FAZ is actually forming a nice basing pattern here. A breakout above that horizontal line would be pretty powerful for this triple-bearish ETF.
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A Sloper pointed out this story from Bloomberg this morning – – former IBM chairman Lou Gerstner is suggesting an 80% tax on short-term trading gains.
Wow, thanks, Lou! Now that he's made his fortune, he doesn't have any problem taxing your hard work, does he?
There seems to be an impression that traders simply stroll out into the market, grab a bunch of cash, and stroll right out. People don't realize how difficult making a buck in a hyper-competitive trading market can be. I would also point out, Lou, that between California's 10% income tax and the Federal rate of about 40%, I'm already giving 50% of my own gains to people who had absolutely nothing to do with it. So, thanks, Lou, but I think 50% is highway robbery enough.