Sell the [Tax] News Doesn't Last Long

 | Dec 20, 2017 | 1:55 PM EST
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The 'sell the news' reaction to the tax bill announcement didn't last very long. The indices are holding steady and breadth is positive with about 3800 gainers to 2900 decliners.

The President's comments that the market has not fully priced in all the positives from his tax bill is probably helping to keep the uptrend running. The Trump critics are focused on arguing that the is not much of a tax cut for the middle class. That may be true but it definitely is hugely beneficial to business. That simple fact may be overlooked in the zeal of many journalists to be negative.

The action in the indices is relatively sedate compared to some of the trading that continues in the bitcoin related names. Although bitcoin itself is down there is still plenty of positive action in names that are mostly blockchain related. 

Net Element (NETE) is the big gainer today and I'm not yet convinced that it is finished. I'm looking for remounts as it develops further. Another name doing well today is Nxt-ID (NXTD) which is gaining momentum after doubling today.  Seven Seas Cloud (SSC) is the third name on my radar.  

I've started some index shorts as a hedge. Trading these bitcoin names requires a lot of focus and can be quite distracting but I want to hedge a little as this continues.  The theme is to not trust the indices too much but to say focused on trading the hot individual stocks.

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