As the saying goes, the market can remain irrational longer than you can remain solvent. And what is happening now is that the big players are being pushed around — David bullying Goliath, if you will — by the legions of day traders, using services including the Robinhood investing app to drive stocks higher.
That is the theory put forward by Michael Batnick, director of research at Ritholtz Wealth Management and author of the Irrelevant Investor blog. “These traders are moving from stock to stock. They squeeze all the juice until there’s nothing left and then move onto the next one,” says Batnick.