The tax vote in the House is coming up shortly and if that passes, as anticipated, the Senate vote will be held quickly.
I've been anticipating some 'sell the news' action when the bill passes as it has been so anticipated for so long. The markets have rallied on the news repeatedly and there is little question that many of the benefits have already been priced in.
I suspect that the weakness we are seeing in the indices right now is from traders anticipating that 'sell the news' action. The action yesterday was a bit frothy and the indices are extended so conditions are good for some profit taking.
It is important to keep in mind that trading in the last couple of the weeks of the year is different than it is at other times. There tends to be more speculation but there is also more movement that has little to do with fundamentals. Market players make moves for tax reasons and there is often positioning by fund managers for the year ahead.
There is usually at least one bit bout of selling at the end of the year so don't be too sanguine about positive seasonality carrying the market straight up into 2018. The chances of some dips are very high.
Bitcoin-related names have bounced back strongly after poor action to start the day. Of course many 'experts' like to point out that these stocks are risky but anyone trading them should be very aware of that fact.
I find the view that these stocks are too risky for most people to trade as being condescending and downright insulting. Trading them is no different than trading anything else except they have a different risk/return profile. Trading highly volatile stocks is speculation just like buying a stock that barely moves is speculation.
Yes, there will be people that will be hurt badly by these stocks just like there are many that were hurt badly holding a 'blue chip' name like General Electric (GE) . Stocks like Riot Blockchain (RIOT) and Overstock (OSTK) are no different than a stock like GE. They are gambles that carry risk. It is our job to trade them the best we can. If you don't know how, then don't do it.