Everyone is now a Genius 🎧 #667 (May 9)

• On May 7 the S&P 500 traded $2.6 trillion in call options.

  The highest single day call volume in market history.

• The jobs number on Friday was rosy headline but it was all a farce. Labor participation rate was lowest since 2021, in the midst of covid. That is why unemployment was low. People who are not participating don't count as unemployed.

• UMich Sentiment also rock bottom

  

• The concentration is orgasmic

  

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This will be the 4th time the S&P 500 has hit a record high while 5% of its members fall to 52-week lows.

1. July 1929
2. January 1973
3. December 1999
4. Today May 8, 2026

The prior 3 cases: major declines followed (1929 crash into Depression, 1973-74 bear market ~48% drop, 1999-2000 dot-com bust ~50% drop). Small sample though—correlation, not guaranteed causation.

Jason Goepfert@jasongoepfert

Look, I know none of this stuff matters anymore. But my G*d. This will be the 4th time the S&P 500 $SPY has hit a record high while 5% of its members fall to 52-week lows. 1. July 1929 2. January 1973 3. December 1999 4. Today

7:10 PM · May 8, 2026 · 355K Views

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158 Replies · 515 Reposts · 3K Likes

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Be very careful when everyone is telling their tales of stock market triumph.

Worst case scenario

The Hantavirus is in 9 countries already. With the World Cup’s 104 matches in July and all the host cities, this could be a recipe for disaster.

add to an outbreak with no vaccine:

• Continued closure of Hormuz and resulting gas and crop shortages worldwide.

• Water and electicity shortage across west due to Lake Powell dropping below hydropower pool level

• A strong California fire season

  #AI wont be able to fix any of this

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