Admittedly, it’s very hard to anticipate the actions of the Mad King. Yesterday it looked like Bellevue was in his future, today it looks like a giant tax reform bill might be forthcoming.
Via Politico
President Donald Trump’s top aides and congressional leaders have made significant strides in shaping a tax overhaul, moving far beyond the six-paragraph framework pushed out in July that stoked fears about their ability to deliver on one of the GOP’s top priorities.
There is broad consensus, according to five sources familiar with the behind-the-scenes talks, on some of the best ways to pay for cutting both the individual and corporate tax rates.
Couple this with the fact that a surge was ordered by the President yesterday and we have ourselves a nice celebratory rally underway.
Amusingly, today’s winners are highlighted in the apparel and basic resource sectors, two of the most reprehensible sectors living today — which means this is nothing more than an oversold bounce.
Notably, FAANG stocks are higher by 1.06% and THAT FAG PUB by 0.92%.
At 75% positive breadth, it’s fair to say today’s rally is somewhat healthy, but not exuberant, if I might be sold bold to say so.
As a side note, the single best investment over the past 8 years, inverse volatility, had flagged oversold in Exodus the past two days and has subsequently responded in kind with a feverish rally to the upside today. I told you I owned a time machine.
Protecting CIA’s valuable crops in Afghanistan has its benefits.
AMERICA
FIRST
AMERICA
FIRST
Trump believes in nothing Lebowski
When does the crash start
Now we know what 4K troops buys – yuge tax cuts. Art of the deal.