I have been through a few super bad markets. And every time the name Citron pops up - the end is near. As much as a hate to say it - if the shorts are on a stock, that stock is in trouble. As fun as it is to watch a Gamestop, it sends a shiver down my spine.
When stocks like EXPR are going from ONE DOLLAR to almost 10 bucks a share in a week - you better find a chair.
This is some 2008 shit right there.
"This is some 2008 shit right there."
ReplyDeleteNo, it's not.
But you can use a public media "sell recommendation" to drive the price of a stock down to where there's money to be made with shorts. That was working until some people realized that they could fight back by sabotaging the shorts that followed.
Some people wanted GameStop to die so they could make money from shorting it, and they've been thwarted by a decentralized group of DGAF "investors" who believe that they can be retarded longer than the shorts people can stay solvent.
And this week, they've learned a valuable lesson, because they now can stick kill flags on the side of the Crimson Permanent Assurance.
Now that they've learned that a few million people with a grand can cause billions of dollars of impact, what's next?
I'm looking forward to what is coming because I can sell what these people want to them and cash out.
Doing this wasn't planned, but it's going to work out pretty nicely.
The best part?
None of that income's being booked into Switzerland because I don't need it here.
It's being booked into a country where I pay zero capital gains and zero income taxes.
You asked whether it was because of the upcoming coup (which is still in the works, BTW) that I got my ass out of the US, and of course it is and also isn't why I did that.
Remember Clay Shirky's "Here Comes Everybody"? Well, some people led by a bunch of brave autistics have just decided that they can play stupid games and force other people to win stupid prizes.
Now there's an additional bonus round: all of the trading platforms that have acted to try to defend their owners who have been in on the shorting sprees now get to defend themselves in courts.
The first class action against Robinhood was filed mere hours after, which to me signals that the person behind it knew what would happen and had already instructed lawyers to prepare paperwork for that contingency. That the class action includes a request for a jury trial is just an added bonus.
Now that the US has an illegitimate government at the Federal level plus several illegitimate governments at the state level, why not put some pressure on this mess to unravel so that the inevitable split comes about?
So I knew this kind of thing was coming, but I didn't know the shape of the destroyer, although I was pretty sure it wouldn't be the Stay-Puft Marshmallow Man.
I got my ass out of the US mostly because it was fucking up my ability to make international investments, but also because I don't see the US as a viable operation in its current form beyond the next ten years.
During this transition, there will be three types of people: dupes and people who have been terrorized into paying all of their taxes, people who covertly cheat on their taxes, and people who openly cheat on their taxes but have enough counter-bullying power to get away with it.
Mostly for the past five years, I've personally been living off just enough to stay under the IRC 877 income and tax caps, making bad investments (such as cars that lose money) for fun and to offset the gains.
Why do you think I went on a selling spree to get rid of the cars?
I needed the losses to offset everything else.
Paperwork is still coming together, but so far it looks like I'm comfortably under the IRC 877 limits.
But get this as well: I don't see Texas as all that stable post-secession, mostly because The People's Republic of Austin, Beijing on the Brazos, the Texas Metroplex, South Texas, North Texas, and West Texas all can't see eye to eye already.
Texas west of the band of counties that includes Williamson, Travis, and Bexar might be OK as its own country, but where would they put the capitol?
Lubbock? *snort*
San Angelo? *loud guffaw*
ALPINE? *rolls around on the floor laughing* :-)
Oh come on. This is the weirdest hill to die on. Gamestop is a piece of shit. It's ben trying to die for years. It's almost the Sears of gaming. Those guys may have pushed out the hedgies. but they essentially created a Ponzi scheme. Nothing is a profit till you sell, and then that stock is a penny stock.
ReplyDeleteThese types of fights ALWAYS happen at the beginning of Bear markets. And in many ways is emblematic of what is wrong right now. Trump unleashed a firehose of liquidity and obviously that wound up in the stock market. Lots of stupid stuff can happen. When the market only goes up it's easy to be a genius! In a normal world - that guy would have lost his mothers house. And we would have ALL LAUGHED.
Now, am I sad they took out the hedgies? NO. But they are am important part of the market. Or they are suppose to be. Although they are doing a miserable job right now. But with all that fucking money in the system - the house is on their side. If that reddit group did nothing more than prick this bubble I think that's great. but lets see how long they are heroes.
I'm not sure what is more unnerving - that these kids think they actually managed some kind of skill in this market, or that people think they are real robin hoods. Because when those margin calls hit - they are indiscriminate.
"You asked whether it was because of the upcoming coup (which is still in the works, BTW) that I got my ass out of the US, and of course it is and also isn't why I did that."
You do this a lot. I didn't ask this question. You volunteered.
"I got my ass out of the US mostly because it was fucking up my ability to make international investments, but also because I don't see the US as a viable operation in its current form beyond the next ten years."
But what if you are wrong. You've made a very permanent decision. And now you are living in darkness for 2/3's of the year.
"But get this as well: I don't see Texas as all that stable post-secession, mostly because The People's Republic of Austin, Beijing on the Brazos, the Texas Metroplex, South Texas, North Texas, and West Texas all can't see eye to eye already."
Which is why I haven't moved yet. The way a figure it, if I just hang out..... California will eventually be the most conservative state in the nation. And I can still go to the beach. Already you can see many of the southern states are at the tipping point. And I don't need my current politics with humidity. Or a bland monoculture.