Thursday, April 09, 2020

Day trading 101

Everyone better sign up for day trading classes online ASAP because it doesn't sound like there will be any other jobs left in another few weeks.

Jobless claims came in higher than expected at a staggering 6.6 million again this week and now total almost 17 million in the past 4 weeks.  This means that roughly 85% of job growth of the past decade has been wiped out in a month. 

I can't adequately put these numbers into perspective.  Imagine a this sports analogy - Wayne Gretzky has the record for most points in a single NHL season at 215.  The weekly jobless claims for the past 3 weeks are like some new phenom who totaled 1,000 points, 2,400 points and 2,200 points in three consecutive seasons.  It makes no sense because the numbers are too absurd to be believed.  We are living through historic times.

I was clearly wrong in thinking the numbers would come in light due to system issues.  Unfortunately, that means that there is probably more bad data to come because I heard lots of stories from people in NY, Florida and Texas about challenges filing claims this week.

Stocks are currently mixed but honestly who cares?  17 million fellow Americans are out of work.   :(

Cheers because we no longer have am and pm we just have "coffee time" and "wine time"

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