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Retail investors rallying to a cycle of bad news for some of their least favorite people also managed to counter the biggest indices and put major memes stocks back into the green at the end of September.
With hashtags like #KenGriffinLied and #CitadelScandal still dominating retail investing social networks, Citadel used its suddenly hyperactive Twitter account to both defend itself and clarify that Robinhood acted alone in restricting access to some stocks of memes at the height of the January shortage.
In a short burst of Twitter Thursday afternoon, Citadel once again applauded its accusers online. After claiming that lawyers who filed an explosive revised lawsuit in Florida federal court “withheld the facts from the court and from the public, prompting conspiracy theorists to dismiss baseless theories,” the service giant financiers opened up to the commission-free trading app that sells more than half of its order flow to Citadel Securities.
“We first learned of Robinhood’s trade restrictions from posts on Twitter – as evidenced by real-time communications,” the tweet read.
And then Citadel posted a screenshot of what appears to be a conversation between an executive at Citadel Securities and an executive at Robinhood on January 28.
“Have you seen a tweet that young people only relate to GME and AMC?” asks the Citadel player.
“Hello,” the Robinhood counterpart responds. “That’s right, I was just going to inform. “
The Robinhood executive goes on to list the most volatile and urgently halted actions: GameStop, AMC Entertainment, Nokia NOK,
BlackBerry, NAKD brand,
Koss, Express Inc. EXPR,
and bed, bath and beyond BBBY,
A Citadel spokesperson confirmed to MarketWatch that the screenshot in the tweet was part of the discovery in the Florida federal lawsuit.
But neither the tweet nor the new evidence is likely to do much to convince retail investors that something was wrong with the January relationship between Robinhood and its biggest client.
Twitter’s responses included a number of accusations that Citadel Photoshoped the document, calling on the company to submit to a full investigation into the January timeline, and simply allowing them to have it, Twitter-style. .
But all this rage was not for nothing.
Using the energy of their anti-Griffin crusade, the merry band of stock market comers pushed their favorite stock symbols into the green on Thursday, even as they considered a new spin and stepped back from taking credit for it. ‘a new high flight.
GameStop GME,
closed at only 0.3% after a rise in positive territory at the end of the afternoon, and AMC AMC,
climbed 7%, while stocks like BlackBerry BB,
and Koss KOSS,
closed higher too.
On Reddit, users gave credit for Thursday’s decision to a popular new trend in retail ordering and a distracted Griffin.
“Thanks for the PURCHASE opportunity Kenny,” posted user ContactLatter8256.
Outside of revenge and buying, what appeared to be a slow rotation to the recently closed SPAC mergers lost steam on Thursday as names like dMY Technology Group III Inc. DMYI,
and Montes Archimedes Acquisition Corp. MAAC,
fell by 4.7% and 5.5% respectively.
“We have seen gamma cuts on high repurchase rate products,” said Matthew Tuttle, CEO of Tuttle Capital Management, of the action on recently completed PSPCs. “Once that hits rock bottom we’ll see a short squeeze from the guys at Reddit.”
Tuttle also reflected on the fact that retail investors still look for stocks on stocks with the same old markers.
“They’re always looking for securities that are low float, high short interest, and hard to borrow. ” he said.
Elsewhere, the “monkeys” gorged themselves on bananas, driving up the price of Dole DOLE,
on the hope that a South American mushroom and a deep dive from investor and independent researcher Conor Maguire, aka “Value Situations”, would work in favor of the agribusiness giant.
Camber Energy Inc. IEC,
continued its breakneck pace and high volume of social media mentions, surging more than 11.7% for its third double-digit gain in four days.
But Camber’s position as a true stock of memes drew critical attention as Redditors began to identify the stock as a possible pump by institutional traders looking to use social media volume as a tool.
Tuttle agreed that something seemed out of place in Camber’s movement.
“It sounds like a headfake to me,” he reflected.
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