It dropped 15% premarket and then went up a bit on open as regular folks tried to jump on the opportunity, a bunch of rich people made money and people like you and me are left holding the bag.

[–] grandma@sh.itjust.works 15 points 4 months ago (1 children)

This type of shit is why I don't actively trade (also the stress)

[–] Kecessa@sh.itjust.works 3 points 4 months ago

100% broad market for me at the moment, still have a bit to buy before diversifying into... Index funds!

[–] KevonLooney@lemm.ee 5 points 4 months ago (2 children)

Why would you think "rich people made money"? They already hold the shares and would be trying to sell. It would be impossible to sell any large amount of shares after hours directly after a huge negative issue. If you could sell (say $1 million worth), it would be at a much lower price.

That's probably why the price dropped. The market doesn't actually react to news, it reacts to investors buying and selling. If the price went down that means people with lots of shares are trying to get out.

[–] Kecessa@sh.itjust.works 9 points 4 months ago* (last edited 4 months ago) (1 children)

They bought the dip because they trade premarket then they sold to a bunch of retail investors trying to jump on the ship when the market opened, a story as old as after and pre market has existed.

[–] Excrubulent@slrpnk.net 1 points 4 months ago

I'd honestly like to hear your response to that person's comment here: https://lemm.ee/comment/13412452

They replied with their rebuttal to this comment to me and not to you, apparently because I admitted you know more than me, which is a frankly bizarre chain of logic that makes no sense to me. Apparently they know everything about what's going on inside our minds and they can therefore make all sorts of judgements about who is worth replying to, but I'm more interested in the actual facts.

[–] Excrubulent@slrpnk.net 0 points 4 months ago (2 children)

"Rich people made money" is a given under capitalism, it's just a question of how.

In this case it's called disaster capitalism. Any disaster or crisis, no matter how small, creates an imbalance and flow of resources, and capitalism is set up to funnel that flow to the already wealthy.

As to the details of the specific case, the other answer you got seems to know more than me about it.

[–] Kecessa@sh.itjust.works 2 points 4 months ago* (last edited 4 months ago)

The rich who were selling at the time wouldn't have sold at a loss (they would be those who bought while the price was even lower at another point in time, which could have been this year since in January or was trading at about 250 and it dropped to about 290 due to this week's events), other rich people bought the dip and sold the same day to day traders trying to make a quick buck.

[–] KevonLooney@lemm.ee 1 points 4 months ago (1 children)

You are using big words to try to sound smart, without understanding the specific details of the situation. There's more than one group of "rich people" trading in the early market. Some are buying and others are selling. They are just moving money back and forth within the same "class" (as you understand it).

The other guy is wrong because in a situation like this there are very few buyers in the early market. He focuses only on the "rich" buyers and ignores the larger group of "rich" sellers trying to get rid of their shares. It's much more likely that most "rich" sellers waited until the market opened because they didn't want to sell while it was thinly traded.

So if you care about "classes", the "rich" generally lost money because the company they already own went down in value. Maybe a few people bought at the bottom and sold when it went higher, but that was neither a large percent of "rich" investors nor a guaranteed return.

I'm explaining it to you because the other comment has a low level understanding of the specifics, while you admit you don't understand. It's more dangerous to think you understand something than to know your limits. I can trade in early / late markets but don't because they have no one else there. The market has few other participants and that makes it too choppy.

[–] Excrubulent@slrpnk.net 1 points 4 months ago* (last edited 4 months ago)

I use my words to communicate my thoughts the best I can. If you think you can read my mind and tell me otherwise then I believe you don't understand how reality works on a very basic level and thus your assessment of reality is worth very little to me.

If you want to teach me something you can prove it by linking me something verifiable. I'm not trusting the word of someone who thinks they're psychic.

I don't hold out hope for your reply, sorry to say. You went on the offensive so fast and I'm not being terribly friendly about it, so I doubt you'll change course.