I had a buy order in for 5 shares at $135 when it briefly crashed price wise earlier today, but with the trading halt by the time it was unhalted it came back over my buy order limit.
I did buy into AMC yesterday - I'm definitely upside down on that right now. Really should have pulled the sales trigger around 3:45PM yesterday, just for my own sanity, especially after today. Will let it ride for now I guess.
The real story here today though was the collusion on the part of the trading apps to restrict trades. Robinhood is absolutely going to get a class action lawsuit against them, since they restricted retail buyers from buying stock - it would only let you sell if you had a position, but not buy any more. This was regardless of where the price was during the day. Other apps pulled the same BS.
Robert Reich had a succinct take on it:
"Robinhood has now blocked users from buying GameStop, AMC, BlackBerry, Nokia, and other “dark horse” stocks. The app is only allowing users to close their positions, meaning they can sell shares but not buy more. With 56 percent of all Robinhood users owning at least some GameStop stock, this move will be potentially devastating for retail investors and those who flocked to the app following the instructions of the WallStreetBets Reddit thread.
This needs to be investigated immediately. Hedge funds are still freely allowed to trade these stocks, while retail investors no longer can. And it extends beyond Robinhood — the New York Stock Exchange and TD Ameritrade also restricted trading for GameStop and AMC stocks. Apparently market manipulation is just fine when it’s greedy Wall Street bankers gambling away our entire economy (as they did in 2008), but now that Redditors are rallying GameStop and AMC it’s unacceptable and time to restrict trading. Ridiculous."
This same basic sentiment has been expressed on both sides of the political aisle - basically the big boys over shorted the stock to 140% of existing shares and were caught with their pants down. But everything that happened today was to stifle the ability of you or I from participating in the market.
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