Australian shares are set to edge lower, taking direction from a near-flat finish in New York. NAB in ‘good shape’, REA Group reporting. Coal helps Coronado lift profits 685pc. Follow updates here.
Retail traders who lurk in forums like Reddit’s WallStreetBets are back to betting against Wall Street pros and the Federal Reserve as rallies for meme stocks like Bed BathMore than half of Bed Bath & Beyond shares available for trading are currently sold short, according to data from analytics firm S3 Partners.
The resurgence of more speculative areas of the market is likely fuelled in part by individual traders’ willingness to jump on riskier trades and bet against hedge funds. A rally in tech shares and other growth stocks at one point on Monday pushed the Nasdaq 100 Index up 20 per cent from a June low amid alarms from some on Wall Street that the Federal Reserve is set on fighting inflation regardless of the pain for the stock market.
The “smart guys” are “confused, baffled and fighting short positions from a position of weakness in terms of momentum and firepower,” said Mark Taylor, a sales trader at Mirabaud Securities. “The lack of real understanding of why a sudden resurrection of the meme-entum bid could lead to some nefarious speculation about things being manipulated but what would be as much sour grapes speculation as anything real.
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