Roaring Kitty hits 400 million

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06/07/2024 16:23

Subject: Roaring Kitty hits 400 million

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Anonymous wrote:I’m calling it: this dude will spend quality time in Club Fed in a few years

He was already cleared by the SEC after his first big coup on GME three years ago. He had no inside info; in fact, the company was completely taken by surprise. He just thought it was a good value (at the time) and he was a popular contributor on Reddit.

This guy just understands the power of meme stocks, herd behavior, and how personalities can move the markets. He knows the Reddit masses will follow him to push up the price of shares.

Remember that you can be convicted of insider trading without true inside information from the company. Foster Winans got convicted for violating the WSJ’s internal policies by trading in advance of his columns. Pump and dump is a thing.

In other news, our very own Nancy Pelosi, has a dedicated "fan club" of Reddit traders watching her every move, and watching the trades placed by her DH. Nancy gets access to insider information on companies, and lo and behold, her DH buys the stock. This should be illegal, and probably is illegal, but she's getting away with it.

But sure, go after a young man who happens to be a stock influencer, but has broken zero laws. ZERO laws. As he told Congress, he "likes" the stock.

Incidentally, a couple of weeks ago many trading platforms including Etrade "broke down" the morning when Gamestop stock rose to $80. That was no accident. That was an intentional effort to stop the Gamestop price from skyrocketing any higher. What does the SEC do about this? Are you kidding. The SEC is 100% part of the problem.

A stock skyrocketing and crashing in one day, on zero material news, is manipulation, and the SEC’s job is to prevent that.

I'd like to see the SEC do its job, then. But they won't.

Take a very close look at all the Chinese stocks that rise into the stratosphere, and crash just as spectacularly, leaving investors wondering what happened, all in one day. Lots of examples. Chinese stocks are notorious for this.

Technical news is still news. Let's not pretend that most trades are based on fundamentals.

In this case the news was that hedge funds had possibly sold more shares via derivatives than the float. Noone was being tricked into the trade. It's a short squeeze.

If this is manipulation then you better lock up every quant firm, every short seller, every options underwriter and every commentator on CNBC and Fox Business because nothing about this is unusual, except for the fact that retail is doing it to the whales instead of vice versa.