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Slight OT, but thought people may be interested in a 1st hand report.

Upgrade was smooth and uneventful. They said "overnight" - but it took them 4 days. But the service was so backed up, it took them 3 days to even take my car in for service (and dropping off the car on appointment date). They gave me $100 / day Uber codes. If I had used it all - would have cost them $400 just in that.

I got my HW3 upgrade.

We had a big storm here a few days back - with lots of roads flooded. My under carriage plastic aero cover got damaged (I guess it hit some debris on the road, I couldn't see). Anyway, I setup an appointment to get it replaced. Tesla service texted me to say they will add the HW3 upgrade. The appointment was set for Monday.
- Monday I turned in the car and got back home with the Uber code. They said they will have to keep it overnight.
- Tuesday I checked - they had not yet taken the car in for service, , but said it is next in queue !
- Wednesday I checked again - they had not yet taken the car in for service, but said they will soon.
- Thursday morning got a text that the repair was done, HW3 replaced and car is ready to go. Picked up the car - everything was fine, no problems.
 
it really was said and said today.

I'll reiterate that "it was said" is factually correct, as is the statement itself. But this does not change the fact that transforming this one statement (stripped out of a speech) into scare articles presents picture of the disease that is in contradiction to WHO's own publications. And nobody should support presenting a picture of the disease that is wrong, using the WHO director as a "source" to contradict WHO's publications, when he did no such thing.

Here are two true statements, based on WHO's data:
  • It is factually correct to say, "Globally, about 3.4% of reported COVID-19 cases have died"
  • It is highly misleading to say only, "Globally, about 3.4% of reported COVID-19 cases have died" with no further context about the fact that that number is heavily biased up by the much higher mortality rate in Wuhan, particularly in its early days, and does not represent the reality of the disease as it has been spreading in the rest of the world / at present.
And the director general wasn't doing that. He wasn't giving a speech about "3,4% of people who catch COVID-19 will die"; that was not at all the focus of the speech. It was a moderately long speech about why WHO is recommending the approach that it is, whose main points get summed up partway through as:

"To summarize, COVID-19 spreads less efficiently than flu, transmission does not appear to be driven by people who are not sick, it causes more severe illness than flu, there are not yet any vaccines or therapeutics, and it can be contained – which is why we must do everything we can to contain it. That’s why WHO recommends a comprehensive approach."

The 3,4% statement was mentioned at the point where he was pointing out that it is more severe than the flu, as counter to the people who say that it's just another flu. Which again, is a true statement, and in the context of his speech, a point well made (that it's more dangerous than a typical seasonal flu).

Taken out of context, however, it only serves to mislead. If a random person in your city gets sick, they don't have a 3,4% chance of dying. And I don't like to see people misled. Nor should anyone else here. :) So it's perfectly reasonable to request that people add context when quoting articles that mislead.

** - Heck, if there's anything newsworthy to take out of context out of the speech, I'd have thought it would have been this:

"And fourth, we don’t even talk about containment for seasonal flu – it’s just not possible. But it is possible for COVID-19. We don’t do contact tracing for seasonal flu – but countries should do it for COVID-19, because it will prevent infections and save lives. Containment is possible."

(CDC seems not to agree with that viewpoint, but...)

ED: Just realized that this post was in the main thread and not the coronavirus thread... sigh...
 
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Maybe you want to check your dictionary, but mine says that "above" implies "not at, not equal". I.e. shorts must not post into the spread or at the boundary of the current spread. They can post 1 cent above it: $0.01 is the minimum tick on Nasdaq.

I.e. shorts are only able to post above the current bid. If there's buying pressure they have to yield 1 cent by 1 cent and cannot stop it or reverse it, only slow it. If their sell limit order becomes the best bid, they must not increase its size but must post a new one at least $0.01 above the current best bid.
Emphasis added.

The uptick rule does NOT prohibit posting an ASK inside the current spread. It must be higher than (not equal and I never said equal was legal) than the best national bid.

If their sell limit order becomes the best bid, that means a bidder has bought and it executes. They are not obligated to remove their order before it executes, that's ridiculous.

Most NASDAQ stocks also trade on ECNs and most ECNs allow much smaller price increments which appear to be legitimate for shorting during the uptick rule so long as they are greater than the national best bid. Sub-Pennying
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I've actually seen what looked like sell limit orders posted a full 10 dollars below the national best bid during the infamous -$100 flash-crash from $969.

The mechanics are really simple, and I'm at loss why you don't see it: by posting aggressive limit orders below the best bid, using the unlimited liquidity they have in creating short TSLA shares out of thin air, Nasdaq market makers can drain and reverse pretty much any buy side liquidity which must have the actual hard cash lined up within 2 days, not "borrowed shares within 13 trading days, otherwise never mind".

Compare the two scenarios:
  • Anyone manipulating on the buy side to the tune of 3 million shares bought within a short period of time must line up $2.4b of buying power and $2.4b of cash within two days (T+2).
  • Market makers manipulating the price on the short side to the tune of 3 million shares to trigger a flash-crash don't have to line up any additional financial assets, there's literally zero technological limits on creating short shares out of thin air. By being trusted "market makers" Nasdaq grants various large hedge funds all the TSLA-bearish investment banks the privilege to be "TSLA share makers" as well - which ability should in reality rest with Tesla Inc. alone. They can, within a single millisecond, post sell limit orders with huge sizes that no buy side liquidity will resist, and can use an aggressive step-down in the bid to create pretty much any price action they think isn't too blatant. Later on, within 13 trading days, they either must come up with the borrowed shares, or if they close the short position at lower prices and at a profit, they can just forget about it ever having happened, and keep the money they stole from investors.
Yes, it's that bad, and I fully share @Hock1's and @Artful Dodger's concern in this regard.
I agree that the possibility of abuse is great and it is clear that much of the very large sized sell orders when there is no uptick rule are intended to drive prices down and are therefore manipulative and illegal. However, I was specifically discussing the exempt short sales that took place on Thursday and Friday, for which we have no specific evidence they were done on down ticks, nor evidence that they were made in very large blocks. There was after all a large amount of selling of actual stocks across the whole market on those days including TSLA. Some of the longs on this very board acknowledged selling stock.
During the uptick rule it's a tiny bit more difficult to mark down the price: except that market makers can tag their short sales as 'short sale exempt' (they are only benign entities creating liquidity on the market) and can execute them just fine. @Artful Dodger has correlated a suspicious increase in "exempt" transactions - right when there was a bigger bear raid against Tesla - and 12 trading days later (just a single day before the very lax T+13 deadline passed), as it happens there's another bear raid that allowed them to close those positions at a profit.

And yes, the SEC has all the tools and information at their disposal to trivially prove investigate whether this happened or not, simply by mapping the whole-firm exposure of Nasdaq market makers both in the equities and in the options space. Turns out there's another loophole here: many strategies of being positioned short in derivatives does not mark firms as "short" as per the SEC definition, so they wouldn't even have to be marked as a 'short sale'...

If they gave me access to their systems I could probably figure it out within 24 hours. :D
There are two sorts of "exempt" (1) Market Makers exempt from locating shares to borrow and (2) an exemption to the circuit breaker price test. Marking a sale as "short exempt" is only done in case (2). Broker dealers can "exempt" themselves by self-verifying that their limit price is above the national best bid at the time of order entry:
Rule 201(c) — Broker-Dealer Provision
Rule 201(c) of Regulation SHO allows a broker-dealer to mark a sale "short exempt" if the broker-dealer identifies the order as being at a price above the current national best bid at the time of submission of the order to a trading center. The broker-dealer must establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent the incorrect identification of orders as priced above the current national best bid. Reliance on this provision is optional, but if a broker-dealer does rely on this provision, it must mark the order "short exempt" pursuant to Rule 200(g) and it must have the specified policies and procedures.

Trading centers (NASDAQ, ECN's etc.) are obligated to have "procedures in place" to enforce the circuit breakers, so marking something "short exempt" would seem to have the purpose of overriding those procedures.

On the one hand, this looks like a gaping hole ripe for abuse (and that would be hard to prove violations) in a very fast moving market. On the other hand, it was likely put in place to deal with information latency in fast moving markets. Because of that, if done in either good or bad faith you would expect to see greater use of this 'exempt' marking precisely when the price is moving quickly.

I'm not sure how "another bear raid" allows short covering. Covering requires buying. Are you saying one short raiding entity provided cover to another entity who raided previously? If so, it was probably unfortunate for them.

Bottom line I'm in favor of investigation too, but I don't think we have any clear smoking gun during those market-wide extreme days. The giant block selling when there is no uptick rule and the very extended period of supposedly zero FTDs are far, far more suspicious in my opinion but the SEC isn't interest in those things either.
 
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I will admit that Robinhood is where I keep my trading money and today I sold off everything that brought me profits that I could. It required several attempts to get the orders in. In a highly volatile market I can not stay in a highly volatile APP. Some would go thru on the desktop site, others on the phone APP. I have other accounts with other vendors I can trade with but at higher fees (hard to beat free when it works). I am not disappointed. I knew Robinhood was not a top tier trading platform. If they come clean about what happened and how they secured the issue I will return.

Where this may concerns TSLA is I imagine many others are thinking the same thing and TSLA is included in the trading.

If you immediately transfer the cash to another platform and buy back the same count of each stock, have you triggered a taxable event, per law? Pretty unfair if you have.
 
I figured out where the BMW designers found their inspiration...

BMW.jpg


pig.jpg
 
The uptick rule does NOT prohibit posting an ASK inside the current spread. It must be higher than (not equal and I never said equal was legal) than the best national bid.

You are right, I misspoke there, new sell orders by short sellers must not actively move down the bid, they must be posted above the current bid. This is enforced by the exchange computers for orders not marked short-exempt.

The valid new sell limit order limit price range is best_bid+$0.01 (or whatever the tick size is) and any higher price, which includes the spread, the ask and all higher prices.

I agree that the possibility of abuse is great and it is clear that much of the very large sized sell orders when there is no uptick rule are intended to drive prices down and are therefore manipulative and illegal.

Correct, and this was my main argument.

However, I was specifically discussing the exempt short sales that took place on Thursday and Friday, for which we have no specific evidence they were done on down ticks, nor evidence that they were made in very large blocks. There was after all a large amount of selling of actual stocks across the whole market on those days including TSLA. Some of the longs on this very board acknowledged selling stock.

I'm watching the order flow when there's interesting price movements, and the pattern to me looked like the "spike-selling" characteristic of bear raids.

This isn't evidence in any way, but the SEC could certainly gather evidence, if they wanted to.

I'm not sure how "another bear raid" allows short covering. Covering requires buying. Are you saying one short raiding entity provided cover to another entity who raided previously? If so, it was probably unfortunate for them.

The purpose isn't short covering - but under the hypothesis of aggressive intraday naked selling by MMs to help options positions much larger than their equities short position, the equities short position is just a temporary tool to mark down the price - and this temporary short position is "created aggressively and highly visibly", but "closed/covered quietly". Much of the selling liquidity is spooked investors and herding short sellers who coordinate.

It's the logical counterpart of "pump and dump" schemes done in micro caps.

Big buyers probably have learned to not resist aggressive short sellers, because they know it's a technologically asymmetric warfare.

Bottom line I'm in favor of investigation too, but I don't think we have any clear smoking gun during those market-wide extreme days. The giant block selling when there is no uptick rule and the very extended period of supposedly zero FTDs are far, far more suspicious in my opinion but the SEC isn't interest in those things either.

There was the curiously high percentage in short sale exempt marked transactions (which might have been genuine market making by neutral brokers), but I agree that there's no conclusive public evidence - and that's very much by design.
 
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If you immediately transfer the cash to another platform and buy back the same count of each stock, have you triggered a taxable event, per law? Pretty unfair if you have.
It is a trading account. Every trade is taxable. All short term. I consider it more of a gambling addiction with good odds. LOL. Robinhood does not offer retirement accounts yet.

I was planning on holding the (for all intensive purposes) free TSLA shares but right now I can buy them back elsewhere cheaper. These swings are great for a trading account.
 
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Market Cap for a few stocks

BMW 41.98B
Daimler 43.3B
FCAU 23.7B
Ford 27.5B
GM 43.6B
Nissan 16.4B
Tesla 137.5B (on 184.4M shares)
Toyota 184.9B
VW 85.3B

So, Toyota and Tesla are way ahead of the other major manufacturers in Market Cap, with Toyota a little ahead of Tesla.

Tesla will meet Toyota's Market Cap (at Toyota's current stock price) at a stock price of

184.9B / 184.4M or $1002.71 / share.

Current stock price target from analyst Joe Osha is $1060 / share. If TM price didn't move (a BIG assumption/not realistic), Tesla would be #1 motor vehicle stock in the world (by Market Cap).

[Edit: Apologies; cockpit error caused a premature post. Hopefully fixed...]
 
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If this is accurate, all the Democrats should freak out Wall Street. Those Capital gains tax rates are insane....
Those rates are all below where they were at the start of Reagan's first term. Then we decided to drive aggressively toward this utopia.

Reversing past mistakes is a good start.
 
If this is accurate, all the Democrats should freak out Wall Street. Those Capital gains tax rates are insane....
View attachment 517751

This won't happen without winning the Senate, which is going to be difficult this year.

Btw., the top capital gains tax rates by Biden and Warren simply match the top income tax rate - it makes sense to tax the two in a similar fashion, and many European counties are doing that.

What is insane is that the wealthiest can transform income by restructuring it as "capital gains" and thus circumvent much of income taxation for much of their income.