Courtesy of Pam Martens
By Pam Martens and Russ Martens
It’s not just the nation’s Capitol that saw a lawless attempted coup this year. There’s an ongoing lawless coup taking place on Wall Street among stock manipulators who seem to be sending the message to the Biden administration, “we dare you to catch us.”
We continue to write about GameStop because it stands at the intersection of everything that is corrupt and broken in U.S. markets: from payment-for-order flow, to high frequency trading, to front-running, to Dark Pools, to hedge funds masquerading as market makers and lack of an audit trail at the Securities and Exchange Commission to shed daylight on the whole corrupt mess.
Just six days after some of the major players in the wild trading action of GameStop were hauled before the House Financial Services Committee and put under oath, the stock more than doubled in price yesterday. GameStop opened at $44.70 and closed at $91.71, a one-day gain of 103.94 percent.
As the chart above shows, the big action came shortly after 2:30 p.m. in the afternoon, like someone had rung a bell to start the bull raid. Adding to the suggestion that high frequency traders felt they had nothing to fear from the SEC or Congress, Dow Jones’ MarketWatch reports that a total of 83,111,740 shares of GameStop traded yesterday, which is 1.8 times the 45 million share float of the stock. (Float is the number of outstanding shares issued by the corporation that are available to trade. It excludes such outstanding shares as those owned by corporate insiders that are restricted from trading.)
…
