02Feb11:04 amEST

Don't Let Them Steal Your Joy

Many speculators and gamblers love to project their own misery and insecurities onto others, which can make markets a rather cold place at times. For younger and/or newcomer traders who hopped on the Reddit/WallStreetBets movement over the past few weeks, today's AMC GME crash (not mention SLV down 7%) serves as fodder for some obnoxious market players and pundits alike to attack the supposedly lower intelligence of these people. 

Mind you, I am not referring to attacking AMC or GME themselves as lousy firms--That is certainly fair game, as it is a lighthearted meme or quip here or there. 

But the amount of nasty comments directed at the Reddit crowd I am seeing today is absurd. Although a day like today was inevitable, both AMC and GME (no positions in them for me) could have easily first doubled or tripled again this week before they rolled over like they are today, for example. 

The newcomer traders, or simply those who took their shot in those names, will have to lick their wounds and regroup like the rest of us do whenever we get out of line in our trading careers--We are all human, after all, in a modern robotic world. 

So here is a message if you lost your shirt in these names: Keep your head up, regroup, and get back to the grind of trading if that is truly something you want to do. In the future, be wary of piggybacking trades which are so universally known and praised. 

As they say, misery loves company. And when you take to social media finance these days you can see why--And that is a good reason I have no qualms about being a lone wolf. 

Regarding the broad market, the U.S. Dollar strength (and higher rates, too) have not yet rattled equities. But with a sharp move up to start the new month, tonight's earnings reports in AMZN and GOOGL have a uniquely high bar to meet (they did anyway). 

Stock Market Recap 02/01/21 ... Let's Get Down to Silver Tac...

 
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