SPCX finally joined the Nasdaq-100. The first reaction was to sell it

Everyone knew today was supposed to be a big day for SPCX. Nasdaq-100 inclusion. Passive buying. New analyst coverage. It opened around $159, pushed above $161 for a minute, and then dropped to around $154. Honestly, that’s more interesting to me than if it had just ripped. For weeks, everyone knew this day was coming. People talked about the index buying, the low float, the squeeze... And then the actual event happens and the stock gets sold. I’m not saying the whole SPCX trade is over because of the first 20 minutes. That would be just as silly as saying it was going straight to $200 because of the index inclusion. But the easy version of the story clearly didn’t happen. Now I’m watching something much simpler. Does anyone actually want to buy it after the excitement wears off? Or was the Nasdaq story doing more work than we thought? I have no answer yet. But today already feels less like an index story and more like a valuation argument again