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US-Senator Elizabeth Warren (D) will release a statement and start a discussion on market manipulation in a few minutes on CNBC...
"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,208
You hit the nail on the head, and if you go over to WSB this is very clear.
Although in this case the 'big guys' is limited to short selling hedge funds. That's the bit I don't like about the whole situation. I never do anything, with the intention of hurting somebody else. I trade every day, amd I try and make as much money as I can every day, but I don't approach it with the attitude that I'm trying to screw others over and hurt them as much as possible. That's a pretty poor outlook on life, no matter how bad a situation you have been dealt. Unfortunately I think it is a fair reflection of humanity.
It is a poor outlook to have that as your goal... but, let's say the hedge funds have the goal of simply making as much money as possible, and they really don't care about consequences of people other than their own firm. So long as they get the green light on risk, it's a go.
Using the same philosophy, is it acceptable for a group of people to form together in order to make as much money as possible?
What is the difference between the "group" at the hedge fund, vs the group from FIO or group from WSB in this case -- except for the raw number.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,208
That's the point of many here and on WSB. The system is being abused if people can short more shares than are outstanding. In reality its a timing issue. You don't have to have the borrow in your account before you short it. So you short it assuming you can get the borrow. Then tomorrow when you find out you didnt get the borrow, and have no prospect of getting the borrow, you can unwind your short with no penalty. So for that day, you were short with no borrow. That is happening all over the place.
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,388
Thanks Received: 10,208
If that was what was happening that would be okay, but that's not what's happening. As @kaeb said, they are banding together to "wreck the big guys." Go over to WSB. This is not people celebrating the trading prowess. Its people reveling in the damage they are doing.
Why do AOC and Cruz suddenly care about this? Didn't see them talking about this when crude went negative and brokers stopped people trading crude. Their motivations are not honest.
