After trading modestly on either side of unchanged yesterday, all of the indexes turned lower in the afternoon.

The pullback coincided with reports that the administration is considering increasing the top capital gains tax rate from 39.6% to 43.4% on individuals earning over $1 million.

While plenty of investors may not like it, it's not enough to keep those investors from shunning the market.

We also heard the administration pledge to cut emissions by up to 52% by the end of 2030, during a virtual climate summit with 40 world leaders. There will be both winners and losers in that push. It also means higher costs and regulation in the meantime.

In other news, Weekly Jobless Claims came in better than expected by falling -39,000 to 547K vs. the consensus for 586K.

Although, Existing Home Sales disappointed by falling -230K units (annualized) to 6.010M vs. expectations for a smaller decline to 6.205M. While that represents a -3.7% m/m drop, it's still up an impressive 12.3% y/y.

The Chicago Fed National Activity Index beat expectations at 1.71 vs. last month's -1.20 and views for 0.58.

The Kansas City Fed Manufacturing Index rose as well; up from 26 to 31 for a 19.2% increase.

And Leading Indicators were up too with a 1.3% gain vs. last month's -0.1% and estimates for 0.6%.

Today we'll get another look at housing with the New Home Sales report. And we'll get the PMI Composite Flash report.

We'll also get more earnings today with another 52 companies on deck. Then another 1,022 next week. And another 1,719 the week after that.

In the meantime, as we've been saying, keep your eyes on the big picture. There will be bumps along the way. But the US is poised for the fastest growth rate in 36 years. Near zero intertest rates are here for the foreseeable future. And record pent-up demand is soon to meet a record amount of stimulus money.

Sounds like an ideal scenario to me.

And it's why Jamie Dimon, in his annual letter to shareholders, said we could see a "Goldilocks moment" in the economy. And why he believes we could see a multiyear boom that will last into 2023.

So make sure you're taking full advantage of it.

Best,