Widespread economic damage? Is that so, how can that be happening with a "V" shaped recovery

The U-3 is currently 11.1% but 32.9 million received some sort of unemployment benefit last week. That's 24% of the workforce. If we are not in a recession than I'm not sure what a recession really is.
 
S2007S said:
All I keep hearing is a V shaped recovery is actually happening, so how can there possibly be "widespread economic damage"??? Even one of the fed members said last week that the unemployment rate will be at 7% by end of 2020. Historical highs every single day on the nasdaq, people going back to work with the latest jobs numbers showing a huge positive last week. People getting billions in PPE loans and extending unemployment benefits. So why this pathetic news headline??


Real-time data is showing that the coronavirus is causing ‘widespread’ economic damage
PUBLISHED FRI, JUL 10 20203:52 PM EDTUPDATED FRI, JUL 10 20205:16 PM EDT



https://www.cnbc.com/2020/07/10/rea...us-is-causing-widespread-economic-damage.html
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WELL here is the way I read it;
Nasdaq/QQQ making good highs/ uptrend/extended+ may get more extended.CNBC was the ''predictor of bird flu epidemic/that never happened also.''
DAL sector is in trouble again ;
but DAL went bankrupt with no virus.
As far as rioters/screamers/looters catching the virus more?? That could be a good thing also
 
S2007S said:
All I keep hearing is a V shaped recovery is actually happening, so how can there possibly be "widespread economic damage"??? Even one of the fed members said last week that the unemployment rate will be at 7% by end of 2020. Historical highs every single day on the nasdaq, people going back to work with the latest jobs numbers showing a huge positive last week. People getting billions in PPE loans and extending unemployment benefits. So why this pathetic news headline??


Real-time data is showing that the coronavirus is causing ‘widespread’ economic damage
PUBLISHED FRI, JUL 10 20203:52 PM EDTUPDATED FRI, JUL 10 20205:16 PM EDT



https://www.cnbc.com/2020/07/10/rea...us-is-causing-widespread-economic-damage.html
More...
I guess the question if "all you keep hearing" is who are you listening to? Given this is ET, probably the markets? If you were talking to small business owners every day, or people in the bottom third of the income bracket, or people working at hospitals (which paradoxically are losing tone of money) then all you kept hearing would be substantially different.
 
jys78 said:
Ignore the news. Irrelevant distraction. Focus on real actual data, as it becomes available. Even more so, interpret it correctly relative to the market's interpretation :)
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You are wasting your breath. Take note the US had the best economy in the entire world before Corona Virus hit. All the countries got shutdown and their businesses as well. Who is in great shape to recover faster? Another clue for the clueless. China has an export economy dependent entirely, on the US and Europe. Tens of millions of Chinese workers earning $3 a day are being laid off with no unemployment benefits, no stimulus as Chinese exports drop like a rock. Hell, even the Chinese are complaining on social media that the US is taking care of its workers while, the Chinese government gave them squat. Doom and gloomers and chicken littles are a dime a dozen. Most of the same ET trolls. They will get another financial beating and wonder what hit them? What is new?
 
No matter how you try to establish relationship between stock market performance and covid crisis, market will always go where it wants to go.

And no matter how you try to reason and rationalise it,
market is always correct.

Always focus on chart.
Rationalising, reasoning things out ... have no place in trading.

Leave the rationalising to the professional talkers and writers.
Professional traders, just focus on the chart.
 
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