OT: Stock trading

[Dogdeacon]

someone mentioned 'trading places.'
'Okay, pork belly prices have been dropping all morning, which means that everybody is waiting for it to hit rock bottom, so they can buy low. Which means that the people who own the pork belly contracts are saying, "Hey, we're losing all our damn money, and Christmas is around the corner, and I ain't gonna have no money to buy my son the G.I. Joe with the kung- grip! And my wife ain't gonna f... my wife ain't gonna make love to me if I got no money!" So they're panicking right now, they're screaming "SELL! SELL!" to get out before the price keeps dropping. They're panicking out there right now, I can feel it.!'
fear, greed. we already covered 'supply, demand.'

I was about to post the trading places reference too. Three clarifications:
1. Ending squeeze was OJ futures.
2. The Dukes were long & screwed not short (like Gamestop), but same yet opposite concept in that the Dukes effort to exit their long positions drove the price even lower than where it started.
3. The pork bellies are first referenced in the movie when one of the Dukes explains commodities to Eddie & describes how pork bellies are used to make bacon which you might find in a bacon, lettuce and tomato sandwich & then Eddie gives a deadpan 4th wall break look.
Carry on

 

[Da_Aisijimo_Gou]

someone mentioned 'trading places.'

Yeah, someone back on Jan 14.

Algorithmic OJ

 

[Jaker]

The ultimate in "pump and dump" going on.

 

[ClifSpliffy]

At what point do people get rekt?

always sooner than they think possible. too much 'heart' in their analysis, and not enuf 'head.'
twas ever thus for 'fear, greed' situations.
it is patently redunkulous to survey the world's financial media, and hear very little aboot anything other than the current state of our 'stimulus plans.' kinda like watching cnbc and hearing nothing other than blather aboot apples lastest gizmo.
now, im heading over to blockbuster, to get the latest 'Rocky Climbs the Stairs' vhs. if it's not there, i'll prolly get the 'Ernest Saves the World from y2k one.' wish me luck.

 

[StllH8L8ner]

Well this would suck the life out of investing...

Beware of a Biden Tax On Unrealized Capital Gains

Newly-inaugurated President Biden is likely to take office and push for a flurry of new legislation. Yet while all eyes will be on Biden’s proposals for COVID-19 relief, healthcare policy, and u

www.realclearmarkets.com

 

[Matrim55]

Well this would suck the life out of investing...

Beware of a Biden Tax On Unrealized Capital Gains

Newly-inaugurated President Biden is likely to take office and push for a flurry of new legislation. Yet while all eyes will be on Biden’s proposals for COVID-19 relief, healthcare policy, and u

www.realclearmarkets.com

Nah. It would only hit the ultra-wealthy:

Wyden would change to a “mark-to-market” system. That is, for wealthy Americans who report income above $1 million or assets above $10 million for three consecutive years, taxation would no longer be tied to when people sell their stocks, artwork, or houses. It would instead happen every year that the asset gains in value. If I hold stock worth $20 million one year and it increases in value to $23 million the next year, I would pay tax on that $3 million gain when I file taxes that year.

How Ron Wyden’s tax plan would hit and change philanthropy

He would tax the rich’s capital gains as regular income — every year.

www.vox.com

It's a great plan.

 

[ClifSpliffy]

are BB and NOK part of this social media bubble? or are they true long term holds?

(edited grammar)

i have no idea other than to say that my new social media 'algo' has significant respect for those companies which own their own servers, therefore not relying on the big guys server infrastructure for ...anything, including 'approval' for their content. didn't we just learn that management here axed the pool, cuz of advertiser issues with the randy content? i certainly don't blame management for that -they've got a business to run.

 

[Matrim55]

are BB and NOK part of this social media bubble? or are they true long term holds?

(edited grammar)

They are both.

 

[aburks41]

Buying $GME puts for a Jan 2022 expiration - good idea or no?

Gamestop is a legit garbage company, and the reddit guys are just doing this to stick it to the hedge funds/ AM's. Once the buzz dies down and their next earnings comes out everyone will realize what a POS stock this is again lol

 

[HuskyHawk]

Nah. It would only hit the ultra-wealthy:

Wyden would change to a “mark-to-market” system. That is, for wealthy Americans who report income above $1 million or assets above $10 million for three consecutive years, taxation would no longer be tied to when people sell their stocks, artwork, or houses. It would instead happen every year that the asset gains in value. If I hold stock worth $20 million one year and it increases in value to $23 million the next year, I would pay tax on that $3 million gain when I file taxes that year.

How Ron Wyden’s tax plan would hit and change philanthropy

He would tax the rich’s capital gains as regular income — every year.

www.vox.com

It's a great plan.

Until those people pay taxes and then suffer massive losses, which happens. It's beyond stupid.

 

[UConnSwag11]

Nah. It would only hit the ultra-wealthy:

Wyden would change to a “mark-to-market” system. That is, for wealthy Americans who report income above $1 million or assets above $10 million for three consecutive years, taxation would no longer be tied to when people sell their stocks, artwork, or houses. It would instead happen every year that the asset gains in value. If I hold stock worth $20 million one year and it increases in value to $23 million the next year, I would pay tax on that $3 million gain when I file taxes that year.

How Ron Wyden’s tax plan would hit and change philanthropy

He would tax the rich’s capital gains as regular income — every year.

www.vox.com

It's a great plan.

The elites don't pay the taxes. They write the bills. It will hit and hurt the middle class

 

[UConnSwag11]

NOK will be a player in 5g and BB is moving into the cloud space so both have potential

NOK and GSAT

 

[uconndogs]

Nah. It would only hit the ultra-wealthy:

Wyden would change to a “mark-to-market” system. That is, for wealthy Americans who report income above $1 million or assets above $10 million for three consecutive years, taxation would no longer be tied to when people sell their stocks, artwork, or houses. It would instead happen every year that the asset gains in value. If I hold stock worth $20 million one year and it increases in value to $23 million the next year, I would pay tax on that $3 million gain when I file taxes that year.

How Ron Wyden’s tax plan would hit and change philanthropy

He would tax the rich’s capital gains as regular income — every year.

www.vox.com

It's a great plan.

Equity markets would crater. The need for liquidity would require constant selling and drive even shorter holding periods.

 

[Kemba'sYogurt]

I just locked up a 21% profit on my total capital today thanks to Reddit lol. The internet is forever undefeated.

Can the government do anything to stop this?

 

[Da_Aisijimo_Gou]

someone mentioned 'trading places.'

Yup, someone back on Jan 14

Algorithmic OJ

Starting that day, someone may have bought and exercised some GME calls and is buying GME puts after pre-planned sales of longggggg held, pricey mutual funds with great returns. Squeezing OJ

 

[goskis2018]

I just locked up a 21% profit on my total capital today thanks to Reddit lol. The internet is forever undefeated.

Can the government do anything to stop this?

Can it? Yes. Should it is another question. Wall Street has their guy in office so I wouldn't be shocked to see a push to regulate retail investors

 

[Da_Aisijimo_Gou]

Can the government do anything to stop this?

See new SEC head's regulatory track record

 

[LIuconn]

^ do tell

 

[LIuconn]

NOK is a head fake trying to shake people out of GME.

still?

 

[HuskyHawk]

I'm temped to sell everything. I just closed about 10 positions on what I perceive as the most overvalued stocks and funds

 

[DayDayTFS]

How about $CLOV? I bought in today, albeit small, as it looks to have potential

 

[casual-yardin]

The elites don't pay the taxes. They write the bills. It will hit and hurt the middle class

While I think the idea of taxing unrealized gains is ridiculous and won't happen the idea that a tax that only applies to people with over $1m in income or $10M in assets hitting and hurting the middle class is a pretty poor observation. Generally speaking the top 1% of income earners (which would line up pretty nicely with "elites" - whomever the hell they are) pay close to 40% of all income taxes at the federal level.

 

[LIuconn]

no way does taxing unrealized gains happen

 

[Da_Aisijimo_Gou]

I'm temped to sell everything. I just closed about 10 positions on what I perceive as the most overvalued stocks and funds

My take is quality, well-respected investment management companies, not just shorting shyters such as Melvin and other big GME shorters, may be selling across the board to free up cash. On the other hand, some quality US and non-US equities way down today may be relative steals and SPY and QQQ puts may be reasonable low cost hedging considerations. Then again, none of the preceding may prove to have any merit.

 

[aburks41]

Bought puts on $GME. Garbage company with no future in gaming since everything is going digital with next gen consoles. Reddit hype will die down by the time their next earnings comes out and everyone goes back to hating gamestop lol