Game On

You may follow markets and then again maybe you don't. The happenings of last week couldn't have escaped you either ways. It was splashed all over the papers and on every non-market news outlet that I follow. Robin Hood was taking on the throne of Wall Street!

There was WallStreetBets and then there was a RobinHood traders and then There was Chamath and Elon and Mark Cuban piling on. AOC weighed in and Ted Cruz concurred (Though I am still trying to get over that part) and then AOC turned around and asked him to resign anyways. 

20 Billion dollars worth of GameStop stock had traded on that day. Hedge Funds were falling on the wayside as the brave retail investors were taking on the bad guys who looked to profit from the misfortunes of the common man. It was a just fight and everyone was on board. No one shed a tear for Citron or Melvin. 

The next day Chamath was on board and Elon was egging them on. The trade was one for the books and everyone looked on with wonder. Then RobinHood stopped trading the stock in question and everyone had a new enemy. The big boys got to them was the accusation. Their paying customers (of which you are not one) had asked them to cut if off to give them time to get out was the charge. More to that drama. 

What amazes me in all this is not the fact that the market did what it did and the retail investors did what they did. What amazes me the the sheer irresponsibility of some of the very influential people. While they argue that it was a stand for the common man, we need to realize that none of these people are common. Chamath, Elon, AOC no one. I find the rebel trader narrative being pushed by all these people very funny. Even if there were 5 million new traders that jumped on this trade with an average of 1000$ the sum they would trade is 5 Billion dollars. GameStop alone traded 20 Billion dollars in one day. Not to mention $KOSS, $AMC, $BB and many more. All this while the overall market took a spill with $QQQ down close to 5%. Yes, it could be the shorts trying to raise money to get out of the short trade and hence selling the longs and so on. 

But give it some thought, if the market makers really wanted to stop a free slide, do you think that retail traders with 5 Billion dollar fire power could really bring enough pressure on a 150 billion dollar volume market?

No, I think there is more to this story that is yet to be told. Meanwhile, shame on influential people that jump on this bandwagon and fan these flames.