What are the chances of the SEC halting trading and extending the short's delivery date? Pretty fucking good I would think. I know for a fact they ain't sleeping this weekend...every billionaire that's short right now is calling in "favors" due from "campaign contributions". So in the story of Piggly Wiggly...shorts were gifted a halt in trading of the stock as well as a delivery extension. The same thing is probably going to happen with GME...with Piggly Wiggly the shorts were allowed to buy shares from other places and Saunders was left with a shit ton of stock that nobody wanted...and a $10m loan (~$150m today), drawing roughly 6% interest...and so he went tits up. The differences I see now vs then - Its not just 1 man accumulating stock to corner but a TON of people holding small positions...possibly hundreds of thousands maybe even MILLIONS of individuals. You already know the current administration (or any for that matter) that is supposed to be about the common person, does NOT want to see a ton of little people get wiped out by the "villainous wealthy elite" class. Honestly this has too much attention and the general public will freak out...a few weeks after Biden got in...will they let that happen? - News travels much faster now. AND EVERYBODY IS WATCHING FOR THE OUTCOME. How many people were instantly informed about what happened in Saunders' day? Okay, probably not many...at that time it was one wealthy dude (who happened to be a complete badass Hero), getting fucked...but this time it will be family and friends. What's more...the people are UNITED on this deal. It ain't political. Its essentially class warfare at this point. A perfect example of Majority vs minority in terms of wealth. OR, this all could just be a big elaborate plan to draw attention away from the US trying to kickstart a war with Russia, idk. Thoughts? Also does anyone have access to a chart of piggly wiggly from that time? i cant find anything.
You overlooked one thing as I have already written before: Reddit!! Back then, when the shorts delivery date is extended, the short sellers were able to buy them from every single "widows and orphans" at cheap price to cover and those "widows and orphans" didn't know to hold and subsequently sold them cheap to those short sellers for them to deliver and that's why Saunders' plan didn't work. Today every single "widow and orphan" has access to Reddit, ET and knows now to buy and HOLD and are HOLDING!! Once you've bought on cash which is what all the brokerages are only allowing nowadays anymore , as WSB said clearly again and again and again and again and again "HOLD and not sell" is the key!! We HOLD and we win, you sell and you lose because the shorters will be able to cover. So as long as everybody is holding (Are you holding??!!! Hold!!!) you can halt trading and extend the shorts delivery date ALL you want to 10 thousand years later, these "widow and orphan" aint selling. You can't halt trading forever that's against free market. And if you halt trading, that's even better for everybody who's bought the shares and have to hold anyway and that makes sure that the price won't go down because nobody can dump it. Shorters will be even more screwed. We don't live in the Pigly Wigly time anymore. We live in today where people finally have the power. Power to the widow and orphan!!
Make sure you have enough cash in the account to buy the shares when the call option with the strike price lower than the actual price is expired. That's ALSO VERY important! Otherwise the broker will forcibly sell your shares!! Be careful with that! Once you have the shares, you HOLD!
These options are called American options meaning they can be exercised early, before their expiration date. So you have to make sure you have enough $$ in your account to buy the shares at any time at the strike price of your calls to buy and HOLD. That's VERY important!