offen von "Staatschulden-Monetarisierung" - und führt die Fed-Aktivitäten und den (unter Biden nun auf 2000 $ erhöhten) Covid-Stimlus als Hauptgründe dafür an, dass die US-Aktienmärkte trotz der surreal-dreisten Kapitol-Invasion, 140.000 verlorengegangenen US-Jobs und über 4000 Covid-Toten pro Tag nicht nur nicht abschmieren, sondern sogar weiter steigen.
Bidens auf 2000 $ erhöhter Stimulus fließe "auch in die Aktienmärkte" - und sogar gehebelt, weil Robinhood-Trader vorzugsweise mit Optionen zocken. Die liefern noch mehr Bang for the Buck.
www.marketwatch.com/articles/...amid-nations-pain-51610157126
The week just passed will not be remembered by stock market indexes hitting new highs or even the record toll of new Covid-19 cases, hospitalizations, and deaths. What will be recalled is another day that will live in infamy in the nation’s history, when a mob, incited by the president, stormed the Capitol to try to thwart the will of the American electorate.
Yet the stock market did rise through this assault on the republic and beyond. The week ended with the Dow Jones Industrial Average, the S&P 500, and the Nasdaq Composite setting records, and the Russell 2000 winding up just below its peak hit on Thursday. Even though the contrast between the continued ascent of equity prices and the hardships caused by the pandemic has been the focus of much comment here and elsewhere, the past week’s events point to one, nearly ineluctable explanation:
“The stock market closing up on a day the nation witnesses the closest thing to a coup and/or modern-day civil war it has ever seen will forever stand as testament to the allure of money printing,” writes Danielle DiMartino Booth bracingly in her Weekly Quill commentary. “The Federal Reserve’s Jerome Powell has already committed to effectively monetize any and all government spending....
...The argument for fiscal largess was further bolstered by the 140,000 drop in nonfarm payrolls during December reported on Friday morning—largely reflecting a 372,000 decline in employment at bars and restaurants forced to close or shorten their operating hours by the renewed surge in the coronavirus.
This liquidity is “reverberating once again in an intense manner” through the markets for equity and risky securities, according to a report from J.P. Morgan’s global quantitative and derivatives strategy team, led by Nikolaos Panigirtzoglou. That’s largely a result of active trading by younger investors, they add.
The J.P. Morgan crew infers this from the data on New York Stock Exchange margin debt, which jumped in November (the most recent month for which numbers are available), implying a strong pickup from October and September. More-timely indications of a surge in trading by small investors is a sharp upswing in option trading in lots of 10 contracts or fewer. The J.P. Morgan team cites a big rise in call-option buying by retail investors in recent weeks, notwithstanding a temporary seasonal lull around the holidays....
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