It certainly doesn't help when President Trump, overlooks the downturn in the economy, neverthelesspermanent job lossand deep economic scarring, by tweeting out to the tens of millions, just how well the stock market is doing.
As the Nasdaq soars to record highs -Sentiment Tradershows Trump's tweeting about the stocks increases.
h/t Sentiment TraderTrump is an advertiser of the stock market - tens of millions see him tweeting about how wonderful it is - and as human nature shows, there's been a massive increase in Robinhood accounts of people who want to join the party on Wall Street with zero-commission trades.
Actually, the type of people coming to the party is not the typical career alcoholics who can handle three liquor shots, a kegstand, then a couple of beer bongs - no, these new daytraders are like high schoolers who haven't figured out how many beers it takes to blackout. They get sloppy and make mistakes.
Richard Dobatse, a Navy medic in San Diego, is one of those inexperienced daytraders who lost big. Just how big?Well, he lost $860,000 in March.
Richard Dobatse h/t The New York Times Dobatse was buying and selling stocks on Robinhood. Hefunded his account with $15,000 in credit card advances - even took out two $30,000 home equity loans to trade the most speculative stocks and options, with hopes to pay off his debts. At one point earlier this year,his account had $1 million - now in freefall, the account is worth $6,956, reportedThe New York Times.
