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Another Day, Another Dollar... Or Maybe Just Another Headache
Okay, so Stock futures tick higher to start November trading: Live updates to start November. Big deal. I'm supposed to be impressed that the S&P 500 futures are up 0.4%? That's like finding a nickel on the sidewalk and declaring yourself a financial genius.
And of course, it's tech leading the charge. Micron, Nvidia, AMD... the usual suspects. The VanEck Semiconductor ETF is "climbing." I'll believe it when I see it actually benefit someone outside of Silicon Valley.
They're saying October was a "winning session." Sure, if you're already rich. The S&P 500 climbed 2.3%, the Dow 2.5%, and the Nasdaq 4.7%. Congrats to the one percent. Meanwhile, the price of eggs is still insane.
AI Hype to the Rescue... Again?
Apparently, this surge is thanks to "continued momentum in the artificial intelligence trade" and "signs of easing trade tensions between the U.S. and China." Oh, please. AI is the new crypto – a shiny distraction from the fact that the real economy is still held together with duct tape and wishful thinking.
Tom Lee from Fundstrat is quoted as saying the U.S. earnings picture is "strong" because of AI spending, blockchain innovation (give me a break), a "dovish" Fed, and the end of quantitative tightening. Anyone who believes that nonsense probably still thinks trickle-down economics works.
And get this: "Wall Street may get a seasonality boost this month." Because apparently, the stock market is driven by astrology now. Data from the Stock Trader's Almanac shows the S&P 500 averages a 1.8% gain in November. So, what, we're just supposed to blindly trust historical averages while the world burns around us?
Speaking of burning, let's not forget the U.S. government is still shut down. Which means key economic data is delayed. So basically, we're flying blind, relying on cherry-picked data and manufactured hype. Great.
Oh, and the Supreme Court is expected to hear oral arguments on the legality of Trump's tariffs. As if that won't be a complete circus.
The "Broad-Based" Bull... Or Just a Few Fat Cats?
Ryan Detrick, some Carson Research strategist, is trying to convince us that this market rally isn't just a few mega-cap stocks propping everything up. He says the equal-weight versions of the S&P 500, the Dow, and the Nasdaq all hit all-time highs simultaneously.
Okay, fine. Maybe it's not entirely fake. But let's be real, the average person isn't feeling this "broad-based" bull market. Their wages are stagnant, their healthcare costs are skyrocketing, and their rent is eating up half their paycheck.
And what's with all these Fed speakers this week? Daly, Cook, Bowman, Barr, Williams, Waller, Paulson, Musalem, Jefferson, Logan, Miran... It's like a goddamn convention of people who are completely disconnected from reality.
I'm starting to think the entire financial system is one giant Ponzi scheme, and we're all just waiting for it to collapse. Then again, maybe I'm the crazy one here.
So, What's the Real Story?
It's all smoke and mirrors. They're selling us a fantasy of endless growth and innovation while the planet melts and the rich get richer. Wake me up when something actually changes.
