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Quick example: They bought puts on Friday and couldn't unload them for a full day + following morning. Monday morning puts were down - it was obvious the marke
by jiqiren 7y ago
Quick example: They bought puts on Friday and couldn't unload them for a full day + following morning.
Monday morning puts were down - it was obvious the market was recovering in a big way. Instead of cutting losses at ~20% in the morning they lost ~99% of their position. Some lost 100% since the options expired EOD.
- UncleMeat 7y ago> it was obvious the market was recovering in a big way Was it? Markets started up today but ended way lower.
- akchin 7y agoHe is talking about Monday not today, Tuesday. RH didn’t work on Monday either.
- kortilla 7y agoYes, there was nothing “obvious” about the market on Monday morning. Saying otherwise implies the ability to predict the market.
- harikb 7y agoI think they meant to say the “loss makes sense”, not that Friday/Monday’s move was predictable
- UncleMeat 7y agoYes and the point is that today it looked the same as yesterday in the morning but it didn't turn out to be a bounce. It wasn't "obvious" that everything would rise on Monday. Only in retrospect.
- westpfelia 7y agoIt was more then just that though. Robinhood was displaying incorrect market data for the few people who could see it. (at least on monday) So now you also have people making decisions based on the wrong data. Honestly I dont see how this doesnt turn into a lawsuit.
- UncleMeat 7y agoI’ve observed very wrong prices on both vanguard and google finance several times over the last year.
- balls187 7y agoThank you for the explanation.