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Nothing Doing! 9/18/20

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Call me a cranky old man. OK. So that's been true forever. But I'm not convinced yet that this is a bearish setup. At least in the very short run.  

That said, if they can't poke through 3365 in the early going in NY, I'm converting back to my natural bearism. The proof would be in the putting. Gotta break 3295. 

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And now from Zagreb, time to put the reindeer to bed and say, "L'shana tova to all! and to all a good night!"

That $1.5TN  sitting in the Feds checking account amounts to 7.5% of GDP.  I wonder if they had spent $1TN of it, 5% of GDP, it would have boosted the economic numbers?   Well I'm not really wondering.  There is a small window to still pass some spending to boost the numbers pre election but time is running out.  If nothing passes and BIden wins I doubt any new stimulus/relief will pass until the next congress as nothing will come out of the Senate.  Don't underestimate how bad things could get before next spring.  But that's far off.  Right now not having spent that free money is perhaps the worst example of political malpractice in history. Well unless the GOP succeeds in establishing a one party state.

 

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36 minutes ago, DrStool said:

They're trying to figure out how to steal it and funnel it to their friends in broad daylight. 

I’ll be their friend. 

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Doc, what I tried to unartfully say yesterday is that while I trade ETF's a think individual stocks can be proxy's for more generalized market behavior. In my feeble mind AMZN, given both its retail and cloud services revenue streams, is a near perfect proxy for lets call it the COVID-19 rally. Which brought the stock from 1700 to 3600. Yesterday I posted when it was making a low. It is there again now.B4Y3YACE

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I didn’t realize until a moment ago that today was a triple witching day whereby the market must organize itself to have the greatest number of options expire worthless. Ohh BTW Doc, I don’t want to be rude. You’re a cranky old man. 

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