Originally published at: https://boingboing.net/2020/03/24/dow-jumps-over-11-in-largest.html
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Stimulus needed.
Volatile market still bad.
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So can someone calculate how many fewer people we need to let die?
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Not if you only take credit for the upticks and not the plummets!
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…and all this means is traders think there will be a boost in prices after a deal is made in Congress .
I think stock/commodity markets suck as a means to gauge the health of the economy.
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No man is an island,
entire of itself;
every man is a piece of the continent,
a part of the main.
If a clod be washed away by the sea,
Europe is the less,
as well as if a promontory were.
as well as if a manor of thy friend’s
or of thine own were.
Any man’s death diminishes me,
because I am involved in mankind;
and therefore never send to know for whom the bell tolls;
it tolls for thee.
~ John Donne
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Traders must have heard that some networks have decided to stop broadcasting Trump’s “briefings”.
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All because he said he’d reopen the country in “weeks not months” which means the virus will continue and more people will die.
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And note that it’s 11% of yesterday’s value, which is equivalent to about 4% of the peak value a few weeks ago.
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Yeah, it’s especially nuts because although Trump’s announcement was intended to make the stock market go up, it’s going to go down again once people realize that actually following through on that announcement is going to make everything worse. So… the stock market is going to go right back down again before too long, and probably harder than it would have if we’d just kept things locked down.
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No doubt there are people in the Trump organization who are making trades based on that fact. If you know he will say something that causes a temporary bump then crash, for a certainty, you can make a lot of money very quickly, as long as you have the timing dialed in.
Of course, we all know he will say random shit that will cause the markets to seesaw until he either dies or is somehow removed from power. The timing is everything.
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I keep forgetting about stock market manipulation by Trump and his friends that we’ve already seen some evidence of. His bad decision making so often has to do with his narcissism, stupidity and need to avoid blame, and influence by his business “friends,” that rampant corruption as a reason gets pushed out of mind…
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Lord knows who is buying stocks in this roller-coaster market besides day-traders and robots…
Don’t know about other industries, but I’m already hearing of BIG projects cancelled or put on indefinite hold… layoffs / furloughs already started… Those small/medium business without cash reserves to make payroll are not necessarily comforted by anything on offer so far. It’s going to be hard to kick-start this economy even if the rosiest of outlooks comes to pass.
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This is likely due to promises of a stimulus coming, and not because of threatening to force everyone to work again.
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I have just learned the existence of the phrase “dead cat bounce”. I can’t believe I’ve never heard it.
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