Stocks - The Best Buys 2

[DiracSpike]

So looks like our local Calgary cannabis company Sundial (SNDL) was caught up in this action today as well for some reason...no idea why. It doesn't even have that much short interest in it, especially compared to Gamestop and others. I own some shares in this after investing before the IPO and it's been comatose for years. At one point it was up 130% before "only" finishing up 30%, apparently Robinhood stopped people from buying it and that caused the relative drop. Just insane. Pretty excited for tomorrow, hopefully it rides up and I can unload my position for a profit I never expected to have.

I'm fully expecting it to tank but I'm happy to be included in the excitement of the last few days

[Dan02]

Originally Posted by PaperBagger'14

I couldn't find accurate data, what is it at?

back to 312.

[Senator Clay Davis]

https://www.cnbc.com/quotes/GME?qfsearchterm=

Hasn't updated in an hour though.

[sa226]

After hours trading ends at 8pm eastern time. Premarket starts at 4am eastern

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[DiracSpike]

Does it ever get published if the shorts made it out? That seems to be the controversy with Robin Hood app from this afternoon, that they facilitated a drop by only allowing people to sell and not buy, thus lowering the price and allowing an out for their hedge fund buddies. That's just what im seeing people saying. Theoretically if the shorts were able to bail in most of these stocks that would eliminate most of the juice driving the upswing in these stocks, now it'd only be retail buying in that don't know the party's over.

[karl262]

Does anyone think the spike to 480 this afternoon was an accurate price move that was quickly suppressed? Was that around the time RH shut down buying?
Everything is happening so fast.

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[Fire]

I had a buy order at for BB at 18.05 a few days ago and forgot about because it zoomed past that price without triggering. I had the order open for about 5 days and I got my order in today after the stock dropped about 40%. I guess I'm ok with it. With all the crazy stocks this one is probably the least crazy?

[Leondros]

Originally Posted by DiracSpike

So looks like our local Calgary cannabis company Sundial (SNDL) was caught up in this action today as well for some reason...no idea why. It doesn't even have that much short interest in it, especially compared to Gamestop and others. I own some shares in this after investing before the IPO and it's been comatose for years. At one point it was up 130% before "only" finishing up 30%, apparently Robinhood stopped people from buying it and that caused the relative drop. Just insane. Pretty excited for tomorrow, hopefully it rides up and I can unload my position for a profit I never expected to have.

I'm fully expecting it to tank but I'm happy to be included in the excitement of the last few days

Gran Tierra as well. Almost 95% today.

[FlameOn]

[Weitz]

I do enjoy the rumblings and rumours on Twitter.

New Secretary of Finance took almost a million in speaking fees from Citadel with rumours that robinhood got a call from the white house.

[Slava]

Alright, I kind of avoided getting into this, but here goes. I don’t think Robin Hood had a choice in the halts today. These brokerages all have a custodian and if the custodian says “no more”, that’s it. So for example, if they have $5bn in margin and a whack of that is GME, the custodian won’t let that run forever. So, that’s the first thing. There’s no real option here for RH or IB to do much though.

And second, I read the user agreement and section 16 explicitly says that RH can halt trades and take these actions. I’m sure that almost no one else read that, and I get it, but the fact is these users signed off on this. I see the calls for a congressional hearing and all that, and I know there’s a class action as well. I’m not a lawyer and who knows, but it seems pretty cut and dried. It’s in the agreement, the users signed it, and while it sucks, that’s the purpose of those agreements.

[Samonadreau]

Any one else's Questrade app just struggling lately? Taking forevor to sign in, freezing/crashing, charts not loading.... good thing im not a huge day trader or I would be shopping elsewhere.

[Krovikan]

Originally Posted by Samonadreau

Any one else's Questrade app just struggling lately? Taking forevor to sign in, freezing/crashing, charts not loading.... good thing im not a huge day trader or I would be shopping elsewhere.

All trading platforms seem to have issues lately die to the crazy market.

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[Burn13]

Still using mom and dad's guy.

No issues.

[dino7c]

Originally Posted by Burn13

Still using mom and dad's guy.

No issues.

no money but no issues

[DoubleK]

So Robinhood ran out of cash to pay clearinghouse deposits? Are they that poorly capitalized?

[Muffins]

Originally Posted by Slava

Alright, I kind of avoided getting into this, but here goes. I don’t think Robin Hood had a choice in the halts today. These brokerages all have a custodian and if the custodian says “no more”, that’s it. So for example, if they have $5bn in margin and a whack of that is GME, the custodian won’t let that run forever. So, that’s the first thing. There’s no real option here for RH or IB to do much though.

And second, I read the user agreement and section 16 explicitly says that RH can halt trades and take these actions. I’m sure that almost no one else read that, and I get it, but the fact is these users signed off on this. I see the calls for a congressional hearing and all that, and I know there’s a class action as well. I’m not a lawyer and who knows, but it seems pretty cut and dried. It’s in the agreement, the users signed it, and while it sucks, that’s the purpose of those agreements.

The problem is that user agreement doesn't give them carte blanche to manipulate the market. That's what people are accusing them all of.

Blocking the ability to buy said stocks, but allowing the selling of them, with the goal being enough would sell to drop the share price (all while the hedge funds use said drop to improve their position) is 100% market manipulation.

Proving if that's why they did it is a whole other thing, but saying "well the user agreement says they can" doesn't absolve them (or anyone who may have told them to) of it.

I just hope it all gets properly looked into and not hand waved away.

[DoubleK]

They didn't have the cash to put up the fees to clear the trades. It makes perfect sense for RH to limit those trades to maintain their financial obligations.

Selling would not be subject to those fees and would allow their customers to recover their capital of they wanted it.

I don't think there is a massive conspiracy here.

[CASe333]

Originally Posted by Krovikan

All trading platforms seem to have issues lately die to the crazy market.

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I had abnormal delays logging into my RBC account this morning and then it was like the 90s when I went to my investment account. I have Telus fiber and every other website was working fine on my end despite it taking over 20 min to do a transaction with RBC. Pretty sad that even with a major bank this is the best I can do. Even if GME goes to the moon I have no confidence I'd be able to make any money given todays #### show and how long it took to put one trade in.

[bizaro86]

Originally Posted by DoubleK

So Robinhood ran out of cash to pay clearinghouse deposits? Are they that poorly capitalized?

The way clearinghouse deposits are calculated having a big chunk of your trades on one side of a very volatile stock could make the deposits increase by multiple orders of magnitude.

Thats a liquidity issue, not a solvency one though. And it doesn't explain why other brokers (who are less exposed on the deposit issue) did the same thing.