If I were to look at it earlier, I would be sucked into the short side at 80ish..Fortunately, I was stuck in another trade. The market is so fucked now that, this will eventually break things
GameStop (GME) to be added to the S&P 500
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The bloomberg article today ran a story on the SEC side and shares my view it sounds bad but hard to pinpoint exactly which SEC clause it violates. I tried posting on that reddit thing for a neural discussion and was deleted immediately. Every post allowed seems to be highly bullish, making me suspect that the moderator is actively manipulating the sentiment although not apparently spreading false information.
In 1901 Northern Pacific Railroad spiked to $1000 intraday on a short squeeze war between the whales of the time. It brought down the entire market as the whales had to liquidate everything else.
The crash of 1901 was our first market crash fwiw.
Wouldn't it be ironic if the Robinhoods and Reddit folk instituted their own demise?
https://www.americanheritage.com/jacob-schiff-and-northern-pacific-corner
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Nah, in the 1800s there was a panic (usually with a crash) in every 8-11 years. For example:
"The Panic of 1896 was an acute economic depression in the United States that was less serious than other panics of the era, precipitated by a drop in silver reserves, and market concerns on the effects it would have on the gold standard. Deflation of commodities' prices drove the stock market to new lows in a trend that began to reverse only after the 1896 election of William McKinley. "
https://en.wikipedia.org/wiki/List_of_stock_market_crashes_and_bear_markets
You could say some of them were slow and depressions, not crashes, and you could be right, but I don't think the 1901 was the first one.
Edit: If we are talking about strictly a one day up and down, you may be right.
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Who cares. The media and these big funds shouldn't have a monopoly on manipulation. Let it be a free for all. People are fed up with rules and regulations.
I had read this earlier on wiki:
The Panic of 1901 was the first stock market crash on the New York Stock Exchange, caused in part by struggles between E. H. Harriman, Jacob Schiff, and J. P. Morgan/James J. Hill for the financial control of the Northern Pacific Railway. The stock cornering was orchestrated by James Stillman and William Rockefeller's First National City Bank financed with Standard Oil money. After reaching a compromise, the moguls formed the Northern Securities Company. As a result of the panic, thousands of small investors were ruined.[1]
https://en.m.wikipedia.org/wiki/Panic_of_1901
It is unclear if this was a one day event (I assume not, although the short squeeze was), but OK let's call this the first one. If Wiki says...
i'm afraid you could be onto something here...
I guess fundamentally there's nothing wrong with people paying up for a stock that's worthless I don't see anything illegal about that..
And if you are a money manager and your short everybody knows your risk is unlimited that's stock trading 101.
But is it stock manipulation I mean I guess it is?? But maybe not because it's not like somebody's out there pushing news that the company is amazing and has great fundamentals and they're about to make tons of money ..
And if you are a money manager and your short everybody knows your risk is unlimited that's stock trading 101.
But is it stock manipulation I mean I guess it is?? But maybe not because it's not like somebody's out there pushing news that the company is amazing and has great fundamentals and they're about to make tons of money ..