Sunday, September 20, 2020 8:56:45 AM
It’s no surprise that professional traders—hardly paragons of rationality—would point to ordinary investors when things get weird. But it’s true that there seems to have been more driving the Covid-era bounce than rate cuts and government stimulus. The rise of commission-free trading, the ease of fractional share ownership, and maybe the gloomy-giddy feeling that there’s nothing better to do fueled a new public fascination with the stock market. Retail traders now account for 20% of equity trading, up from 15% last year!
So perhaps the end of summer and the easing of pandemic lockdowns really did have some psychological effect, contributing to the 5% slide in the S&P 500 since the recent high. ‘Whether you’re a teacher, a restaurateur, gym owner, or even a sports handicapper—September comes around, you’re probably going to return to your day job,’
enjoy your Sunday peeps...
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