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On Thursday there were whispers of a new tax plan coming "very soon" according to Treasury Secretary Mnuchin. This had stocks sprinting higher.
Then on Friday Trump was screaming it from the rooftops. He stated that on Wednesday 4/26 they will announce a new tax plan which he called "bigger, I believe, than any tax cut ever".
Amazingly stocks went down on the news. In fact, the S&P closed under the 50 day moving average for the 7th straight session.
My sense is that investors are all pretending to be from Missouri...the Show Me State.
Meaning it will take more than just words to convince the bulk of investors that indeed this is as pro-growth as advertised. After they see the plan, including all the fine print with things like the abhorred border adjustment tax, then investors will make their buy/hold/sell decisions.
Fasten your seatbelts; it's could be a wild ride!
Best,
Steve Reitmeister
Executive Vice President, Zacks Investment Research
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On Thursday there were whispers of a new tax plan coming "very soon" according to Treasury Secretary Mnuchin. This had stocks sprinting higher. 
