SpaceX went public this year. The stock dropped below its $135 IPO price. Retail traders who bought at $150 because Elon tweeted a rocket emoji are now discovering that gravity works on share prices too.
The company joined the Nasdaq-100 days ago. That's the index for winners. SpaceX celebrated by losing money for four straight sessions. Nothing says "elite stock" like immediately eating sh*t the moment you get the promotion.
Technical analysts are calling this a "key support level breakdown." That's code for "the line we drew on a chart got crossed and now we need a new line." I could draw a line connecting my morning coffee stains and call it resistance. Would mean the same thing.
The IPO price represents the exact moment institutional investors decided retail deserved a chance to participate. How generous. They held SpaceX private for two decades, watched it become worth $350 billion, then opened the doors right before a four-day losing streak. Incredible timing on their part.
Some guy on Reddit is typing "BUY THE DIP" in all caps right now. He'll add three rocket emojis. He'll call it a "generational buying opportunity." He bought at $148, sold at $132 because his wife asked why their savings account was empty, and he's about to buy back in at $134.50 because a YouTuber told him Fibonacci retracements are "basically physics."
The chart shows a clear downtrend. The news says it's falling. The price confirms it's falling. None of this matters because tomorrow someone will tweet that SpaceX is launching satellites and the stock will jump 8% for reasons that make exactly as much sense as it falling today.
SpaceX builds rockets that land themselves. The stock can't even land above the price it started at three months ago.
Photo by Sven Piper on Unsplash
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