Today the bulls did it it again. This market remains deeply entrenched in denial, soaring even as unemployment soars higher toward the grand summits of the Great Depression and with certain knowledge that many jobs will not return.
The U.S. stock market secured another strong advance on Thursday, despite an economic bombshell of historic proportions. The Dow Jones Industrial Average (DJIA) soared nearly 500 points after this morning’s jobless claims revealed a further 6.6 million unemployed. A gut-wrenching 16 million Americans have now filed for unemployment over the last three weeks…. Some investors are beginning to doubt the ongoing relief rally with many holding out for new lows.
The Fed is Not Infallible and Bulls are Dumb
Apparently, investors are not doubting it enough, or the market would not have bolted upward today (Thursday, April 9) at the bell right after the third and equally horrid jobs report.