stock market was up today...

[MontyPython]

This ‘stunning and shocking’ chart has one Wall Street strategist worried about the stock market’s next move

"Some of us are old enough to remember the maniacal buying that pushed tech stocks, many of them long since dead and gone, to nosebleed valuations back in the heady dot-com bubble days of 1999.

Is history repeating itself? Check out this chart, courtesy of Mott Capital’s Michael Kramer, comparing the Nasdaq-100 NDX, -2.43% back then to the same tech-heavy index today:"



“I found this to be stunning and shocking,” Kramer told investors in a blog post. “I hope this turns out to be wrong, by the way.” More than just the chart, the numbers he highlighted this week mirror of the action in 1999 almost exactly.

From the March 2020 coronavirus-induced lows, the Nasdaq-100 jumped 84% over 163 days. Dial it back a couple decades, and the index rose about 86% over 151 days. The reasons for the explosive rally may be vastly different, but the paths are, indeed, strikingly similar.

“I don’t know, maybe it is just chance, but still awfully strange,” Kramer wrote. “I guess we are going to find out soon whether the similarities end there.”

 

[Velo Vol]

Index butts up against resistance. They were showing how the indices had bounced off the support levels.

 

[85SugarVol]

Are there still any areas where shopping is being restricted due to COVID?

Not sure. None that I can think of around here.

Of course, who knows what the crazies may still be doing out in California & Oregon...

 

[85SugarVol]

Busted right through that support level....

 

[Ernest T. Vol]

S&P support is 3233-3235 from the June and July highs. Monday's low retested today and holding.

 

[Velo Vol]

 

[Rasputin_Vol]

Disgusting. There is no justice in the world. We bitch and moan about looters on the streets but no one bats an eye when you've got looters like Jamie Dimon, Lloyd Blankfein, The Fed Reserve and George Soros and others just robbing us blind and then treating these petty azz slaps on the wrist like a small cost of doing business.

https://nypost.com/2020/09/23/jpmorgan-set-to-pay-1-billion-fine-for-metals-market-manipulation/

JPMorgan is reportedly set to pay nearly $1 billion to settle a government probe into allegedly illegal fake trades.

According to multiple reports on Wednesday, the $2.9 trillion megabank is close to paying the fee to end ongoing investigations by the Commodity Futures Trading Commission, the Justice Department and the Securities and Exchange Commission into the bank’s alleged manipulation of the prices of metals and US Treasury bonds.

A $1 billion fine for a $3 trillion bank. Oh, my bad, "nearly" $1 billion... so its not even that big.

News of the inquiries broke in September 2019 when three JPMorgan traders were charged by the DOJ for allegedly running an eight-year conspiracy that involved placing thousands of fraudulent orders on precious metals in order to confuse the market and force rival traders to act accordingly. The tactic, known as “spoofing,” can be effective and was made illegal after the 2008 crisis.

The three bankers, Michael Nowak, who was once head of JPMorgan’s global precious metals, Gregg Smith and Christopher Jordan, are facing a federal RICO charge.

Sacrificial lambs... meanwhile, the big fish get to swim around and do more looting. And yet, I've got azzholes trying to clown me about SLV and GLD ETFs while we see right here in plain daylight that they are rigging the markets and committing open air fraud.

 

[85SugarVol]

Disgusting. There is no justice in the world. We bitch and moan about looters on the streets but no one bats an eye when you've got looters like Jamie Dimon, Lloyd Blankfein, The Fed Reserve and George Soros and others just robbing us blind and then treating these petty azz slaps on the wrist like a small cost of doing business.

https://nypost.com/2020/09/23/jpmorgan-set-to-pay-1-billion-fine-for-metals-market-manipulation/



A $1 billion fine for a $3 trillion bank. Oh, my bad, "nearly" $1 billion... so its not even that big.



Sacrificial lambs... meanwhile, the big fish get to swim around and do more looting. And yet, I've got azzholes trying to clown me about SLV and GLD ETFs while we see right here in plain daylight that they are rigging the markets and committing open air fraud.

Spoofing. Sounds like something Rad Kav would be into.

 

[85SugarVol]

So what does this mean? That they expect the US to stop developing shale deposits?

 

[85SugarVol]

I’m a monetary theorist. This is what I teach and study. This is unprecedented in 75 years, since World War II. I think there’s a lot of repressed liquidity in the market that once the vaccine and the pandemic fears fade in 2021, we’re going to see a big boost in activity

The stock market could be rough for the next few weeks, but 2021 will be another story, Wharton professor says

 

[rjd970]

Disgusting. There is no justice in the world. We bitch and moan about looters on the streets but no one bats an eye when you've got looters like Jamie Dimon, Lloyd Blankfein, The Fed Reserve and George Soros and others just robbing us blind and then treating these petty azz slaps on the wrist like a small cost of doing business.

https://nypost.com/2020/09/23/jpmorgan-set-to-pay-1-billion-fine-for-metals-market-manipulation/



A $1 billion fine for a $3 trillion bank. Oh, my bad, "nearly" $1 billion... so its not even that big.



Sacrificial lambs... meanwhile, the big fish get to swim around and do more looting. And yet, I've got azzholes trying to clown me about SLV and GLD ETFs while we see right here in plain daylight that they are rigging the markets and committing open air fraud.

I'm sure there is someone on this board that will defend these guys by saying you are just jealous and hate rich people. At the end of the day though capitalism only truly works with an even playing field with the market and everybody working off the same information, and this isn't an even playing field. Some of these people need to do real time in a real prison to put an end to it.

 

[Velo Vol]

So what does this mean? That they expect the US to stop developing shale deposits?

I didn't read the link but on its face it means the total output will decline. Of course they'll still be developing new fields as old ones are depleted, but the growth wouldn't match what we saw last decade.

 

[Velo Vol]

At the end of the day though capitalism only truly works with an even playing field with the market and everybody working off the same information, and this isn't an even playing field.

Was it ever even?

 

[85SugarVol]

@Velo Vol - All the technical you can handle

Charting a corrective bounce: S&P 500 hesitates at 50-day average

As detailed above, the major U.S. benchmarks have rallied respectably from the September low.
Against this backdrop, the S&P 500 and Dow industrials are retesting notable resistance matching the 50-day moving average from underneath.
To reiterate, an immediate reversal atop the 50-day — on the first retest — would signal waning selling pressure, strengthening the bull case.

 

[Velo Vol]

Charting a corrective bounce: S&P 500 hesitates at 50-day average

As always, the 50-day moving average is a widely-tracked intermediate-term trending indicator.

Except when you have a longer "V" the 50-day does not reflect what the previous high/low was?

 

[Velo Vol]

Cf. Exxon.

 

[85SugarVol]

Except when you have a longer "V" the 50-day does not reflect what the previous high/low was?

the V stretches out longer than 50 days?

 

[Velo Vol]

the V stretches out longer than 50 days?

What I mean is, to the extend that the pre-COVID top has any meaningful impact on the market now, it wouldn't be reflected in the 50MA because it pre-dated that.

 

[85SugarVol]

What I mean is, to the extend that the pre-COVID top has any meaningful impact on the market now, it wouldn't be reflected in the 50MA because it pre-dated that.

Gotcha

 

[Velo Vol]

Listened to a podcast where they compared Exxon now to GE earlier. The last few years have been pretty ugly.

 

[85SugarVol]

An almost identical drop yesterday around this time. Weird.

 

[headhunter15]

Charlie Gaspareno on Fox News just said the markets are beginning to price in a Biden victory.

 

[Rasputin_Vol]

How are movie theaters going to survive this? How long do we expect businesses to sit around bringing in zero cash while owing rent, taxes, upkeep, etc.? Remember large swaths of the entertainment/hospitality sector are either still closed or operating at a capacity that barely pays the bills. Broadway has said no productions until at least Q1 of next year, and I doubt that happens. As Broadway goes so go the rest of the smaller theaters across the country, many of them with far less resources to operate with no income. With no live acts to sell tickets for how will music venues be around next year to go to? Several restaurants have already gone out of business here. CBL has filed Chapter 11 and stopped paying on notes and dividends. Multiple brick and mortar chains have bitten the dust. I think there will be massive consolidation in the cruise line industry, and all it's going to take is one or two cases on a boat to wreck whatever company owns it. This is going to affect travel in a similar but more sinister way than 9/11. Because there was fear post 9/11 but no substantial attacks following it. But we can rest assured there will be occasional infected customers on planes, which will egg on the hysteria for an extended period.

Cruise Industry Bust Sparks Global 'Ship-Breaking' Boom

Reuters notes a sea dock in western Turkey is absolutely booming with cruise ship dismantlings with the cruise ship industry in the Western world unlikely to resume full operations this year.

On Friday, at the docks in Aliaga, a town on Turkey's west coast, five massive cruise ships are being stripped down for scrap, as cruise ship operators reduce fleet sizes. Three more cruise ships are expected to arrive in Aliaga in the near term.

 

[Velo Vol]

Charlie Gaspareno on Fox News just said the markets are beginning to price in a Biden victory.

Sounds organized. Who made the call?

 

[headhunter15]

Sounds organized. Who made the call?

Not sure? I didn’t really understand what he was talking about until he said investors are beginning to dump oil and other forms of energy for things such as solar energy.