Is It Optimism, Or The Madness Of Crowds?
by Rick Ackerman, Rick’s Picks
The Dismal Scientists were hard at work over the weekend, cheering the market’s powerful short-squeeze rally as though stocks somehow deserve to be trading at or near-record levels. Speculators evidently were not thinking about the pandemic’s effects on the global economy, only about a statistical blip in job creation that flouts common sense. Who were the buyers? Bored millennials, according to a story posted at Bloomberg. Just the kind of support Wall Street needs, not that anyone cares.
Source: http://econintersect.com/pages/investing/investing.php?post=202006072038
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