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.
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Expect the worst