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Couple things worth noting:
- Dow was within reach of 30K in February, shortly before covid crashed the economy.
- As I mentioned elsewhere in this thread, Biden is a known quantity: he's expected to govern like Obama (stability at home and more imperial chaos abroad), and Wall Street did really well under Obama. Trump was unstable and unpredictable, which is bad for the capitalists' long-term planning.
ThanksgivingBlack Friday is this week, and businesses generally do better during the holiday season. Part of this market optimism is seasonal.- Even weak EMH is generally untrue. Exponential growth is counterintuitive and resembles a sudden shock/discontinuity when the relevant order-of-magnitude threshold is crossed; chances are good markets haven't yet factored into their pricing that covid cases are going to skyrocket over the next few weeks at the current growth rate. This isn't because traders and businesses don't understand how exponential growth works - they must, or else they'd go broke - but because they're selling the rumor to the rubes who don't understand how it works to make more money from holiday spending and from a potential sell-off shortly before they expect the market to crash again.
Stocks are worthless if companies go bankrupt. Stocks get paid out last - if at all. Creditors first, then bonds, then stocks if there's anything left over. Zombie companies are on the rise, I'd be prepared for a bunch of large corporations to start going through bankruptcy sometime in the new year as retail sales will be shit for Christmas - meaning they won't be able to cover their debt obligations. People would switch from stocks to bonds even if it's negative because at least you'll get money from bankruptcy proceedings. Even in chapter 11 bankruptcy (as in not the one where they liquidate everything), stocks become worthless.
As I mentioned elsewhere in this thread, Biden is a known quantity: he’s expected to govern like Obama (stability at home and more imperial chaos abroad), and Wall Street did really well under Obama. Trump was unstable and unpredictable, which is bad for the capitalists’ long-term planning.
Stock market grew like wildfire under Trump. Wall Street owes a lot to Obama bailing them out during the recession, which kept them afloat while the rest of America suffered the aftermaths of that recession that took years to get out of.
The stock market grew like wildfire under Trump, until covid erased that growth setting them back to where they were at the end of Obama.
Unemployment is at enormous levels, workers are still paid a pittance, cost of living is still increasing, but the stock market is happy so the economy is working well :D
According to the line, the economy is just as good as it was last February, and economists could never be wrong so i believe them
That one person who said the stock market is just a measure of rich people's feelings did more to educate me about economics than my economics class ever did
Orange Man was unpredictable (especially w.r.t. trade with the PRC, and relative lack of commitment to imperialist regime change bullshit which is good for MIC companies) and investors hate uncertainty.
Any news for the stock market is good news, so long as the Federal Reserve continues to prevent a liquidity crisis, and bail out the bond & stock markets.
Eh, shit's a house of cards. It will look good and people will try to celebrate until it eats shit and tanks again. None of this shit actually matters to working class people anyway, since in the long run they're getting fucked either way the stock market turns out.
I fucking hate the stock market. The goddamn lines and day traders and the vapid chase of money for the sake of money mostly so that you can get more money. It all just makes me irrationally angry. What a fucking waste of time and energy.
A little-known secret: when journalists talk about the stock market going up or down based on X piece of news, it's bullshit. No one knows for sure why the market moves how it does any given day. I mean yeah, some days it's obvious. but it's not absolute fact
Just imagine how far its gonna drop next time! Wall street is looking out for us, they know we love watching line go down
