We are in the middle of the greatest economic/banking experiment the world has ever seen. To think we get out unscathed is wishful thinking.
by Bob Rinear
The International Forecaster
Just off the 3 day Memorial day weekend, (which was very special for my wife and I) there are things swirling around my head, that I just want to mention. Random thoughts, pontifications if you wish.
It has now been estimated that somewhere north of one MILLION new trading accounts were opened since the beginning of the nationwide lockdowns. Well, it makes perfect sense in a warped sort of way. Think of the tens of thousands of people that travel to Las Vegas, Atlantic City, The Sun, etc, to gamble their hard earned dollars away. Well, all that’s been taken from them. Vegas has been shut down. AC is shut down.
So, to recreate the “thrill” of the gamble, they’re opening trading accounts and trying their luck in the biggest casino of them all, the stock market. I suspect some of the markets move higher is indeed because of these newly formed stock geniuses, tossing their gambling money into the ring.