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
20,318 Blog Posts

JOBLESS CLAIMS SOAR TO 6.6 MILLION; ALL HOPE IS LOST

Markets had an idea about rallying, but now have collapsed again and firmly in the red. For the week, 6.6 million jobs were lost, bringing the sum total to over 10 million in a fortnight. The idea that we can get this economy up and running again quickly will soon become a phantom, as permanent damage is afflicted to both small and large businesses.

Absent a vaccine to assuage concerns over a Coronavirus reoccurrence, people will be extremely reticent to PACK TIGHTLY into luxury cruise liners, shopping malls, concerts, and bars EVER AGAIN.

Futures were +350 and now we’re down 200.

I made two morning sales, APRN for +10.6% and AMPE for +9%.

UPDATE: In response to market firming, I sold FAZ for +4.6% and SOXS for +8.7%.

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25 comments

  1. peaches

    china lied. they are all eating dogs and snake head wine and spitting on eachother. surprise.

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  2. narcist

    https://crooksandliars.com/2020/04/dr-rishi-desai-wont-be-invited-back-fox

    LMFAO. The curry is too spicy for the Fox audience.

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  3. alty

    The only thing red is the Vix and your coffee stock Fly

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  4. heckler

    BTC $6666.66

    Satin’s support

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  5. Mr. Cain Thaler

    EURUSD, GBPUSD and treasuries are all saying this bounce is dead in the water. I don’t think we can have a rally without dollars support. The dollar is getting stronger and the Feds monetary shock and awe campaign from the last two weeks is already almost gone.

    Sell the rips.

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    • narcist

      Agreed. I have just started re-shorting at ES 2520.

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    • Mr. Cain Thaler

      Whatever bounce EURUSD and GBPUSD got earlier is now reversed and USDJPY is skyrocketing. This bounce will be dead before the close. It might not even survive the hour.

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    • Mr. Cain Thaler

      Judging by the sudden explosive move in oil prices, this rally was based on rumors of the Saudi’s and Russians coming to the table. Two quick thoughts:

      1) If I read one more “let’s have some game theory” piece on how fucking smart the Russians and Saudis are – graping their own major export which they should have been working to diversify from decades ago – just because the Saudi’s aren’t the marginal producer any more and would like to be again, I’m going to vomit.

      This move was stupid no matter how you slice it. Saudi Arabia used to get $100 per barrel to accept that slowly they would no longer be a cartel and can’t corner the market at any point they like. Today, they get $25 to have those powers back. Do the fucking math.

      2) While it’s certainly awesome that maybe our entire oil industry won’t up and die, any demands from Russia/Saudi Arabia is going to be contingent on less unrestrained oil production. Our sector is pretty much damned to shrink from here, even if they aren’t all going under.

      This news is not going to keep the market up.

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      • superpositron

        We used to trade the silver wheatons in these hallowed halls.

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  6. tjnyt

    Effing greedy Chine, had 400 LK, thanks to Putin& crude I am up.

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  7. numbersgame

    Hey, anyone know what’ up with FRO? just dropped.

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  8. numbersgame

    So…is Trump lying about oil?

    I’m not sure why Putin would back down becuase Trump asked him to – unless he also promised them something under the table….

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    • heckler

      Trump worked things out with his good buddy Prince Bone Saw

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    • narcist

      Putin and the A-rabs kept trying to one-up each other and the beef has to be set aside at some point, with or without Trump, because it’s a lose-lose downward spiral.

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      • numbersgame

        Ok, but why did Putin start this war? Did he miscalculate and think the MBS would jsut continue prodcution instead of increasing?

        The bigger question: while higher oil pirces is good for *some* aprt of the economy, is this really the best time for higher gasoline prices considerign 10M Americans were added to the unemployment payrolls the last two weeks?

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        • narcist

          Yeah, calling bluff went awry is how I see it. Now they needed some excuse to save face.

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  9. numbersgame

    In other news, I still can’t believe how many people worship Musk, who is ocne again proving that he is a total @sshole.

    https://www.zerohedge.com/health/elon-musk-promised-new-york-ventilators-he-sent-5-year-old-sleep-apnea-machines-instead

    I’m shorting his overpriced company, too.

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