First Fact….The Nasdaq tech train trend is up and has NOT derailed at this time, nor has it slowed down!
Below looks at the Nasdaq Composite index over the past 20-years-
CLICK ON CHART TO ENLARGE
Having ramped on Tax hopes into the open this morning, some relative chaos erupted as the first trading day of December opened...
Dow was dumped at the open, S&P fell back red, and Nasdaq dumped and pumped...
All major indices are back in the red...
Apparently German government officials have finally woken up to the realization that it's utterly ridiculous to use tax revenue generated primarily from middle and low-income households to fund subsidy payments to rich people buying $100,000 luxury sports cars. As Business Standard notes this morning, the German Federal Office for Economic Affairs and Export Controls announced that it will no longer subsidize the Tesla Model S as it can not be delivered in a configuration that meets the 60,000 euro price limit.
Authored by Steve H. Hanke of the Johns Hopkins University. Follow him on Twitter @Steve_Hanke.
Markets were thrown for a loop in the past 24 hours, with the Dow first soaring nearly 400 points on Thursday on expectations that tax reform was a done deal, when drama emerged just after the close when the Senate tax bill came this close to falling apart when the proposed "Trigger" was ruled as invalid, pushing a Thursday tax vote to this morning, and as of this moment the bill appears in limbo with the GOP scrambling to find ways to appease the sudden loud opposition among budget hawks. UBS economist Paul Donovan summarized it best this morning: