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“Way To Go Joe!” – Bonds Bid As Biden Tax Plan Tanks Stocks

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From Zero Hedge:
“Way To Go Joe!” – Bonds Bid As Biden Tax Plan Tanks Stocks

A Bloomberg report suggesting Biden will pay for some of his “infrastructure” bill by doubling the capital gains tax for high income Americans sparked some brief unrest in US equity markets today…Nasdaq was the hardest hit on the day but we note that Small Caps were sold most after the Biden headline…

Notably, Small Caps briefly got green for the week (after being down over 4% on Tuesday) before Biden buggered it all up…

This is in line to be the worst week for stocks since mid-Feb.

White House press secretary Jen Psaki explained that President Biden “thinks spending can be on the backs of the wealthiest Americans who can afford it… and our economic team believes that won’t have a negative impact.”

Leaving many to ask…

Small Caps broke back below their 50DMA…

The day started as usual with a short-squeeze but the Biden headlines spoiled that party pretty quick…

Source: Bloomberg

Stocks fell to a key support level…

Nasdaq closed back below February’s highs…

COIN’s collapse continues, now down 33% from its listing day highs…

Yesterday’s ridiculous panic puke in VIX (after opex), was destroyed today the fear index spiked back up near 20…

A choppy day in bonds today (albeit another tight range) with the entire curve ending unch aside from the long-end (-1.5bps)…

Source: Bloomberg

The 30Y Yield closed at its lowest since March 2nd…

Source: Bloomberg

The dollar continued its flip-flopping trend lower (up on the day)…

Source: Bloomberg

Meanwhile, in crypto land, Ethereum surged to a new record high…

Source: Bloomberg

Breaking out relative to Bitcoin (to its strongest since Aug 2018…

Source: Bloomberg

Gold slipped lower on the day…

WTI managed very modest gains, bouncing off $61 intraday…

And finally, here is the chart that scares Fauci, Biden, and the Washington mob the most… the rising percentage of the US population that is “immune” either by vaccination or infection…

Source

Tick-tock on those spending bills… this “emergency” is running out of steam

Tyler Durden
Thu, 04/22/2021 – 16:01
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