The pause that refreshes or the end of the trend?
It’s been a rough week for the market and we’re finishing off lower than we started after Biden announced yesterday that he plans to raise the Capital Gains Tax from 20% to 39.6% for people making over $1M per year. That sent the Dow down over 300 points yesterday – the indexes generally lost 1% across the board but 4,132 is holding for now on the S&P, which is the 45% line with 4,275 the 50% line on the 5% Rule.
Stimulus, Low Interest Rates and Tax Cuts are the reason we’re so far over the true value range with the S&P 500 trading above 35 times the expected earnings of its component corporations. If we begin to dismantle those things – the market will fall in kind. Earnings have been OK so far, with most companies beating very low expectations. Remember we shut down during Q1 last year so the comps are against an impacted quarter and, of course, the stimulus has papered over a lot of the losses from the slow economy – we’re not really learning much from the Quarter.
BUT, in happy, happy news, Global Purh
Provided courtesy of Phil’s Stock World.
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