There was widespread institutional selling, and typically dip buyers are non-professional traders who underperform the market [1] [2]
At the end of the day, does it really matter who's the marginal buyer and who's the marginal seller?
Do we learn anything about the value of Apple Inc by learning that the marginal buyer was an HFT hoping to offload inventory in 500ns, a mid-frequency shop who will hedge delta at end-of-day, or a value investor who will hold for a lifetime?
I claim any such information would be rapidly priced in by flow-analysis algos, and thus reflected in the closing price.
At the end of the day, does it really matter who's the marginal buyer and who's the marginal seller?
Do we learn anything about the value of Apple Inc by learning that the marginal buyer was an HFT hoping to offload inventory in 500ns, a mid-frequency shop who will hedge delta at end-of-day, or a value investor who will hold for a lifetime?
I claim any such information would be rapidly priced in by flow-analysis algos, and thus reflected in the closing price.
[1] https://www.reuters.com/markets/retail-bought-stocks-largest...
[2] https://www.businessinsider.com/retail-investors-buy-dip-tru...