Day traders may have played a role in oil's historic plunge into negative territory
Only 41 small contracts were exchanged after oil prices sunk below $0, Bloomberg reported, potentially indicating that retail investors weren't active in the market at the time and unable to stabilize prices.MORGAN STANLEY: Buy these 11 stocks right now to reap the strongest possible market-beating returns over the next 3 months
He added: "The retail players saw the abject price collapse and tried to swoop in, thinking that zero was the lower bound, when it turned out that negative infinity is the lower bound." Similarly, an unnamed TD Ameritrade user told Bloomberg that he lost $92,000 after buying three contracts for about $21 each that same day. His attempts to sell were rejected by the platform as it couldn't handle negative prices, he said.
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