Despite numerous headlines indicating a tax bill deal early next week, Republican Senator John Cornyn just told media that there "may be a tentative tax bill deal today." Algos liked the news and immediately bid stocks higher (despite no knowledge of what is in the 'deal').
“It’s possible,” John Cornyn, the No. 2 Senate Republican, tells reporters of tax bill, according to Bloomberg.
The Senate has “ping-ponged” offers back and forth with House and is making good progress, he says.
And stocks popped on it...
Of course, its also "possible" that the deal is not done today... and that's why we were intrigued to see 'high tax' stocks underperforming...
The main areas of contention: AMTs and treatment of SALTs (Republicans were planning to tweak corporate rate from 20% to 21-22% to pay for some of the changes but this idea is facing fierce resistance from the business community – Washington Post).
Brady Says Compromise Likely Coming Friday (reported at 1035ET)
House Ways and Means Chairman Kevin Brady, who’s overseeing the House-Senate conference committee for tax negotiations, said the panel will likely come to an agreement on final legislation by Friday.
“We are on track for this week,” Brady told reporters, referring to a so-called conference report.
Conference reports generally go point-by-point through areas of disagreement and say how each was resolved. For example, if the House position on a provision is the one they’ve agreed on, the report will say that with respect to that provision, the conferees propose that the Senate recede from its position and concur with the House’s position.
House Majority Leader Kevin McCarthy told GOP members the goal is for the House to vote on the tax bill next Tuesday, Dec. 19, according to Representative Lamar Smith of Texas.
Representative Tom Cole of Oklahoma said he heard that the goal was Tuesday, but there wasn’t an announcement about it directly.
“The time frame of a vote next week is very realistic,” said Representative Tom Reed of New York. -- Erik Wasson
Comments
"Of course, its also "possible" that the deal is not done today."Negative Nancy.
Clearly the market isn't convinced. It popped a measly few points.
In reply to "Of course, its also by NoDebt
Would you like yours with CornIn?
In reply to Clearly the market isn't by troubadourcapital
That Dingbat serves as a painful reminder of just how far the nation has fallen.
In reply to "Of course, its also by NoDebt
BOEING SHARES HIT RECORD HIGH OF $289.78 WITHIN MINUTES OF MARKET OPEN AFTER CO UPS DIVIDEND, ANNOUNCES $18 BLN BUYBACK; LAST UP 2.3 PCTthis is what happens when you lose a contract in Canada and still have low rates and a tax proposal that will allow this infinitum........who needs real organic growth anymore??besides its not a friday or sunday at 12am so how could there be an agreement??
ridiculous..
Got to keep stocks rising into the rate hike tomorrow.
yes sell the news
In reply to Got to keep stocks rising by Edward Morbius
A raise of shitty 25BPS that has been telegraphed for a fucking year is NEWS?
In reply to yes sell the news by menchivist
stocks pop because SHEPWAVE said they would pop. Keep it going guys. Sell signal on 4th then buy signal Thursday. Ready to short. Let us know!
How come you always tell us AFTER the event? Is it because you are just spamming retards? tell you what,, tell us what will happen on friday and we'll watch the results.
In reply to stocks pop because SHEPWAVE by menchivist
I gave you an up vote there. Their calls are good but I don't think there are many traders on here Zerohedge anymore. They DID CALL THE HIGHS TODAY TOO. except for NAZ. Pretty solid market timing. Find me on here tomorrow. They are calling for a shake up soon.
In reply to How come you always tell us by Traderone
Here comes Douchebag no2. Still waiting for your friday prediction. Post it right here ,right now otherwise fuck off, let's have it.
In reply to I gave you an up vote there. by Miss Lou
You guys trading today in this manipulated BS aren't all that brilliant either- trade successfully in a bear market and then you can talk shit.
In reply to Here comes Douchebag no2. by Traderone
As soon as we get a bear market then I will trade it. I can only trade what is happening right here right now smart ass.
In reply to You guys trading today in by totenkopf88
The short term calls from shep have been dead on. But I would not be discussing this here. Readers on ZH are really not concerned.
In reply to stocks pop because SHEPWAVE by menchivist
Here comes Troll no 3. Spammer alert.
In reply to The short term calls from by alazybundy
Common sense is lost territory...