SpaceX went public eleven days ago. The stock rallied. Now it's down 16% over three days. That's the entire story.
Turns out buying shares at the peak of a post-IPO rally has consequences. Who could have predicted that price goes down sometimes. Besides everyone with a functioning brain.
The technical picture here is breathtaking. A parabolic move followed by a sharp reversal. Never seen that before. Except in every IPO since the Dutch East India Company. But this time was different because it's SpaceX and rockets are cool and Elon tweets things.
Some guy named Derek bought 47 shares at $312 on day three of the rally. He's now sitting on a loss bigger than his car payment. He's not worried though. He's holding for the long term. The long term being whenever the stock gets back to his entry price so he can sell and tell everyone he broke even like it's a victory.
The company builds reusable rockets that land themselves. Incredible engineering. Their stock chart looks like every other overhyped IPO that doubled in a week. Also incredible engineering, just in the opposite direction.
Three days of losses. Sixteen percent gone. The Reddit megathread has 4,000 comments explaining why this is actually bullish. Something about shaking out weak hands and institutional accumulation. Definitely not just cope formatted as technical analysis.
Derek's wife asked him about the SpaceX investment last night. He said it's fine, just a healthy correction. She asked what he paid per share. He pretended not to hear her and went to check the futures.
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