Another ‘risk on’ day after the French have seemingly chosen a neo-liberal businessman for their front runner, and our own version of this, with less panache, has signaled as intention to cut the US corporate tax rate to 15%.
If that 15% became like an Alternative Minimum Tax for corporations it might be a good idea, since so many of the big ones game the system and pay little to nothing in taxes.
Rumor has it that the wealthy will also be enjoying a personal tax cut.
VIX, a measure of volatility and ‘risk’ is back down towards the lows of the year.
The US Dollar DX Index moved lower again, as part of the risk reversals trades. They are a bit extended now perhaps.
The metals were weak again today, in observance of the May contract option expiry on the Comex.
I like the way the chart formations are shaping up. But we will still need to wait for them to go ‘active.’
