Some Robinhood traders who had booked profits as the market rebounded are getting squeezed as the Dow tumbles again.
. Shares that have surged recently on hopes for a smooth reopening of the economy led the declines. Traders dumped airlines, cruise operators and retailers after piling into those names over the past month amid expectations of a swift economic recovery.
"We see a lot of buying activity of specifically industries that were impacted by the pandemic," Robinhood co-founder and co-CEO Vladimir Tenev said at the Piper Sandler Global Exchange & FinTech Conference last week. Investors traded "a lot in airlines, a decent amount of buying in videoconferencing, streaming services, some biopharmacuetical as well.
"Why take profits when every airline goes up 20% every day. Losers take profits. Winners push the chips to the middle. ... I should be up a billion dollars," Portnoy said. "I'm just printing money."
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