The Market 2021

[Yuma]

I always had success in long term investing. However an event happened in my life that coupled with the great recession I lost ALL my money. Now I need income. the really small interest rates, and buying and holding stocks long term won't help me with that. Unfortunately, health and other factors make me look for income stream I can do myself. I have had failed businesses, and so I am not a business man. I have had success on long term investing, so based on having a knack for that, I am looking to see if I can work towards investing. Real estate is not a good option for me. I have historically not been successful in that arena, either.

 

[Devilmaycare]

We (RobinHood) 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 $AAL, $AMC, $BB, $BBY, $CTRM, $EXPR, $GME, $KOSS, $NAKD, $NOK, $SNDL, $TR, and $TRVG.

@Folster is that even legal? If it is it shouldn't be. The brokerage isn't our mommy. People are pissed at them right now and hopefully it sinks them. This along with all of the outages yesterday morning is giving Wall Street a really bad look.

 

[Luciano]

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I have no money on GME or AMC but I'm getting emotionally invested in this thing. Is like trading places with the internet.

 

[Folster]

@Folster is that even legal? If it is it shouldn't be. The brokerage isn't our mommy. People are pissed at them right now and hopefully it sinks them. This along with all of the outages yesterday morning is giving Wall Street a really bad look.

Yes. My firm is conservative with its risk framework and restricts many low priced securities in addition many VIX, Bitcoin, and cannabis related securities that other brokers allow.

My firm won't even allow investors to buy USO because of its negative roll yield and poor tracking of the price of the actual underlying security, oil.

But you can still buy GME as of this morning.

 

[Folster]

I always had success in long term investing. However an event happened in my life that coupled with the great recession I lost ALL my money. Now I need income. the really small interest rates, and buying and holding stocks long term won't help me with that. Unfortunately, health and other factors make me look for income stream I can do myself. I have had failed businesses, and so I am not a business man. I have had success on long term investing, so based on having a knack for that, I am looking to see if I can work towards investing. Real estate is not a good option for me. I have historically not been successful in that arena, either.

I'm sorry, but there are no shortcuts to building wealth worth exploring.

How old are you if you don't mind me asking? Trying get a sense for your time horizon.

 

[Folster]

Merrill has now blocked opening purchases of GME and AMC.

With choked off demand, the price will fall as investors try to sell.

This also encourages further put options and shorting with the thumb on the scale now.

 

[Devilmaycare]

Yes. My firm is conservative with its risk framework and restricts many low priced securities in addition many VIX, Bitcoin, and cannabis related securities that other brokers allow.

My firm won't even allow investors to buy USO because of its negative roll yield and poor tracking of the price of the actual underlying security, oil.

But you can still buy GME as of this morning.

So you work for a brokerage? For some reason I was thinking you with a financial adviser firm and then would be executing through one.

It really feels like market manipulation though for a player like RH to cut off buying and only allow selling. That's going to force a drop. It doesn't just affect their users with it too. I've been in two of the stocks they restricted since the summer. I had bought them coming out of the covid sell off since I thought they were cheap and would bounce back after covid restrictions were lifted. This just put them back in the red.

 

[unseenaz]

Merrill has now blocked opening purchases of GME and AMC.

With choked off demand, the price will fall as investors try to sell.

This also encourages further put options and shorting with the thumb on the scale now.

lawsuits incoming

 

[BigRedRage]

The trading platforms can eat a fat one for shutting out the working man in favor of helping the hedge get out of the squeeze.

There are even tweets by both AOC and trump jr both condemning this. Even the biggest opposites disagree with what we are seeing.

 

[Luciano]

And Ted Cruz. Even the opposites agrees

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[Cheesebeef]

And Ted Cruz. Even the opposites agrees

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man... you KNOW something is truly BS when AOC and Cruz agree on it.

 

[dscher]

The bubble is popping all over the place...and the big boy lenders don't like it one bit. Lol. Just like Chamath indicated yesterday. Change it at the institutional level before you start worrying about the little guy. This might be one of the first steps in that actual process.

 

[unseenaz]

I have my feeling about portnoy, but he said it well on his twitter today. it's good to see everyone coming together over corruption instead of being divided over it.

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[BigRedRage]

occupy wall street

 

[Yuma]

I'm sorry, but there are no shortcuts to building wealth worth exploring.

How old are you if you don't mind me asking? Trying get a sense for your time horizon.

Going on 57. So that's why I need to learn how to make money montly, because I don't have a 30 year window to reap the benefits of long term investing.

 

[BigRedRage]

Going on 57. So that's why I need to learn how to make money montly, because I don't have a 30 year window to reap the benefits of long term investing.

its really tough and having an aggressive mindset near retirement can sink or swim. tread carefully.

 

[Cheesebeef]

So, to bottle this market craziness down to movie terms...

the GameStop play by Reddit was basically A New Hope with the rebels taking down the Death Star and now the market is in The Empire Strikes Back phase?

 

[Devilmaycare]

So, to bottle this market craziness down to movie terms...

the GameStop play by Reddit was basically A New Hope with the rebels taking down the Death Star and now the market is in The Empire Strikes Back phase?

I'm good with this a long as Jedi happens and we don't get a sequel trilogy

 

[Cheesebeef]

I'm good with this a long as Jedi happens and we don't get a sequel trilogy

yeah... unfortunately real life ends with the Empire striking back more often than not.

 

[unseenaz]

i'll be moving my funds off of robinhood once the dust settles. can anyone recommend a solid trading platform? I've heard good things about etrade, can anyone confirm?

 

[BigRedRage]

i'll be moving my funds off of robinhood once the dust settles. can anyone recommend a solid trading platform? I've heard good things about etrade, can anyone confirm?

I use Schwab personally.

I read somewhere that robinhood didnt halt the trades and it came from above but I don't care enough to dig deeper.

 

[Devilmaycare]

I use Schwab personally.

I read somewhere that robinhood didnt halt the trades and it came from above but I don't care enough to dig deeper.

Robinhood stopped them. They are a clearing house now. They used to be under someone else but switched like a year or two ago. There are some questions about their relationship with Citadel though. Citadel was who bailed out Melvin this week. Shenanigans might be at play.

A few of the other apps like Public did get shut off from above though when Apex Clearing shut down trading on those stocks.

 

[Russ Smith]

i'll be moving my funds off of robinhood once the dust settles. can anyone recommend a solid trading platform? I've heard good things about etrade, can anyone confirm?

Etrade is the only one I've ever used so I have no comparison but I do like it. I've heard their tax stuff end of year is not as good as others but again it's the only one I've used.

I have Vanguard and Fidelity too but I only traded stocks in my IRA with Fidelity so there were no taxes and with Vanguard I don't trade I just have IRA's there

 

[unseenaz]

Etrade is the only one I've ever used so I have no comparison but I do like it. I've heard their tax stuff end of year is not as good as others but again it's the only one I've used.

I have Vanguard and Fidelity too but I only traded stocks in my IRA with Fidelity so there were no taxes and with Vanguard I don't trade I just have IRA's there

I looked at etrade and the interface looks convoluted, but i'm sure I can get used to it. especially since the recommendations i've gotten from people are good

 

[crisper57]

i'll be moving my funds off of robinhood once the dust settles. can anyone recommend a solid trading platform? I've heard good things about etrade, can anyone confirm?

Schwab. No trade fees. Good platform.