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
20,329 Blog Posts

Crude is +400% Off the Lows

Look at how fucking stupid it all is, now with the benefit of hindsight. Just a short while ago, I declared oil was a ‘worthless’ commodity. The only cost of it, frankly, was shipping it from point a to point b. Most of us on Wall Street flippantly laughed at it as the price struggled to remain above double digits. In less than a month’s time, the price has risen over 400% to $34, now pressing higher in an otherwise boring tape.

Oil stocks, however, are up about 30% over the same time period — because fuckery.

Stocks in general are healthy AF and if I didn’t know the reality on the ground, the joblessness and the specter of prolonged economic hardship, I’d say things looked great — based purely by the price action in stocks.

Once again, the stock market has proven itself to be its own entity, totally disconnected from fundamentals — a slush fund of liquidity gyrating rapidly whose purpose seems more political than a reflection of societal success. It is the all knowing, sum total of all of the thoughts and impulses that mankind has to offer and — right now — it’s suggesting things are ok — heading towards fantastic.

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17 comments

  1. Po Pimp

    I demand my God given 3% daily gain in oil prices now and for eternity.

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  2. Po Pimp

    Next stop $45.

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  3. itsgold

    A new bull market is upon us. Trust in the Fed and you will enjoy the fruits of their efforts.

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  4. purdy

    A pessimist/realist looking at a 3 day chart of SPY at it continues to deal with the 200 day SMA and the 2/3s retrace, you could have make an argument to be short at 10:30 est (I did) …or if it takes out /ES 2933 today.

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  5. peaches

    I’ve got a man bun wearing shaggy bearded friend from my college days of eating chocolate covered mushrooms. Thinks time travel is real. KNOWS Hilary rapes kids. Thinks hasids in Brooklyn are the Jedi knights. Managed to end up on welfare with white skin and a college degree. I got him a job last year cuz I’m a stand up guy, and because quite frankly, I was tired of looking around for mice whenever he invited me over to his shit apartment he shared with drug addicts. I can’t smoke weed on your couch with rats present.

    Big Trump believer. One of those guys who thinks he is blowing your mind when he tells you “Lincoln was a Republican!”

    Anyways.

    In December, he told me, with wide opened googly eyes… “They’re gonna do something that’s gonna crash the market and it’s gonna make everybody poor, and the government will blame it on china”

    “But Americans are smart enough to realize if anyone’s crashing the economy on purpose it’s the banking elite!”

    “Nope. They’ll gobble it all up man.”

    “There’s tofu on your beard you forgot to gobble up”

    So. Now you know aliens really do exist, and they only tell the future to poor white men.

    Thanks for reading.

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    • roguewave

      He may know aliens or simply followed Event 201 in realtime. (The pandemic “tabletop” exercise on October 18, 2019, in NY, NY)

      Wow, what are the odds such a thing could happen.

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      • peaches

        This is a 37 year old on food stamps who thinks the Chinese ladies picking up plastic and glass bottles AREN’T recycling them!

        That being said. I’m sure my wife’s grandmother is alive somewhere in a bunker with Hilary, all the other NYC Covid “deceased” and all the kids from Sandy Hook.

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    • bob smith

      Peaches, just a personal tip based on experience. It’s a bad idea to make huge trading decisions when you’re doing mushrooms.

      Just sayin’

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  6. numbersgame

    Market is in full bubble mode: up on good news, ignoring bad news.

    Remember how well Hydroxyxhrolquine was supposed to work? Pump and no dump.
    WHat about remsdeliver? Pump and no dump – except for GIlead
    A vacccine soone? Take a look at MRNA stock.

    Yet the market has worked on a racthet powered by RobinHooders. The end result is obvious, if even the timing is not.

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    • alty

      Have you ever met a pessimist that is banking coin?

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      • soupbone

        touche, I have to fight that demon back regularly. one of my sorry friends has been sat out with 50% cash since fucking 2008.

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      • numbersgame

        I haven’t met anybody that could answere these questions (which should have been asked to JPow on 60 Minutes)”

        1) What are the negative consequences to “digitally printing money” by the FED? If the risks are very low, why not jsut do more? What are the limits? Why not buy all the Treasuries issued and all the stocks?

        2) What are the negative consequences to Congress’s Trillion dolalr COVID spree? If the risks are very low or limited, why not just do more? What are the limits? Why not spend $10T dollars?

        I still admire JPow for the way he said this with a staright face:

        “you’ve got to control the growth of the debt — the time to do that is when the economy is strong. When unemployment is low, when economic activity is high, that’s when you deal with that problem.”

        Oh, you mean like during one of the largest bull markets and econmic growth period in US history? How did that the intesrt rate hike work out in Fall 2018? Why was the added FED liquidity necessary in Fall 2019? The FED is liek the OxyContin PharmCos, replacign one problem with a huge addiction.

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        • soupbone

          Someone here recently commented not to mix economics/predictions with the stock market: that is not a new stance and it is tried and true. Trailing earnings for the S&P 500 will be the gravitational mean for the markets amongst all the blah blah and swings above and below.

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  7. og

    Bears got excited for a minute this morning.

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  8. teslawasright

    When are we going to be getting in the FAZ mobile?

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