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Robinhood Suffers Worst Big IPO Debut Ever As Dollar Dumps To 1-Month Lows

Tyler Durden's Photo
by Tyler Durden
Thursday, Jul 29, 2021 - 04:02 PM

Thanks to Beijing's National Team, Chinese stocks soared again today...

Source: Bloomberg

And Yuan exploded higher (thought it found resistance at 6.46)...

Source: Bloomberg

...and yuan's strength helped monkeyhammer the USDollar to one-month lows today...

Source: Bloomberg

But what grabbed the headlines in the US was the excitement over Robinhood's IPO... which went totally FUBAR...After IPOing at the low end of the range ($38), the stock gambling app opened at $38... and crashed. Goldman stepped into rescue the day and lifted it back to $38 but all those retail investors who were given access were not hanging around and the dumpfest began again... "Buyz not in the HOOD"

Reddit’s WallStreetBets forum, a hotbed of retail traders, lit up. One top post:

“Is it me or does anyone else get pleasure from watching Robinhood’s stock burn to the ground?”

As Bloomberg notes, Robinhood is in the running to rank as the worst debut on record among IPOs of this size, according to data compiled by Bloomberg....

Robinhood wanted to make history with its initial public offering, and now it has -- for the wrong reason. Shares in the broker behind the meme-stock revolution fell 8.4% below the IPO price in the company’s first trading session. That’s the worst debut on record among 51 U.S. firms that raised as much cash as Robinhood or more, according to data compiled by Bloomberg. It dethroned the 2007 IPO by another brokerage, MF Global Holdings Ltd., as the worst debut among qualifying firms. MF Global ended its first day down 8.2%. Robinhood opened at the $38 initial public offering price. For an IPO of Robinhood’s size and larger, that’s the weakest opening trade since Uber Technologies Inc. in May of 2019 among U.S. firms. Uber finished its debut session down 7.6%.

But on the bright side, it was better than BATS.

It appears retail traders were 'full'...and Vlad had found his bagholders...

This shitshow happened even as the broad market managed gains, led by Small Caps...

But as stocks rallied, money flow was decidedly negative...

"Most Shorted" Stocks rolled over today, despite the broad market gains...

Source: Bloomberg

NKLA was clubbed like a baby seal today after the former CEO was charged with being a big fat liar...

And as NKLA plunged, TSLA was bid, though remains in its recent range...

Treasury yields were up across the curve (around 3bps) not helped by AAPL's big bond issue or an ugly 7Y auction...

Source: Bloomberg

10Y Yields remain in their recent range with selling pressure reducing on each bounce...

Source: Bloomberg

Bitcoin trod water around $40,000 all day...

Source: Bloomberg

Bitcoin is hovering at key technical support and at its 100DMA...

Source: Bloomberg

Ethereum was more volatile, erasing the spike gains of the weekend on AMZN's denial but rallying back above $2300 and holding it for now...

Source: Bloomberg

Gold soared higher today after finally breaking away from $1800...

And real yields suggest it has room to run here...

Source: Bloomberg

WTI surged back above $73 as Cramer's top-call for crude appears to be not-optimal...

Finally, as a reminder, this is what Fauci, Walensky, Biden, Pelosi, et al. are all freaking out about...

Source: Bloomberg

Be afraid America, despite the fact that no one's actually f**king dying!!!

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