by Tyler Durden at Zerohedge
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.”
Way to go Joe! pic.twitter.com/wyWti5BLhL
— Dave Portnoy (@stoolpresidente) April 22, 2021
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…
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