1 in every 6.6 workers in the US is still claiming unemployment benefits.
Not sure how markets at or close to ATH's align with that....
New record in cases on Friday, just missed 500K globally. Case counts are exploding..
New record in US cases, 83K on Friday..
More restrictions likely..
More economic pain inbound...
I guess that's bullish for stocks right, in our current topsy turvy world, because it means more stimulus is on its way hey..
For any more proof about how crazy markets are atm, compare DOU to MLD..
Same market cap of circa 200M
One employees thousands of people, is decades old, has 300M (roughly) in hard NTA, and makes 130M EBITDA a yr, on annual revenues of 750M odd ... Yes, almost a 1 Billion a yr business.
The other employees maybe 10 people, has 0 revenue, and no customers. Yes, 0 of both! NTA of a few million in the bank. No real business yet, and is all just hopium.. They are developing an app, that may or may not ever gain traction, or make meaningful revenue, let alone be profitable..
To me, this illustrates just how hopelessly speculative, and euphorically irrational the market has become.
I only see epic risk still looming, and a weak global economy for years.
How we have ATH's is almost disturbing!
XJO slightly more rational in my mind.... 15- 20% below prolly not too silly ...
Have a good weekend all
(20min delay)