Well, well, well, it looks like the GOP might get their tax reform after all. The Senate Budget Committee approved the GOP tax bill, enabling it to come to vote later on this week. It’s possible that the bill will be voted down, but not likely.
Also, the new Fed guy, Jerome Powell said he wasn’t into regulations, which also helped stoke this fantastic market rally.
The Dow is higher by more than 250, S&P +25, Nasdaq +30.
Perhaps my spidey senses were working overdrive today, or maybe I made some friends along the way when I was blogging politics the past year. Either way, I was able to sell DRIP and LABD earlier, both for profits, and quietly get into what I consider to be the very best recent IPO, one that is not being talked about at all: AQ.
I got in at $12.34, and now it trades north of $13.40 — but it’s not done going higher.
On other fronts, my gains are even more extreme.
My VERI is higher by 20%+ for the day, and both HMNY and VUZI are better than 3%+. It’s also worth noting, the Nasdaq is weaker than the other indices and my NVDA short is profitable now — lower by 1.7%.
I’m not sure what exactly the fuck is going on; but it’s Xmas time and people are more apt to be joyous and happy than glum, so expect stocks to jog on through the balance of the year. The very worst market turns have always occurred after the New Year’s, so be on guard for that.
Although valuations are high and gains abundant, all of this is being supported by great earnings, so it’s not all froth. Should tax reform pass, there is no question that such a passage deserves a multiple expansion in markets, something that might not be fully priced in yet.