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Yesterday was a very “ho-hum”, boring kind of day in the markets. At least until news broke that President Biden was proposing a large increase on capital gains taxes. We’ll let the talking heads debate the merits of such a move, as traders we’re only concerned about the market reaction. In this case it was, predictably, not good. The markets basically threw a temper tantrum, with the NQ losing almost 200 handles over the course of the afternoon. The final hour saw some stabilization, and this morning’s early price action is slightly green, so we’re see if we can make up part of that lost ground moving into the weekend.