I thought I’ve seen it all — but this takes the crown. Last night big tech was fucking with Wall Street Bets, disrupting the platform, removing them from existence on Discord, temporarily removing them from Reddit, and today the online brokers, in unison, outright block the purchase of stock and options in a numbers of names — not surprisingly the ones heavily shorted. The boys from the Hamptons and Greenwich win again — just like I told you would happen — but in a manner that is so brazen I feel sick even talking about it.
Statement from IBKR:
“As of midday yesterday, (1/27/2021) Interactive Brokers has put AMC, BB, EXPR, GME, and KOSS option trading into liquidation only due to the extraordinary volatility in the markets. In addition, long stock positions will require 100% margin and short stock positions will require 300% margin until further notice. We do not believe this situation will subside until the exchanges and regulators halt or put certain symbols into liquidation only. We will continue to monitor market conditions and may add or remove symbols as may be warranted.”
Robinhood:
“We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities.”
There is no question, these companies have colluded with big finance. If it were not for the fact that Steve Cohen and others were losing billions in the epic GME short squeeze — we would not be talking about this today.
As such, I took my ball and went home, liquidated my entire trading account — down 87bps. My other accounts are all up 150bps — because they’re market performing with the ordinary stocks most owned by hedge funds and advisors. It was a mistake to believe the system could be broken. They own the keys to the city and if you don’t like it — BUILD YOUR OWN GLOBAL BANKING SYSTEM AND STOCK MARKET, plebs.
“You Can Close Out Your Position On This Stock, But You Can Not Purchase Additional Shares”
Rough crowd on Twitter tonight.Hey stock jockeys keep bringing it
— Steven Cohen (@StevenACohen2) January 27, 2021
Now get back to work and till those fields.
Let the people trade.
— Robinhood (@RobinhoodApp) March 23, 2016
UPDATE: GME has reversed and it now +45 to $393. lol
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Time to build a decentralized stock exchange based on ETH
These guys literally just sign their own death sentences.
Lay off Steve Cohen.
Steve Cohen needs the $$ to buy some players for the NY Mets.
Lets get our priorities straight (sarc.- did I do that right?).
So brokers decide who gets liquidated and the SEC is okay with this kind of manipulation?
You have to squeeze them over a span of a year like TSLA, not a few weeks. Wonder why nobody protected Chanos and Einhorn?
late stage capitalism
The super rich and the fucked
Anyone hear Dave Portnoy’s rant this morning?
I am probably going to ditch Schwab for this! Fuck the suits this is WAR now
Par for the course. like lemmings. free entertainment.
Not sure how GME or AMC is any different from TSLA or ABNB.
TD Ameritrade rejected an opening trade on an AMC option today.
“No opening sell transactions allowed on this series.”
In contrast, E-Trade accepted an opening order for an AMC option and filled it.
What other brokers are still accepting and filling orders for these stocks and options today?