Yesterday we had $TGT ramping because they reported people were looting less. Today we have sharply lower prices in $AAP, $WSM, $SNOW, $NTES, and $URBN, just to name a few. The idea of a runaway market is alway palatable, given we’re in an election year and both candidates want to appease the people. But Harris is talking some nonsense about taxing UNREALIZED returns at 25%. Now you read that and think ‘no way is that going to happen’; and it might not happen this election cycle. But, eventually, it is 100% happening.
Reason being: we have a tremendous chasm between the national debt at $35t and personal wealth at $150t. Thomas Jefferson warned you bastards about the Federalists, catamite Alexander Hamilton and his debt building ways. Now we have a govt that must impose heavy taxes in order to keep themselves paid and afloat. These are long term anchors around the necks of people and one day this new form of taxation will be foisted upon people in order to bail them out.
Today’s tape is somewhat dreadful, dispassionate and weak. With breadth at 35% and trending lower, be careful to not get Mcfooled int buying dips yet.
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