Stock Market Excitement

*NOTE: I will continue to update/make modifications on this post as events unfold. I want to go ahead and post and not keep it in a draft.

Yesterday, January 28th is one that will go down in history and the history making will continue for a while. In short, the internet just discovered that by banding together common individuals can beat evil Wall Street companies at their own game! You can read the details in the news and so for this post I’m just going to relate my own experience as I am fortunate enough to be part of this!

I’ve been a member of r/wallstreetbets for some time. Their memes and general culture make me laugh and I also get some great stock picks to boot! It was in this Reddit sub where I learned about the stock FSTLY and decided to invest. Luckily for me, and also in thanks to COVID-19, the stock went from $17 to currently $110. A nice profit was made but contrary to the YOLO culture of r/wallstreetbets I’m still somewhat cautious so instead of tens of thousands of dollars it was in the high four digit profit category.

A quick note on my investing strategy is that I have many different buckets for my investments. One of them is my “risky bucket” where I as the name implies, take risks. By staying in this bucket I don’t get too excited and go overboard when emotion decides to creep in. These buckets are with a major, well known investment firm. I also decided to set up one more area where I could be “risky” and that was with Robinhood. Although it was intended to be another “risky” bucket it became my go to app to just have a quick look at how my investment strategy was working. I purchased only one or two shares of the main stocks I owned with the major investment firm because I liked Robinhood’s interface better and of course the no-fee trades! (The major investment firm got rid of their trading fees later). I look at my Robinhood app probably 15 times a day so I really keep a pulse on how my investments are going without having to look the boring interface of the main investment firm’s app. (I call it “main investment firm” as I’m skittish about putting too much info on the internet.)

Anywho, that is how I had everything set up. Now, let’s get to the excitement. On January 15th I saw something was going on in r/wallstreetbets with Gamestop and decided to purchase around $161.96 in shares (around $40 a stock). However, to my eternal shame and embarrassment I got nervous and quickly sold for a $7 loss.

I thought this was just internet chatter that wouldn’t go anywhere and I should risk even $160 on this chatter as it would probably just blow over. Little did I know GME was about to blow up the financial system and shine a huge light on the blatant corruption in our financial industry!

Over the next week GME has an unprecedented surge all driven by r/wallstreetbets. I kick myself for missing the beginning but know it is not over and I wanna play! However, now GME is too expensive for me so I’ve gone with one of the other targeted stocks and bought AMC. This is another one the hedge funds have shorted and has room for some explosive growth due to the internet fury at Wall Street right now.

I bought 55 AMC shares on Robinhood on January 27th. Then on the 28th is when the top blew off this whole thing and is the date which will live in infamy! One of the main evil Wall Street companies is called Citadel and they have a major relationship with Robinhood. Citadel is the one standing to lose billions if the GME / AMC and other stock prices go up so you know what happened? On January 28th Robinhood investors could no longer purchase shares of GME/AMC and others! I tested this myself and it was true! These stocks no longer showed up in search and I could only sell but not buy! What is this? It is illegal market manipulation by Citadel/Robinhood! They were protecting Citadel’s positions by not letting investors buy stocks which would hurt Citadel’s short positions.

This blatant, illegal activity in favor of protecting the ultra-rich at the expense of the common man lit an absolute fire under the r/wallstreetbets users which is still playing out and will for quite a while. In fact, this act in response by the internet realizing their power has shaken the entire financial world.

As for me I was livid at the injustice of it all. Americans cannot agree on many things these days but one underlying core value is that everyone should be allowed to make money. Well, the ultra-rich just gave the common man (an illegal middle) finger! Now this is no longer just about money but is a movement in itself.

Rich: “The poor should invest their money!”
Poor: Start to invest
Rich: ……
Rich: “Wait, stop!”

I hadn’t planned on buying more AMC but due to Robinhoods actions I wanted to see if my main investment firm would do the same. It turns out they weren’t restricting anything. And so I went to my risky bucket, sold all my FSTLY and put it all in AMC. So far it looks like I put it in at the bottom too for $8/share, so we’ll see what happens. After that I looked at r/wallstreetbets and saw the fire continue to grow about Robinhood. Now famous people, politicians, the SEC, Elon Musk, everyone was commenting at the injustice of it all. Robinhood/Citadel are in major trouble and so I thought that perhaps I should get my holdings out of there.

I went to my major investment firm account and immediately set up a request to transfer everything out of Robinhood to the major firm. I also wrote a nasty 1-star review on the Google Play store. Today I’ve heard that Google removed around 100,000 of those newly created 1-star reviews but I see mine is still there. Robinhood was supposed to be for the common man and by restricting trading for their hedge fund masters they have turned their back on the people of Sherwood forest at one call from the Sheriff of Nottingham. Disgraceful

As of 10:42 AM on Jan 29th I’m watching my AMC shares as well as eagerly waiting for the transfer of my holdings on Robinhood to transfer to the major investment firm.

But before I go I want to say a word about crypto. r/cryptocurrency wants to replicate the GME experience but with DOGEcoin. I thought it would be fun to hold some of this coin and it has greatly increased! My main lesson in all of this is it is impossible to know what the future holds. Fate and the future twists and turns: thanks to technology I think the future becomes less predictable every single day! As for my prediction, I think Blockchain and crypto is the future. Our current system, both financial and political is completely corrupted. Time to computer code make the decisions.

More updates to come:

Soon AMC-Elmo is going to be sitting at that table as well!

Categorized as Random

By Mateo de Colón

Global Citizen! こんにちは!僕の名前はマットです. Es decir soy Mateo. Aussi, je m'appelle Mathieu. Likes: Languages, Cultures, Computers, History, being Alive! (^.^)/