A few years ago I opened up a small Robinhood account. I only put a small amount of my money into it and didn’t really use it to trade, but primarily to keep an eye on the list inside of Robinhood of the most owned stocks for people using it own.
But a few months ago they stopped sharing that information – probably in fear of getting bad publicity as they were starting to get it – and I stopped logging into my Robinhood account. Yesterday though I opened it up and saw that the top owned stock list is back!
Here is a screenshot.
Robinhood no longer is showing us the exact number of accounts owning a stock, but it shows us the top 100 stocks in order of ownership and that is about good enough. As you can see AAPL is at the top and TSLA is number two. On the whole list there is still not a single gold,silver, or mining ETF on it!
Sadly still on the last remain disasters such as NKLA and CGC, which are badly lagging the market, with NKLA even being exposed as a scandal stock.
Historically stocks on the top ten of this list often become giant stock market laggards. For instance last year ACB was at number almost year and then completely fell apart. Now it is TSLA that has become a true mania among Robinhooders – so much so that almost every single week I get an email from someone asking about it.
This week “battery day” was supposed to be a big event that would make the stock go up. Instead it just dumped on the news in a classic buy the rumor sell the news trade.
Yesterday a stock that also has been a big play for Robinhooders is the company Carmax dumped. People were buying it with the idea that it was an “online” car dealership where people could just use the internet to buy a new or used car. On Thursday it reported earnings and collapsed.
This is a stock that is now broken and just put on one of the biggest one day volume days in its entire history. During the rally we saw some stocks have wildly surprising giant gap ups. For instance Zoom went nuts on its last earnings report. But now since Labor Day we are witnessing a few stocks blow up like KMX just did instead of have surprising moves to the upside.
In my view we are still in a market correction. I explained WHY I think the stock market is pulling back in a post last week and I think that is the most important thing to know now to understand what is happening. If you missed that post you can read it by going here.
-Mike
