What is happening
Can we just take a second and look at this chart? What the hell is the valuation of the stock market built on? Magic?? US Reports its highest daily covid cases ever - stocks go up. Biden most likely will win the election, causing policy changes including increases in taxes, yet once again - stocks go up. Now look at how the S&P went up this week as well. Not a gradual climb like the past 2 run ups, just straight up 3% jumps on open ever day. What is fueling this? The election? An election where the person winning is going to have a negative impact on the stock market? Craziness. And right now we are seeing the S&P trying to break out of its pennant. The whole country is going to shit but guess what, stocks are going up. What good news is fueling this move? LITERALLY NOTHING. But I guess the saying is true, "Stonks only go up". This is fucking ridiculous, imo. Lost my ass buying SDS calls this week. I just don't get why its going up, there's nothing good to fuel its run up, yet its running up harder than ever. WOW
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.