The dollar remained weak and help stocks avoid sinking. Today S&P Index at times appear to be ready to have a bigger draw down, but it recovered and ended the day flat. This is not to say there were not stocks that just continue to rise.
From a low of $4 in March 2020 to over $65 for nearly a 14x is nothing but impressive. Yet the company has rumor of a relationship with a large car manufacturer. Nothing to do with innovation as much as simply a rumor. Something.
Then there is the hyperbolic stock of Tesla that had more than a 8% drop yesterday only to be up 5% today. It is if yesterday was just a simple profit taking day and now TSLA is ready to hit all time highs again. EV stocks in general are still getting bid and there are other sectors similarly getting bid. Whether or not they deserve these price evaluation is not the point.
The point is there is enough liquidity in the markets to allow this to happen. The FOMO is real, as Tesla's CEO Elon Musk twits one entity and investors immediately go out and buy it just because its name is similar.
Not the only story of traders FOMOing.
Influencers mention one ticker and traders start flocking into them. Can you feel the FED going BBBBRRRR. A lot of people seem to have money to invest and lots of it.
None of what I write is financial advice. It is for entertainment purposes only. Thanks for reading!
