As the Dow nears its session highs, we hope your enjoying your lunch...CHEERS to the zero downside all upside traders....In what can best be described as a most forgiving market. Its clear we have entered a utopia of seemingly blue skis for years to come.
Hahahahabbahahahahahahaha So wait the biggest economic bellwether GE is near lows not seeing in years ....hmmmmmmmm Isn't that strange.... Yea put in bitcoin...it would be the biggest weighted stock in the index above $7000 and when that bad boy drops back and collapses that would be some party for the Dow !!
Perhaps you will see some parallels between what was said then and what is being said now. Sept. 1929 "There is no cause to worry. The high tide of prosperity will continue." Andrew W. Mellon, Secretary of the Treasury Oct. 14, 1929 "Secretary Lamont and officials of the Commerce Department today denied rumors that a severe depression in business and industrial activity was impending, which had been based on a mistaken interpretation of a review of industrial and credit conditions issued earlier in the day by the Federal Reserve Board". New York Times Dec 5, 1929 "The Governments business is in sound condition." Andrew W. Mellon, Secretary of the Treasury Dec. 28, 1929 "Maintenance of a general high level of business in the United States during December was reviewed today by Robert P. Lamont, Secretary of Commerce, as a indications that American Industry had reached a point where a break in New York stock prices does not necessarily mean a national depression." Associated Press dispatch January 13, 1930 "Reports to the Department of Commerce indicate that business is in a satisfactory condition, Secretary Lamont said today." News Item January 21, 1930 "Definite signs that business and industry have turned the corner from the temporary period of emergency that followed deflation of the speculative market were seen today by President Hoover. The President said that reports to the Cabinet showed the tide of employment had changed in the right direction." News dispatch from Washington Jan. 24, 1930 "Trade recovery now complete President told. Business survey conference reports industry has progressed by own power. No Stimulants Needed! Progress in all lines by the early spring forecast." New York Herald Tribune March 8, 1930 "President Hoover predicted today that the worst effect of the crash upon unemployment will have been passed during the next sixty days". Washington Dispatch May 1, 1930 "While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover. There is one certainty of the future of a people of the resources, intelligence and character of the people of the United States-that is prosperity." President Hoover
Irving Fisher, leading U.S. economist, New York Times, Sept. 5, 1929 5. "Stock prices have reached what looks like a permanently high plateau. I do not feel there will be soon if ever a 50 or 60 point break from present levels, such as (bears) have predicted. I expect to see the stock market a good deal higher within a few months."