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It’s not that Wall Street loved the potential Biden tax hikes today after hating them yesterday–it’s just that the market remembered there’s profit to be made today while the tax increases are a long way off–if ever

It’s not that Wall Street loved the potential Biden tax hikes today after hating them yesterday–it’s just that the market remembered there’s profit to be made today while the tax increases are a long way off–if ever

Yesterday, a quite promising early stock market rally got derailed on news stories–based on anonymous sources–that the Biden administration would propose tax increases on wealthy Americans and corporations. The speculation points to an increase in the top...
Apparently everybody decided today that tomorrow’s March jobs report will show accelerating economic growth

Apparently everybody decided today that tomorrow’s March jobs report will show accelerating economic growth

With the financial markets closed tomorrow for Good Friday, traders and investors jumped in to buy today ahead of what is expected to be a jobs report tomorrow morning showing unemployment dropping to 6.0% (by the official measure) from 6.2% in February. The Standard...
Today’s rally: Was it Biden or Netflix?

Today’s rally: Was it Biden or Netflix?

Today the Standard & Poor’s 500, the Dow Jones Industrial Average, and the NASDAQ Composite all hit record highs. Likely cause? The peaceful inauguration of Joe Biden as President? Yesterday’s report of blow out gains in subscribers in the fourth...
More, more (stimulus), cries the stock market

More, more (stimulus), cries the stock market

Yesterday stocks moved higher on news that President Donald Trump had actually signed the combined coronavirus stimulus/relief and government spending bill. I guess after contemplating the possibility of no bill and another government shutdown, even $600 checks seemed...
No bounce after yesterday’s selling

No bounce after yesterday’s selling

What I like to see–if I’m on the long side of stocks–after a drop like yesterday when the Standard & Poor’s fell 1.86% for its biggest loss in a month and the Dow Jones Industrial Average gave up 2.29%–is a bounce that speaks to...
No bounce after yesterday’s selling

Big tech takes back its gains from yesterday

The Standard & Poor’s 500 was down 1.76% and the NASDAQ Composite fell 1.99% today. But the worst damage was among the big tech names that had led the rally higher and that had bounced yesterday. Microsoft (MSFT) was down 2.80%. Amazon (AMZN) gave up 2.86%....
Apparently everybody decided today that tomorrow’s March jobs report will show accelerating economic growth

Tech bounces off 50-day moving average

They’re back. Tech stocks were back big this morning as the NASDAQ bounced off of its 50-day moving average. As of noon New York time, the Standard & Poor’s 500 was up 2.16% and the NASDAQ Composite was ahead 2.69%. The Technology Select Sector SPDR...
Again but not as bad–spike in Treasury yields clips technology stocks today

Inflection point for stocks approaches

Today what I’m calling “re-opening dependent” stock fell again. At least in the early going. Toward the end of session–like yesterday–these stocks and stocks in general rallied. Which in and of itself tells us something important about...