Nope, nothing illegal about. Now if I tell everyone to go buy this stock and we can stick it to the man and after you run up the price I dump all over it then that is illegal. You can collude and team up and so long as you are truthfully and take the same positions you advocate for then you are perfectly legal. Otherwise every financial show, periodical, and finance commentator would all be criminals (some are and some are just manipulated).
Couple of things. First they say "scheme" which implies planning, execution, and control. GME has been DD to death and talked about for months. Then it was pointed out that they had shorted 140% of the available shares. People pounced for many different reasons. It wasn't planned as such, its not controlled or executed by any small cabal it is millions of individual actors. Second, they didn't point to a rule that defines the illegality because there isn't one that is solid. SEC has a problem writing rules for this type of event because any rule they have attempted to write ends up capturing media, trade groups, and advisors giving everyday info about stocks. Ask an SEC compliance officer what's illegal and you get different answers from each one when the only answer is what ever the judge and jury decide is illegal.
People are promoting the idea of buy and hold to create a short squeeze directly though. There is a difference in saying that there is a value play because a short squeeze may happen as an undervalued stock has high short interest. GME is vastly overvalued by any metric currently and there are tons of people promoting the idea that buying and holding will CREATE a short squeeze. It's a big difference.
Nope, nothing illegal about. Now if I tell everyone to go buy this stock and we can stick it to the man and after you run up the price I dump all over it then that is illegal. You can collude and team up and so long as you are truthfully and take the same positions you advocate for then you are perfectly legal. Otherwise every financial show, periodical, and finance commentator would all be criminals (some are and some are just manipulated).
lol, it's definitely illegal.
See #7.
https://www.sec.gov/investor/pubs/regsho.htm
Couple of things. First they say "scheme" which implies planning, execution, and control. GME has been DD to death and talked about for months. Then it was pointed out that they had shorted 140% of the available shares. People pounced for many different reasons. It wasn't planned as such, its not controlled or executed by any small cabal it is millions of individual actors. Second, they didn't point to a rule that defines the illegality because there isn't one that is solid. SEC has a problem writing rules for this type of event because any rule they have attempted to write ends up capturing media, trade groups, and advisors giving everyday info about stocks. Ask an SEC compliance officer what's illegal and you get different answers from each one when the only answer is what ever the judge and jury decide is illegal.
People are promoting the idea of buy and hold to create a short squeeze directly though. There is a difference in saying that there is a value play because a short squeeze may happen as an undervalued stock has high short interest. GME is vastly overvalued by any metric currently and there are tons of people promoting the idea that buying and holding will CREATE a short squeeze. It's a big difference.