We began last week by wishing everyone the obligatory Happy New Year. And as it turned out, it has already been very happy for the U.S. equities bulls. This is also true for their international counterparts, even if politically challenged Germany is lagging a bit.
T’was the energy report before Christmas and Trump’s tax cut passed through the house, not one Democrat voted "yes," they just sat there and groused. The hedge-funds stuffed political stockings with care in hopes that the carried interest loophole still would be there. The Democrats wanted to tear the bill into shreds--it’s just a tax cut for the rich--and that was all that was said.
The House rolled out its tax reform bill and not only did it put in a big tax cut for all corporations it also gave oil producers an edge by removing incentives for electric vehicles and solar companies.