Pot gets the Reddit treatment
Cannabis stocks crater as sector rally screeches to a halt
I took a partial profit on the PLNHF spike yesterday and while I was at it I did the same with TCNNF. They were in the IRA and begging for profit-taking.
But I had no clue that the Reddit clown show was on the sector (Tilray is down a whopping 40% today) or I’d have probably sold both positions completely. I have two others in my taxable account that I (as yet) don’t want to sell because they are up 104% and 71%, respectively.
But it’s getting annoying and should not be legal. Call me a nanny or whatever you want, but this is stock manipulation and it needs to be regulated. I don’t think the Reddit stink is too onerously on my holdings because they’ve been going up since long before this collection of market dunderheads ever got together on some app that allows shut-ins to gab back and forth. But take a look at Tilray. It’s got the same disastrous up and down mega spike as other Reddit plays have had.
I mean, I have enough to think about strategy-wise. Now I have to think about what stocks some large group of assholes is conspiring about on Reddit?
I like to make the Pot and Shroom posts a little bit funny when I can, but I am aggravated and probably need to go jump on the treadmill.
PS: A friend of my daughter’s in New York was bemoaning his complete loss on the Gamestop scam. He’s a nerd, a musician, not a stock trader. He joined in the GME scam thinking he’d make a few bucks and instead lost all of the money he had saved to buy a new synthesizer. Seriously. Maybe when enough people get hurt and the word gets out to a large degree, this fad will end.
[edit] I got some incoming criticism from a subscriber to the effect that I want to stop people from sharing trading ideas, even as that is what I do. He’s hinting at the slippery slope of censorship and regulation of free speech. Well, at least he did not call me a nanny! :-)
My response:
I hear you [GZ]. It is what it is I guess.
But I consider ganging up for the express intention of manipulating a share price a lot different from what I do, which is share ideas sure, but also define risks and most of all try to apply common sense to the thing, including the common sense of DON’T TAKE OTHER PEOPLES’ STOCK PICKS if you don’t know what you are doing and don’t have your own view of the investment. I only do the Trade Log and share ideas because I was asked to do it and I’ve made clear my limits and disclaimers.
But as you imply, we’re all adults. I lost my first $3,000 to a stock scam when I was the same age as the kid who lost his synthesizer money. So, lesson learned I guess.
[edit 2] I found this post at Reddit interesting…
