{+++}The boys in Congress started the “let’s tax the banks” rhetoric today and it resulted in a 2% dive bomb for the financials.They really can screw up a bullish trend line. I really don’t understand a government that taxes us until we are suffocating, throws gobs of money at these toxic beasts and then, only months after receiving TARP, and in some cases paying it back, they levy a tax on them. The body is still warm guys, come on. Anyway I digress and I’m a bit ticked off because I’m long JPM warrants, still nicely profitable, but they took a hit today. It just doesn’t make sense on a any level to me. Counterproductive and very counter-intuitive if you ask me. We’ll see if they can shake it off over the next couple of days. I care, because it would nice to Have the banks continue lead, or at least participate to help keep the rally moving.
As a result of the tax talk BLK and JEF sold off, IBM was strong on a relative basis. AAPL gave some back and is resting on the 20 DMA. VISN is fine for now, SEED traded solidly and V and VNO gave a little back. Keep your eye on GPRE that I mentioned the other night, not on the list but it looks good.
Options expire on Friday, so let’ s see what trading hanky panky occurs between now and then. I have a short and a long tonight.
See you tomorrow.
