I’d like to forget about today. I went from +240bps to down 90bps, finished at -35bps. I basically hedged, sold everything, bought everything back and more — and closed out the day more confused than how I started.
Big assed new taxes is of course a negative for stocks. CNBC can eat a bag of dicks trying to spin this in a positive light. However, nothing is definite and we haven’t even heard the official news yet. For all we know, this is FAKE NEWS.
Long story short: a doubling of the cap gains tax will be RUINOUS for trading. Let’s hope Jim Biden isn’t that fucking stupid. If he is, then we have to get net short.If you enjoy the content at iBankCoin, please follow us on Twitter