Black Friday Hits All-Time Record of $3.34 Billion
Black Friday sales hit an all-time high record of $3.34 billion or 21.6% growth year-over-year. Mobile accounted for $1.2 billion of those sales, a 33% increase from the previous year. TechCrunch writes…
Combined with yesterday’s $1.93 in online sales on Thanksgiving, the two days are expected to close out at nearly $5 billion in sales. Top-selling toys included Lego Creator Sets, electric scooters from Razor, Nerf Guns, DJI Phantom Drones, and Barbie Dreamhouse.
The Doctor Of Common Sense says about the major indices hitting all-time highs, “Do you believe that this is a coincidence? I’ve been telling you everything that liberals do their whole policy with their communist and social policies, they never work. All you have to do is look at how bullish the market is.” The Doctor Of Common Sense also uses Black Friday’s record sales as proof of failed Democrat and liberal policies although he fails to logically back that claim up. Check out what Doctor Common Sense has to say in the video below.
Nothing against The Doctor Of Common Sense but this is what I was afraid of. When everyone is coming out declaring how great Trump is and how bad liberals have been and citing the spike up in the stock market as proof, that’s when the market is most likely to take a turn down IMO.
On the chart above, the gold line is the P/E ratio of the S&P 500 which is at a troubling high of 25.46. The red line is earnings, and the blue line is the S&P 500.
If you thought the market was overvalued before the Trump election, you must be freaking out over this latest spike up.
The stock market going up is not proof of failure by Obama and Democrats. The stock market is going up because there are more buyers than sellers and from short covering. From a market psychology perspective, greed is prevailing over fear right now. That’s it. Assigning stock market direction as proof to justify your personal political bias will result in the rapid demise of your trading account.
Don’t get me wrong; I’m a Trump supporter as you already know. But let’s be real about market valuations. Chasing markets higher because of Trump mania is a dangerous game IMO. I think a lot of amateur traders and investors have the potential to get hurt from this Trump rally when it finally comes to an end.