The stock market is closed today as it is a President’s Day Federal Holiday.
To me the biggest things that happened last week were the rally in gold and silver early in the week and the continued rally in various commodity sectors that has now helped to bring volume and price advances in shipping stocks. I talked about that in an interview with Jim Goddard last Thursday you can find here.
Since the market is closed today, I think it is a good day to do something that I have been considering and that is to try to launch something akin to a message board. I’m not going to use message board software, though, but instead simply turn on the comment box on my morning posts.
My goal is to make a conversation spot on this website.
If you scroll down to the bottom of this post you’ll see a place now where you can post comments. I’m not going to have this for every post put up on this website, but just the pre-market post that I do each day before the market opens.
I’m just trying to create a simple conversation center. To do that people need to be able to find it and it has to be a simple thing where we can talk to one another like you would at an office water cooler.
So, I’m just going to have it on one spot – my daily morning post.
Try it out. Ask me questions or share ideas you may have.
As far as other things I’m looking at today, someone sent me a link to this crazy Tweet, which is indicative of more of the Robinhood mentality in the markets now. Here is it along with other Tweets that caught my eye.
Hey @federalreserve, look what you have created.pic.twitter.com/5Y5B4NPIVl
— Sven Henrich (@NorthmanTrader) February 13, 2021
$spx call options volume pic.twitter.com/m4MRfNii4q
— VIX Squared (@vixsquared) February 14, 2021
The new woke CIA is so cuddly and lovable https://t.co/vrrhAsiKov
— zerohedge (@zerohedge) February 14, 2021
Silver with bullish MACD crossover and two bullish “green shoots” histograms on weekly chart…silver looking good heading into next week. pic.twitter.com/he7lDnIz12
— Chayse Andrews (@chayse1984) February 14, 2021
Consider this as my quote of the day:
Secondly, the Gamestop story. Do you think that perhaps represented the ghosts of the internet’s past, as an anarchic and democratising power re-emerging to take on the elites?
Initially I thought that, but it got more complicated. The Robinhood app portrayed itself as democratising the stock market, but I read that they got their real profits from selling on the data of the people who were doing the trading, just like social media when that was supposed to be a new democracy. And then all sorts of conspiracy theories started cropping up, saying that maybe the traders were actually the puppets of another set of hedge funds trying to destroy that hedge fund. And then the lefties piled in saying, “No it’s not revolutionary because they are trading in and reinforcing capitalism.” At which point I thought, this is typical of our time – what starts off as revolutionary has, within about three days, become a doom-laden mess of people eating each other, all unsure what the fuck it was about. – Adam Curtis
The Robinhood story was confusing for people, because the way it was presented to people as it dominated the news cycle by talking heads and the major news outlets was misleading as they all pushed the false narrative of “little guys” taking on Wall Street. Some people talked as if it was a major event in the markets that signaled big changes in the way people trade but it was nothing new and nothing changed.
I did an interview with Ike Iossof of marketviews.tv about my new book Why The Vietnam War?
You can listen to it by going here.
And you can by the book on Amazon here.
Again, scroll down to the Disqus questions/comments box and join the conversation today.
-Mike
