Tuesday Hot Pockets

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Well, the earnings are starting to ramp up, and its tough to make out what’s happening through the fog. First we have Microsoft, which has already taken traders on a vomit comet. As of this writing, it’s up, just like it has been almost every day for the past twenty years or so.


AMD, which is a big hero of the /wsb crowd, isn’t doing much; it’s slipping lower, which is probably a bitter disappointment to the redditors out there.


Alphabet (that is, Google) is doing the same gymnastics as Microsoft, although it has merely returned to being flat, having recovered from a modest tumble.


One stock that’s taken a serious hit is Robinhood. I guess the demand from kids who like to pretend they’re traders and have confetti explode on their screen with every executed order is thinning out.


With this recent drop, Robinhood has returned to its IPO price. The history of this as a public stock is very simple – – it went ripping higher for a couple of days and has been bleeding out ever since. And remember, this is in the context of a comically, laughably, hysterically fake market. In a real market, this piece of crap would never have seen been assigned a ticker symbol in the first place.

slopechart HOOD

At least they aren’t CRTX, which has wiped out years of gains in about a millisecond. It seems their highly-pumped Alzheimer’s drug (see the big gap up from a few weeks ago) is a dud, so the stock is being absolutely destroyed.

slopechart CRTX

This is all just pops and buzzes though. As Facebook proved over the past 24 hours, what happens in the after-hours session, even with large, heavily-traded stocks, is often rendered absolutely meaningless by the end of the next trading day.