iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
20,416 Blog Posts

Jobless Claims Total 42 Million Since March; Nasdaq Hits Record High

I fucking blacked out tired last night — can’t even remember when I fell asleep. After movie night at House Fly, I went upstairs — brushed my teeth and the next thing I remember I woke up AFTER the market opened. This quarantine end of world cities burning business is making me a slothful man. It’s time to get back on schedule and trade the market at 5am — like the gods intended.

Jobless claims were greater than expected, 1.8m or so — bringing the grande total to over 42 million since COVID-19 struck us. I’m so happy its been cured and we can all go out now and rip down the Washington Monument. The Nasdaq just hit a RECORD high — making COVID-19, essentially, a STUNNING SUCCESS.

Look, sacrifices had to be made for the betterment of the country. My Uncle perished in the Corona fires, or perhaps he was a crisis actor all along and is now nestled away on a Soros estate. Either way, we all got fat and rich — based off the fear.

The economy isn’t working. People are burning all of our cities down now — and markets are at RECORD HIGHS. What does that tell you?

If you enjoy the content at iBankCoin, please follow us on Twitter

26 comments

  1. numbersgame

    The bigger they are, the harder they fall – but timing is everything.

    The idea behind a V-shped economy was that the governemetn benefits (unemployment income boost, tax refund stimulus, PPP, etc) would make up for lost income. In fact it did, as evidence by the monthly personal income figures. However, even with the huge APril stock rally and the huge income icnrease, we still saw consumer spendign fall.

    Of course, the stock market is more about beleife thatn reality, as it is based on *future*, *predicted* earnings. However, significantly, it is based on waht the majority *think* eanrigsn will be, and the majority don’t even *try* to value stocks, they simply buy or sell if they like/dislike the company/economy.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • peaches

      stocks are the only game in town. besides gold and bitcoin. nobody wants dollars, dollar demand is for paying off dollar debt, buying US stocks and buying US treasuries.

      what else do you do with millions? rioters cant burn down my google stock and i don’t have to pay property taxes on it, ever.

      bernanke pavlov’s dog’d us very well

      • 1
      • 0
      • 0 Deem this to be "Fake News"
      • numbersgame

        Well, the other thing to do is to sell stocks, like corporations are:
        https://www.zerohedge.com/markets/everything-telling-you-no-its-not-ok-and-then-you-look-sp-500-it-keeps-going

        Most people think the limit on Central banks is infaltion. In fact, the FED seems to think the same thing. However, I disagree.

        The FED’s “liquidity” has mainly benefitted the upper calss, while infaltion (as measured by the FED and typical indexes) is mainly influenced by the loer and middle classes. So isntrad of infaltion, the FED’s money bazookas mainly serve to icnrease income inequality and class division. So i think the real limit to FED actions is Social Unrest, which is indirectly increased by the FED’s actions.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
        • peaches

          i agree. but the stocks are going up.

          things can keep getting worse… for centuries

          its much more possible we are heading towards 1984 than Weimar Germany or a total collapse of civilization

          gold went from $35 to wherever it is now and most of the population still has a long list of supposedly bigger problems than central banks destroying the value of our currency and exacerbating basically every other problem on the planet.

          I say we see $20,000 dollar gold eagles and significantly higher occurrences of riots, more wealth inequality, significantly higher rates of poverty, police abuse, etc

          and the Fed bazookas continue. The Fed was built to concentrate wealth.

          the percentage of the population in the developed world that thinks central banking is a problem is tiny. nobody wants to swallow the pill that we let banks destroy our economies and enslave everyone with debt for 100 years ago. Especially if you are doing well from the system, which is basically 90% of us Americans.

          so its “not a problem”

          most of the middle class would rather see the stock market indices double than see median incomes go up.

          nobody is convinced this is a bad road to go down. in the worst case scenario we default and nuke china. this makes perfect economic sense to a lot of people.

          • 0
          • 0
          • 0 Deem this to be "Fake News"
        • peaches

          sort of like narcist said before. its going to take a long time for demographic changes to show up. boomers and gen X love wall street and the status quo more because their dollars were less devalued than the younger generations.

          the younger the kids get the more debt and less buying power they have

          lots of the kids are happy to spend all their disposable income on a studio apartment they share with a roomate… they completely buy their parents story that being young is hard and things will get better.

          they dont understand money. taxation. inflation. etc

          they want to believe the american dream can be obtained by simply breathing and showing up like it was 50 years ago.

          wtfhappenedin1971.com

          • 0
          • 0
          • 0 Deem this to be "Fake News"
  2. peaches

    Soros is as dangerous as the Koch brothers.

    Hes an old Hungarian Jewish refugee who has decided his life work will be revenge for the holocaust in the form of a quickly growing non-European population whose immigration and education will be paid for by the same European governments that tried to step on Jews like cockroaches for 2000 years.

    This is what money is for. Making your dreams come true. This is what rich people do. They pay for political change while everyone else whines and riots.

    • 1
    • 0
    • 2 Deem this to be "Fake News"
    • juice

      Soros couldn’t give a shit about the holocaust, much less dedicating his life to revenge for it. He collaborated with the Nazis to save his own skin and could care less for the less fortunate brothers and sisters of his.

      • 2
      • 0
      • 1 Deem this to be "Fake News"
      • peaches

        Your story ends with George Soros being an evil… Jew. We have all heard it before. Only jewish billionaire is going to be accused of being a nazi collaborator for doing what was necessary to survive. What your dad told you to do when you were a child. In a world where you are only surviving because your last name was changed, and you might end up disappearing if anyone finds out who you really are.

        Collaborator.

        Read his bio.

        He wanted to be a philosophy guy, got laughed at by the Brits at LSE for not being part of the usual british philosophy professor demographic and eventually went with economics.

        Then none of the London banks would hire him, again, because he didnt own a countryside estate so he went his own way.

        He made a bunch of money and hes spending it all in mad dash to be remembered as a philosopher. He would easily be the richest man alive if he wasn’t so busy trying to be Rousseau.

        He has an enormous chip on his shoulder, as do many minorities who want to destroy civilizations because of what dead men did a long time ago.

        I completely understand where he is coming from.

        He is simply richer and better educated than the looters who think burning down a Bank of America will solve their problems.

        And thus his entire bag of personal psychological issues, when combined with billions made skillfully trading markets, and our current state of affairs regarding money in politics…

        we get what we get. dont hate the player hate the game.

        hes simply a non WASP pulling off global power plays thanks to free markets.

        free markets arent racist. if you short the right currency on the right day with the right leverage…

        you make a billion beans.

        if you want to build a school to spread your global agenda, you are free to do so.

        if you want to start breitbart.com you can do that also

        Hes a perfect example of what a hardworking person can do with capitalism. If you like a nobody getting that much power or if you can’t stand anybody having that much power… it is a direct effect of capitalism.

        (btw is it immoral to short the mexican peso also? or just the british pound?)

        • 0
        • 0
        • 0 Deem this to be "Fake News"
  3. spinthathamster
    spinthathamster

    Either we have a lot of inflation in which case markets might be underpriced (ecb says nope, deflationary causes still prevailing), or reality aligns itself with market or market aligns itself with reality.

    Last year we ahd a 40% rally. At the beggining of the year I was listening to a pro trader (granted, a woman) and she said that it would be nice to have another year like 2019. Yeah, and another. And another…

    Also, I think that I have never seen waren buffet so emotional like last week when he said “never bet against america”. Like it’s personal for him. A victory over some enemy. And sensed a bit of maybe fear in him (go watch that statement and tell me what you see). And I thought to myself this might be the first time in history, to bet against the legend…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • peaches

      “Don’t bet against america”

      … after showing us how a 40% bear market rally only led to even lower prices by 1932 and a recovery in prices wasn’t seen until 1954.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • trumpmeister

        We were on the gold standard back then. I bet that you are too stupid to look that up before rehearsing some of this bs.

        • 2
        • 0
        • 0 Deem this to be "Fake News"
        • peaches

          They depression was golds fault.

          Life was simple when I believed that banker’s lie.

          If I’m stupid for bringing up 1930s charts is Buffet also?

          • 0
          • 0
          • 0 Deem this to be "Fake News"
  4. itsgold

    I guess the market is headed higher? New highs beget new highs? Or does not matter at all because we’re in a ‘bear’ market

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. bambam

    It feels odd to have such a disconnect.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • it is showtime
      it is showtime

      I do not understand
      (for the 5th time)
      How more trader-level people
      Don’t sense a sucker op
      Being at-the-very-least plausible

      In this case overt
      (the synthetic upward&pushing movements,
      predominantly overnight, are clearly there
      along with known-escalation of forced central buying)

      With in this case
      destabilization ops or progression clearly laugh-out-loud-level kicking in

      I mean, feels odd?
      What’s odd is youre the only person suggesting something doesn’t “sit right” or “seems fishy”

      [I knew] that was the case at least 8 weeks ago. And said, and believed, a fullscale interim rally would be programmed. [There’s no way, this degree, or pace, of increase in relation to data&futureprospect, is occurring without programming. How, more of you don’t realize this is not the “market” doing “what it does” continues to be insane. Increases after this week, would leave an irrefutable wtf perception-crossover. Meaning much more added level, not very feasible, and, they may have already marked their calendars for that]

      • 0
      • 0
      • 0 Deem this to be "Fake News"
  6. spinthathamster
    spinthathamster

    On a side note. Ecb flooding markets with another 600 bln eur on top of 1.35 trillion for bond buying.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. trumpmeister

    I hope that some of you mfs are smart enough to buy LYFT when I gave that free stock tip 1-2 weeks ago. Next trillion dollar company there. Generational buy opportunity even at this level.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • og

      Why Lyft and not Uber.

      • 0
      • 0
      • 0 Deem this to be "Fake News"
      • trumpmeister

        bc Dara Khosrowshahi is an old fart that had a mediocre run at expedia. He is not innovative, hungry, and radical enough. Expedia had the first mover advantage in online traveling booking 10 years ago but expedia stock performance was mediocre in comparison to priceline’s. Logan Green and Zimmer will prove to be the next Bezos 10 years from now. They are in their 30s, and will have another 20-30 years of stewardship left in the tank if they are successful.

        • 0
        • 0
        • 0 Deem this to be "Fake News"
  8. purdy

    USO high and tight (on hourly) …not touching the futures any more.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  9. trumpmeister

    Jerome Powell just came in and shot all the bears $hitters stationed at American Airlines stock. Way to teach all the mfs that bet against America.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  10. soupbone

    The FED should never have messed with it’s balance sheet in the first place. Now the FED is an addict who can’t stop without a near death crisis.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
    • numbersgame

      FED is the drug dealer; bulls are the addicts who can’t pay. FED tried to take away the supply, addicts went into withdrawal. FED injected methodone – excuse me, I meant “liquidity” – so as to not lose clients, but now the FED is hoping the addict becomes “functional” and gets a job so that they can pay off debt (V-shaped recovery).

      • 1
      • 0
      • 0 Deem this to be "Fake News"
      • it is showtime
        it is showtime

        Bulls have merely been pawns in the creation of boombust#3.
        And currently completely think, this near vertical, now reobtained overbloated bleeding primary index heights,
        is once again sustainable or without consequences.

        One of the believed scenarios 8 years ago, was a basic engineered collapse, following certain societal rearrangement goals.

        So it would at least comport, that overt bubbling would be a tool.
        Bulls have just been riding overt bubbling, whether a tool of engineered collapse or not.
        They’re mindless. And temporarily lucky, not moderately brilliant.

        Again you’re a “fool” that the market is predeterming full restoration “in weeks”. It’s being pushed, and placed, there. That, highly suggests ulterior motive.
        (Along with other presidential year context, amazing how deluded most of you are that this sticks)

        • 0
        • 0
        • 0 Deem this to be "Fake News"
  11. wopic38918

    I am now making extra 18k $ or more every month from home by doing very simple and easy job online from home. I have received exactly $16k last month from this home job. Very easy to do and earning from this are just awesome. Join now this job and start making extra cash online by follow instruction on the given website…….. . Read More     

    • 0
    • 0
    • 0 Deem this to be "Fake News"