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The torrent of Americans filing for unemployment insurance continued last week as 6.6 million new claims were filed, the Labor Department reported Thursday. Economists surveyed by Dow Jones estimated 3.1 million, a week after nearly 3.3 million filings in the first wave of what has been a record-shattering swelling of the jobless ranks. Before the coronavirus shut down major parts of the U.S. economy, the highest week for claims was 695,000 in 1982. The Great Recession high was 665,000 in March 2009. However, the sudden stop as the government has instituted social distancing policies caused a cascade of joblessness unlike anything the nation has ever seen.Wow.10 million people have filed for unemployment in the United States alone in the past 2 weeks.Last week’s irrational rise in the stock market does appear to be a reactionary bounce to oversold conditions, as I theorized before. The market has continued downward and is trading even today as of me writing this. You all know that I expect more downside, and am presently short SPY, American Airlines, Norwegian Cruise Lines and Boeing. These are my entries and I have no intention of exiting anytime soon.SPY – $253AAL (American Airlines) – $16.27NCLH (Norwegian) – $17.08Boeing (2 days ago) – $158All of this downward pressure was easy to predict. As a trader, shorting bounces in this economic crisis has been as easy as buying stock and holding them for the duration of the 2009-2020 bull run. No charts needed – just common sense that things are still worsening.I want to touch on an idea that I have been thinking about quite a bit. That is the concept of white collar recovery vs. blue collar recovery. We all focus on the stock market as the immediate gauge of what is happening – but this is really a gauge of how wealthy people are holding up. The top few percent are finding the current situation as a major inconvenience and seeing a large amount of their net worth diminish. However, they have the means to get through the situation and will likely profit from being able to buy again at the bottom. This is the white collar recovery, which will happen quickly when the market turns and the world returns to normal.The stock market is not the economy.Unemployment, mortgage defaults and missed rent payments are a far better indicator of how the other 90% of the world are doing – and I have a feeling we will continue to see those indicators increase. The average person lives check to check and holds no stock or investments. Stock market movements are irrelevant. They care about feeding their children and keeping a roof over their heads. This blue collar recovery will be far more painful and will take quite a bit longer. I hope that our governments recognize this distinction and act accordingly, but my expectation is otherwise.On to business…A general note – whenever I draw a line on a chart, it should be viewed as elastic and not static. It is more of a zone. So the areas around those lines are usually more accurate. Further, I try to use multiple techniques and indicators on various charts, so if you are learning TA, you should read through all of these to see how I blindly look at a chart. A lot of these charts look great.If you are a new member, please refer to Issue 10 (you can click on it here – https://www.getrevue.co/ profile/TheWolfDen/issues/the- wolf-den-crypto-newsletter- issue-10-219754 and have it sent to you) for instructions on how to make my charts your own.IMPORTANT NOTE – I will only accept requests on Wednesdays, between 8 AM and 1 PM EST. That will make sure that they are your most pressing requests. Please mark it in your calendar and email me by responding to this email!The Thursday issues have become far more involved, which is why it’s coming out a few hours later. I used to just post a quick Bitcoin update and Chart Requests, but I am now trying to make it more comprehensive. There are well over 30 charts in this issue.If you like what I am doing, please feel free to share it with your friends and followers! That’s the best thank you that you could offer.A MAJOR THANK YOU AS ALWAYS to my newsletter sponsors, VOYAGER and PHEMEX. Please make sure to read about them below! I use Voyager for my spot trading and investing (and to compound interest) and I now use Phemex for trading with leverage.What’s in this issue?
- Bitcoin Thoughts
- The Wolf Of All Streets Podcast Ft. Dr. Jeffrey Swisher
- Moving Past Losses… And Wins
- VPVR – Volume Profile Visible Range
- Chart Requests
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