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Given the example that D.C. is setting for us all, I think the public will start to have some legitimate questions.
If a huge, rich company like Cheesecake Factory can blow off all their rent payments, why should I pay my rent?
If the government can just send us free money out of thin air, why should I bother going to work?
If the Federal Reserve can create as many trillions of dollars they want out of thin air, why should any of us pay taxes?
I’ve got to confess, I feel like a real idiot that I’m going to be making my mortgage payment on time, just like I always do. But the fact is I’ve got a credit score of 840 for a reason, and I don’t need “forbearance.” But I can’t help thinking that the biggest fools in this whole thing are those of us who are responsible and don’t need handouts. What a bunch of chumps we are.
What a extraordinary change in volatility the past five weeks. I can’t imagine anyone wanting to buy any option these days for a simple directional trade. Using the Price Cone feature in SlopeCharts, I can show you that the amount of volatility you’re paying for basically covers all possibilities except for an asteroid destroying Earth. Option sellers, on the other hand, are doing great!
It’s honestly breathtaking how dumb a person with some extra cash and a trading account can be. Allow me to illustrate.
One of the few stocks that has been thriving through the entirety of this crisis has been Zoom Telecommunications (ticker symbol ZM). Since everyone is trapped at home and doing video conferences, Zoom’s service has been getting a tremendous amount of use and attention. Their stock chart, naturally, has the hallmarks of a successful bullish play: strong prices accompanied with surging volume.
I was thumbing through charts (what else would I do with my time?) when I noticed one had hit a recent lifetime high? How could this be? Well, a glance at the name told me everything I needed to know: freakin’ CLOROX. One of the few stocks that people gobbled up during this insanity.
About a week ago, I was thinking to myself, “Tim, ol’ boy, you’ll be able to load up on cheap stocks and ride this bull higher! It’ll be like March 2009 was dropped into your lap!” I was genuinely excited about the prospect of having as much fun with bullish charts as bearish charts.
Since that time, having surveyed literally thousands of charts, I’m here to tell ya something: there are precious few honest-to-goodness attractive bullish charts out there. One of the handful, as I’ve mentioned, is BLDP: