Day trading has replaced sports betting as a Pastime for America

By stvleong | Steven Leong | 23 May 2020

Due to the Covid-19 Pandemic, people are now day trading instead of sports betting now as America pastime, same goes to China during the lockdown.


There is a strange thing going on when we're holed up at home. Day trading among individual investors has taken off, in addition to binge-watching and bread-baking. A full-blown retail mania has taken place in buying and selling small quantities of stocks and options, says Jim Bianco, head of the eponymous  Bianco Securities, who has been up against the major market movements over the years, partially because he's watching stuff traditional metrics don't pick up. The phenomenon of day trading was motivated both by changes in the online brokerage industry and by the coronavirus crisis.

This, along with a trust among these small traders that the fall of stocks in March would result in the Federal Reserve taking decisive action to reverse the declines, convinced them to get into the anticipated rebound. Moreover, according to data from Envest Yodlee, a finance aggregator, many Americans including those with modest incomes used their coronavirus stimulus checks to swap stocks, which contrasted bank transactions of beneficiaries with those of people who did not receive the federal payments. This showed that among those with salaries between $35,000 to $75,000 behind only deposits and cash withdrawals the third-biggest leap in bank transfers was for stock trades, stated. But households in the income range of $100,000 to $150,000 stepped up their trading transfers.


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Steven Leong
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