It was not Jim..The market bought alot of shares today.
Let's say you have alot of apples to sell today. Yesterday's price was 5000 dollars per ton.
I show up and I offer 4000 a ton but I want to buy all of your apples.
So you talk to your partners and your supplier and finally you decide to accept less because the size of the order is so huge that even if your margin is less per apple you still are making a ton of money. You don't care what the other apple vendors might think because for you money in the bank is more important than money just sitting there. On the day that you sell me your apples every other apple seller won't be able to sell his apples for more, because the largest mover in the apple market, which in this case , is me, has decided that "I want it all and this is my price..either you take it or you lose the sale"
I'm betting that a few people with many truckloads of money decided to place huge "llimited price-bid orders"
To fulfill those orders, the market moved the sp down so that the ones with the huge huge pockets could load up for 1 dollar less than everybody.
That's buying power and shorting power almost working in unison.
Buying power will shift the market so the market feeds the big buyer.
Once the big buyers' pockets have been loaded with whatever he wants to buy
than the market will once again reposition itself according to the sizes of the bank accounts of the ones who want to buy versus those who want to short.
Today was a test on the nerves of the average long but today
was a perfect illustration of how real forces work.
Huge money moves the market.
The media is just a snowflake in a storm.
The average post is just alot of data being transferred from my computer to this message board.
The storm that hurt the accounts of longs happened because of huge cash.
It was not provoked by some guy some where inventing an article or an opinion.
The article just happened to come out long after the decision was made to buy
all those apples at a discount.
Don't get confused by all the internet noise.
If you had alot of money, I mean alot of money, and you absolutely wanted to grab
alot of my apples for less money than what my other customers paid yesterday, would you or wouldn't you want me to part with my apples yes or no?
Would you care about everybody else? Hell no because in two days you might turn around
and sell them back to me at a higher price-if you discover that I have a market who wants them
Dont blame it on jim cramer. Blame the hopers & wishers that gambled & loaded up on these shares. Now its being shorted & longs are waking up letting go of there investment. This will hit $9tommorow morning. It may even be $6 by friday.