Hilarious. Unemployed bums now becoming expert "daytraders". Two days in a row, during my lunch break at Starbucks, I found young, slacker, unemployeds huddled around a table with their laptops daytrading stocks.
Yesterday, it there were two guys who looked like construction workers. One appeared to be a commercial door installer, who has suddenly turned into an expert economist and daytrader. He was sitting with an acquaintance, showing him how he was going to profit from his unfortunate job situation by shorting stocks and "make a killing". I mean, this guy was going on and on for 20 minutes explaining to his friend how he loaded up his last 200 shares of QID on margin, and how Mohammed El-Erian was was explaining about "sugar highs', and how all the banks were really broke, etc. etc. It was all I could do but to stop from laughing out loud.
Today, I saw two surfer/skateboard slackers, complete with flatbill caps, sunglasses worn backwards, "Affliction" t-shirts, etc. One guy was clearly the fast talker, teaching his friend how to daytrade using "resistance" and "support" on a 5-minute chart. Wanna bet what stocks he was talking about? Yep. AIG and Vonage. It was all I could do to keep from bursting out laughing.
Just goes to show how hordes of unemployeds have been suckered into "how to work from home" schemes by trading FX, stocks, options, etc. Radio stations here in L.A. are blasting ads for trading seminars and webinars 24/7 from various brokerage houses, and some of the online trading academies.
Would not surprise me in the least to see stocks really take off if Joe Six really starts bragging on how he got laid off, but is not making money hand over fist by gunning stocks on a computer.
Pretty much a non-stop meltup most of the day, and now DELL has beat by a penny and is rocketing up after hours.....
No doubt, the "O-Team" and all members of Geithner Bernanke, LLP will be high-fiving and heading to the Opium Den this evening...