Opinion: On a Black Friday for investors, many Reddit Apes talked about buying and HODLing
The worst day for US stocks ever this year saw all three major indexes sink into the red on Black Friday, but meme stock investors saw another bad day. bad for others.
While the Dow Jones Industrial Average
all plummeted in a reasonably shortened trading day After the Thanksgiving holiday, many social media memes used the day off to reinforce their commitment to the stocks they love most.
Black Friday has historically been a strong day for retail and entertainment stocks, but both popular meme stocks – video game retailer GameStop
and theater chain AMC Entertainment
– closed sharply lower for the day, down 5.4% and 3.2% respectively.
Those losses were accompanied by broader market panic due to news about new omicron coronavirus variant, but you’ll be hard-pressed to find real interest in stock prices on the hard Ape corners of Reddit and Twitter
“Shh! T. . . The virus is back. . . I better sell my GME!!! ” Reddit user joked Nazereth_99. “NOT!!!!!” and added a rude greeting to Citadel founder Ken Griffin, who is seen by many as the embodiment of investors selling GameStop stock.
That theory prevailed, even when the trading volume on GameStop was less than half the daily average.
“You say market crash?? I wonder how much GME stock Apes will sell,” was the title of a popular post on the r/Superstonk subreddit that answered himself with this .gif
“Similar! I see red? I buy. I see green? I buy,” replied user GL_L Life. “Then I push the stocks up my ass so no one can have them. “
On Twitter, some saw the sudden panic as an opportunity for meme stocks to grow individually and give GameStop a new edge.
For AMC Monkeys, the pullback was less steep, but volume on the stock was even lower, leaving some Redditors looking for meaning in the red results.
User Billy-BigBollox said: “The big 4am Black Friday sale is in our favor, here’s why.
“The big movement we’re seeing right now could be them liquidating the ‘meme’ stocks they want to raise capital,” they continued. Either way, have the shorts closed their place?If the answer is NO, nothing has changed except I have another chance to add to my portfolio. yourself in the form of a discount.”
Given the shortened trading days and the fact that many retail investors are now trading options on their meme trading, it is hard for Apes not to believe that the market has discovered the omicron variant threat. and these two names are going to hit the headlines again on Monday.
After all, when one Redditor responded to a post in panicking markets about the new COVID threat – and making the wider economy now addicted to cheap money – “Na dude. The Fed will pump it back with money that doesn’t exist.”
https://www.marketwatch.com/story/on-a-very-black-friday-for-investors-many-reddit-apes-were-talking-about-buying-and-hodling-11637958916?rss=1&siteid=rss Opinion: On a Black Friday for investors, many Reddit Apes talked about buying and HODLing