Dow jones plunges 512 points in one day; nasdaq down 136; s&p down 60

That will get you Gold Plus Premim!

 

You want to see something cool

Chesapeake energy was trading at 16 bucks last Friday, by Tuesday it was up to 73 dollars.

By the end of the day today it is back to around 17 dollars.

That is the type of rides you see in penny stocks.




https://www.marketwatch.com/investing/stock/chk

https://www.barrons.com/articles/ch...-plunges-after-a-bizarre-24-hours-51591726856

 

I guess Tuesday and Wednesday was a crazy ride for energy companies.

Fangdd Network Group Ltd. (DUO)


From 10 bucks to 119 then back to 15.

It may seem like algorithms are attacking short sellers that want to close out their options.



https://finance.yahoo.com/quote/DUO/

 

Same kind of thing with Hertz drove stock price up
800%. All of these retail investor day traders gambling options. Meanwhile, NYSE has declared intent to delist Hertz. Craziness.

 

Yeah, at end of last week my portfolio was slightly higher than before covid. I found that really weird. Looks like some reality hitting again.

 

Have you all read this article by a UC Berkeley Professor Frank Partnoy in The Atlantic?

Things is looking not so great.

 

NKLA may be the new TESLA, for a while the market cap was larger than Ford, for a company that has not sold a single vehicle.


Will the NKLA owner be able to copy the TESLA blue print of hyping their stock to huge levels while losing money selling cars?

 

A lot of commercial real state may not be profitable again, we can see a lot of defaults on that debt.

 

It isn't just that though. The article talks about how all these CLOs are holding a significant amount of risk that is only rated AAA because the chance of everything going to shit is low.

Well, guess what? Everything is going to shit. The low probability is much closer to reality. Those CLOs being touted as safe really aren't, just like all those AAA home loans were a "sure thing." There's more money in CLOs than there were CDOs in 2008. Banks are leveraged, much like they were before, although thankfully they at least have more cash in hand.

However, I have no faith that US government can competently intercede. Even if Trump gets voted out, it's such a cluster******** that I don't know if anything cohesive can happen.

I just hope that government focusses more on bailing out its citizens (not just the wealthy ones) than its corporations.

 

And we are not even in second wave territory, this is still a continuation of the original wave.

 

The Casino no likey COVID data. So just finagle another jobs report!

 

In 100% seriousness, where I work I've been talking to someone who does development about planning for what we can do when a whole bunch of prime real estate that is office or commercial goes belly up. In a weird way, the climate future is much brighter than it was pre-COVID; WFH is great for reducing emissions. Then throw in the ability to convert a lot of these types of real estate into residential, and even for the days when people have to drive in to work, the commutes will be far less. There will be far less time wasted sitting at stoplights.

What??? A bunch of geniuses with Ivy League degrees vastly underestimated the tail end risk??? That's unpossible!!

 

Yeah, I can see a lot of office buildings being converted to pretty sweet living spaces.

 

I worked with a single guy who had a gambling problem and lived like an hour and a half away from work. So some nights he'd go out partying in NYC then crash in his car. After I left the company one of my old coworkers said he got canned when they caught him sleeping under his desk. He was also showering in the company gym locker room

 

For what it's worth, from my company's banking analyst -

We shall see who is correct.