GME - 2 shares
• KOSS - 10 shares
• NAKD - 300 shares
• NOK - 50 shares
• SNDL - 1200 shares
• TR - 25 shares
• TRVG - 400 shares

[Al_Dente]

Recall yesterday the GME 320 calls had the biggest open interest. Yesterday OI approximately 9,000 contracts at the 320 strike, today OI approx 7,000 contracts, so some have been closed out, hopefully at or near the open.
These expire today.
Perhaps more will exit before the close, so they don’t have to risk another trading halt, or other shennagians at the close.
[numbers are from Schwab quotes]

UPDATE
and now there are only 2,304 call contracts OI open interest left in GME at the 320 strike
[per schwab]

[Trades w 2 Cats]

Pasta Boss, you imply that Robin Hood has gone through most of that 1 billion they raised last night. Kind of a classic situation where their rapid success leads to ruin because they don't have the capital to post into the securities clearing system. Gating the most expensive(for them) transactions saves cash but infuriates customers who then leave in droves.

[Trades w 2 Cats]

Not passing any judgement here, just pointing out that Senator Warren, as far as I can remember has not demanded an SEC investigation of Tesla or other highly volatile stocks in the past.

[Al_Dente]

Pasta Boss, you imply that Robin Hood has gone through most of that 1 billion they raised last night. I DON'T KNOW HOW TO "IMPLY" THAT. Kind of a classic situation where their rapid success leads to ruin because they don't have the capital to post into the securities clearing system. "MOST" SMALL FIRMS DON'T HAVE ENOUGH CAPITAL TO WEATHER SUCH A VOLCANO. Gating the most expensive(for them) transactions saves cash but infuriates customers who then leave in droves. AND REDDIT POSTERS ARE YESTERDAY AND TODAY TRYING DESPERATELY TO LEAVE ROBINHOOD. AND TRYING TO FIGURE OUT HOW/WHERE TO GO.

[Al_Dente]

One personal story from a GME “trader”:
“This is for you, Dad.
I remember when the housing collapse sent a torpedo through my family. My father's concrete company collapsed almost overnight. My father lost his home. My uncle lost his home. I remember my brother helping my father count pocket change on our kitchen table. That was all the money he had left in the world. While this was happening in my home, I saw hedge funders literally drinking champagne as they looked down on the Occupy Wall Street protestors. I will never forget that.
My Father never recovered from that blow. He fell deeper and deeper into alcoholism and exists now as a shell of his former self, waiting for death……
This is for you, Dad.”

[BullBear52x]

Bulls will need to do a lot more today to turn somewhat positive.

[Trades w 2 Cats]

Pasta Boss you are right. The situation is bound to be a Michel Lewis book.

My mistake for mis speaking. Should have said they imply by their gating, not you.

Personally I see this as a typical Silicon Valley success story. As in figuring out a way to use technology to get around long standing laws and regulations. Best part for me is that our legislators and other learned advisors are suddenly upset when their donor pool gets impacted.

Only when hedge fund guys are forced to pay the same tax as the rest of us (carried interest rule) will Congress get any respect from me on financial matters. In the mean time the traders will find a new brokerage and this game will continue. Now they really know who is nothing but street propaganda.

As they say on Zero Hedge long rope and pitchfork's.

[JFR]

SPY daily. A fair sized pullback, down to support. Next? Dunno. Times ain't normal.

[JFR]

SPY daily. PnF. Pulling back. But still showing an uptrend longer term.

Signing off. Have a good weekend, Everyone.

[Ed02]

Thanks for sharing... Time for a big revolution to resolve all the issues accumulated over end of WWII, isn't it?

One personal story from a GME “trader”:
“This is for you, Dad.
I remember when the housing collapse sent a torpedo through my family. My father's concrete company collapsed almost overnight. My father lost his home. My uncle lost his home. I remember my brother helping my father count pocket change on our kitchen table. That was all the money he had left in the world. While this was happening in my home, I saw hedge funders literally drinking champagne as they looked down on the Occupy Wall Street protestors. I will never forget that.
My Father never recovered from that blow. He fell deeper and deeper into alcoholism and exists now as a shell of his former self, waiting for death……
This is for you, Dad.”