Fake Day Traders Make their 1,000th Call for a Crash
Facebook group “day traders” have frantically been calling for a stock market crash for weeks now. The thesis has been that a Joe Biden victory or a contested election would cause markets to crash.
A crash has not been the reality even though both scenarios are playing out right now. It seems the markets were happy that republicans maintained the senate, making tax increases unlikely no matter who wins the presidency.
Markets did decline in the weeks leading up to the election, but too many of these “day traders” tend to think in black and white only, and base their predictions off an assumption that the market must either crash or skyrocket.
Instead, reality is much messier, and we have gotten a bit of both. But to predict the market will crash on the day of an event that has been known about for months is classic reactionism by amateur investors.
It’s similar to the investors still thinking that investing in Covid-related stocks is some sort of “edge”.