In my pre-market, it’s-still-dark-outside post from this morning, I wrote, in part:
Animal spirits still abound, and there’s a certain subset of the “investor” crowd which are simply gamblers that love stuff like IQ and TLRY. Now that cryptos have crapped all over themselves, they are no longer a suitable place for the casino crowd to get their adrenalin rush. So it’s focused on stuff like TLRY which, I assure you, will look like the chart of IQ soon enough.
In case anyone didn’t really buy the notion that the same psychology was driving gambling in crypto and gambling in pot stocks, observe the intraday action today from TLRY:
Kind of smell the same, don’t they?
And let’s all take a moment of silence for the Gen-Y, momo-chasing, WSB-reading basement-dweller who paid $300 for TLRY only to see it drop 50% within minutes.
Nah, screw that guy. He probably doesn’t even use SlopeCharts.