lol someone tell me how in the FUCK the stock market is up - on a fucking JOBS REPORT that everyone was expecting to be almost 1M new jobs... and it was ~266k?
It gives the Fed cover for continuing to hand out free money to billionaires.
From CNBC:
"Investors bet that the big jobs miss could keep the easy policies of the Federal Reserve in place, including record low interest rates and a massive bond-buying program. Tech stocks that have been winning under the low-rates regime outperformed after the data release. Facebook, Amazon, Netflix, Alphabet, and Apple all traded in the green. Higher rates tend to hit growth stocks the most since they reduce the value of their future earnings."
heh. I redid your bolding, because all of these words are euphemisms for "keep the billionaires wealthy; and eliminate the middle class." That was the actual, intended result of the fascists that were put in power in the 80s.
All of those events and controls you mentioned, allowed massive spikes and prices, predictably, with the new "legalized gambling of the nation's wealth" (e.g.: options trading), to create an entirely new class of lazy, non-value added, investor class. I'm not really "judging" the existence of this class, but stop pretending that isn't what happened...or act shocked that this isn't the expected, intended result, of shoveling wealth from the middle class and poor, to the entitled, unemployed, trust fund class.
Bubbles are bad for everyone, especially the average person.
I do agree with this. But, the status quo has actually been to generate bubbles in specific markets at periodic rates, because those that are positioned to take advantage of these situations are extremely well positioned to do so. Bubbles are the supply-side necessity for how massive amounts of wealth are transferred from the middle and lower classes to the upper, upper, upper 0.1%. Every time.
It should give you pause that every single time we have these massive recessions: 88, 2000, 2008, 2020, the billionaires always, always, always come out with vastly more wealth in the end (it doesn't matter what they lose in the first weeks--they are always capitalized to flip that into massive gains on the dips), and those with their 401ks and near retirement, see everything wiped out.
This wealth transfer has been happening for a generation, and it is absolutely by design. Now, there are even more tools that have been unleashed to gas this theft a bit quicker (options trading--which had really been limited to higher investor class with extremely costly gateways to participate. But now, it is much more freely open. And, as expected, when "the people" decide to start playing, and eventually realize that if enough of them pull together to sort of equal the influence of single, ultra wealthy gambling firms (eg: Goldman's), they can really start shaking the market. Then, of course, these very same entitled ghouls that have been legally stealing from the nation's wealth for decades, suddenly think "Oh no, not like that! That's for us, peasants") Hence, GME.
So yes, bubbles are especially bad for the average person. Most of the average people. But they are a feature of this system, because they are the most effective way to redistribute wealth to a class of people that didn't exist before 1975, and some people, at the time, decided that these people are very special, and need to be the actual masters of our country. And here we are. They're never really bad for the wealthy, anyway.
RH made over $300 million from the users for the first quarter alone. So much for "free".
Robinhood Makes $331 Million Off Customers’ Trading Activity – Is Warren Buffett Right That It’s Basically a Casino? (yahoo.com)
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Picked up a small amount of NNDM as pure speculation. As of March they reported 1.5B in cash and the market cap is 1.7B.
May or may not pan out, just a lottery ticket.
I sold NNDM 5 puts for the fall last week (or maybe 2 weeks ago).
Got a pretty decent price. In a perfect world NNDM won't ever challenge that level but we'll see.
Microvision (MVIS) is my big recent gamble.
When it dropped big I immediately checked on puts and they were through the roof. I ended up selling 20 $10 puts for like $7500.
But, as I said - a gamble. I think I read its a meme stock, so my first foray into that area.
Looks like you covered those puts just in time dasher, the market appears to be in a small correction mode.
meh I did open in a margin call but on the whole today's not as bad as I feared.
I noticed NVAX is way down so I bought 10 shares . Maybe I'll make enough $ for a nice lunch.
Day traders - I'm back, baby!
Lost a bundle today trying to pick the right side. I went long and stocks went down. I went short and stocks went up. Could not win at all.
There is one important rule I always forget:
When you dont know what to do - do nothing or go do something else.
My company ESP is about the only stock I'm making good money with these days. Stock has been slowly going back up to pre covid levels. Sitting on 47k of cash right now at current price.
Been saving up for off grid property but there's not much on the market so just keeping the money in the stock for now. My credit line max is 70k so that is my budget for a property, hoping I find something in this range, then when I cash in the stocks it can pay for a good chunk of it at least.
I'm at a point where I'm getting good dividends though so even if I do buy a property it will be tempting to keep the stocks in there until I can actually pay the property off completely in one shot. Though for tax reasons it would probably be better to pay it off a bit at a time instead of one shot as anything over 10k ending up in the bank usually raises red flags.