Stock Market Out Of It's Mind - S&P hits record

[Jimmy Higgins]

Link

The S&P 500 (SPX) closed at an all-time high on Tuesday for the first time since the Covid-19 pandemic hit the United States.

The index, which is the broadest measure of Wall Street, had been hovering in record territory for days but repeatedly fell short of reaching the milestone. But Tuesday was finally the day. It close up 0.2%, the first record since February 19.

The record is a big deal, because it means it only took Wall Street five months to go from the most recent trough -- after the pandemic selloff in March -- to a new peak. This would make the Covid bear market the shortest in history, at just 1.1 months, said S&P Dow Jones Indices' Howard Silverblatt. Stocks fell into a bear market during the spring selloff.

The stock market is officially out of its mind. If I didn't know better, I'd swear it was on a manic high. The stock market immediately needs to submit to drug testing!

Seriously, they say the market doesn't dwell in the past... but seeing that lots of bankruptcies are occurring, revenues are not good, economic demand is going to be down for half a year plus... where is the heck is the optimism coming from. There is no vaccine yet, forget the several necessary to get us back to full on economic machine.

Schools aren't opening! Stock market is up.

 

[Alcoholic Actuary]

I think the markets are predicting that adults will be running the country again soon.

aa

 

[DBT]

Adults? Who are they? Where are they?

 

[Keith&Co.]

Adults? Who are they? Where are they?

They're donating money to Biden.
And Trump.
And Pelosi.
And McConnell.

 

[prideandfall]

I think the markets are predicting that adults will be running the country again soon.

i think that when you have an arbitrary number that is the result of imaginary theories only marginally related to anything actually physically happening, and when that arbitrary number is largely composed of other arbitrary numbers that come from an increasingly small pool of monopolistic enterprises, many of which are either immune to pandemic related revenue loss or in fact gain from a pandemic, it results in numbers that mean absolutely fuck-all in relation to reality.

the markets being up has much relevance to anything happening in the world as a groundhog's shadow has to weather patterns.

 

[Swammerdami]

The Administration is foisting trillions of dollars on Americans, but they have difficulty taking vacations, or even visiting restaurants. What are they going to do with their cash besides bid up asset prices? Bonds are up. Gold and silver are up. Seven weeks ago, this painting sold for $84 million:


The U.S. Federal Reserve has reversed many decades of conservative policies and has basically announced that they will print money and prop up the prices of stocks and bonds for the foreseeable future. Nobody knows where this will all lead. I'm not even sure whether anyone knows who the stock market is "hoping" will win in November. I personally have moved a significant portion of my savings from U.S. stocks to gold and real estate.

 

[Worldtraveller]

I think a lot of this is short term, invest before the bubble, sell, let it drop, buy again to cause a bubble.

A large part of this is because algorithms are running the stock market, and they are semi-intelligent. The problem is, they are learning what the other algorithms do, so it's more profitable in the long run, to have lots of booms and busts in the short term. Fucks with regular people, but hey, that's not who we're trying to help here, now go wash my limo for me.

 

[southernhybrid]

I think it's a bubble. It might have started because there is no other place right now, other than maybe gold, where one can expect much of a return on their money. Interest rates are lower than they've been in my lifetime. That is causing housing prices to rise significantly, along with short supply and drastically increased demand. But, if the economy doesn't improve soon, the home prices could might become lower again l like they did during the Great Recession.

For those of us who are old enough to remember previous bubbles in the stock market, this is looking way too familiar. Tech stocks are looking way over priced like they were in the 90s. Anyway, the stock market is no reflection of the over all economy. We are living in very weird times for sure.

 

[Jimmy Higgins]

Isn't this the first time there was a major bubble during an economic downturn?

 

[Derec]

The stock market is officially out of its mind. If I didn't know better, I'd swear it was on a manic high. The stock market immediately needs to submit to drug testing!

Seriously, they say the market doesn't dwell in the past... but seeing that lots of bankruptcies are occurring, revenues are not good, economic demand is going to be down for half a year plus... where is the heck is the optimism coming from. There is no vaccine yet, forget the several necessary to get us back to full on economic machine.

Schools aren't opening! Stock market is up.

S&P500 measures performance of the 500 biggest companies. The big companies are more likely to weather the crisis than smaller ones. What's more, significant percentage (17.5%) is just five tech giants, and they have in many ways benefited from pandemic. Can't or won't shop at brick and mortar? No problem! Amazon delivers in 2 days with Prime. Have to work/go to school remotely? Zoom to the rescue! It's parent company may not be in the S&P500, but it is in NASDAQ100!

Furthermore, all indications are that the worst of the pandemic is well behind us. US daily cases have been declining steadily for a month. The feared "second wave" will probably not come.
The only major uncertainty this year is the election and its aftermath I guess.

 

[Derec]

Adults? Who are they? Where are they?

Sniffing somebody's hair in a bunker in Delaware.

 

[DBT]

Slow Joe at his best.

 

[TV and credit cards]

Adults? Who are they? Where are they?

Sniffing somebody's hair in a bunker in Delaware.
View attachment 29013

She looks like she’s in heaven. Like she’s been deprived of any real affection for years. I’d bet if either of those lug nuts so much as uttered a peep, she’d have gone all Tasmanian Devil on them, then cuddle right back up with Joe.

 

[ZiprHead]

Adults? Who are they? Where are they?

Sniffing somebody's hair in a bunker in Delaware.
View attachment 29013

She looks like she’s in heaven. Like she’s been deprived of any real affection for years. I’d bet if either of those lug nuts so much as uttered a peep, she’d have gone all Tasmanian Devil on them, then cuddle right back up with Joe.

Yeah. Poor Derec must be really deprived of true affection to not see it too.

 

[Harry Bosch]

She looks like she’s in heaven. Like she’s been deprived of any real affection for years. I’d bet if either of those lug nuts so much as uttered a peep, she’d have gone all Tasmanian Devil on them, then cuddle right back up with Joe.

Yeah. Poor Derec must be really deprived of true affection to not see it too.

If you just get close to someone you're a "hair sniffer"? I miss the pre-covid days when we could get closer to someone. But I see nothing wrong with the above picture.

 

[Jimmy Higgins]

Adults? Who are they? Where are they?

Sniffing somebody's hair in a bunker in Delaware.
View attachment 29013

She looks like she’s in heaven. Like she’s been deprived of any real affection for years. I’d bet if either of those lug nuts so much as uttered a peep, she’d have gone all Tasmanian Devil on them, then cuddle right back up with Joe.

Seems desperate for attention, posting pics of Joe Biden in a thread about the stock market.

Derec apparently can't say no to Joe.

 

[ZiprHead]

She looks like she’s in heaven. Like she’s been deprived of any real affection for years. I’d bet if either of those lug nuts so much as uttered a peep, she’d have gone all Tasmanian Devil on them, then cuddle right back up with Joe.

Seems desperate for attention, posting pics of Joe Biden in a thread about the stock market.

Derec apparently can't say no to Joe.

Joe boner?

 

[Jimmy Higgins]

So new initial unemployment claims popped back over a million for the past week. Suppose that means the Dow will go up 250 points.

 

[TV and credit cards]

So new initial unemployment claims popped back over a million for the past week. Suppose that means the Dow will go up 250 points.

I guess as long as the Fed is telling publicly traded companies they're too big to fail, folks will keep blowing up this bubble.

 

[Worldtraveller]

I bought some Tesla stock last week. In just 8 days, I've realized ~40% return. That's nuts, alright.