And just like that as New Jersey raises taxes on millionaires and Illinois calls for the same tax treatment, wealthy individuals and businesses have begun moving their hedge funds into states like Florida to avoid being hit by the heavy taxes on wealthy individuals who worked hard for their money. The people who end up suffering by this are the same ones who asked for the tax, the poor and the lazy because their taxes whether they know it or not also go up…..
In the markets:
The dollar hit a level we were expecting yesterday and we now expect to see a retracement although if the dollar gets some momentum to the upside we could see the dollar become long term bullish and send foreign currencies lower. As it stands for Friday we are seeking minor moves on the downside in foreign currencies to clear out any traders looking to catch the bottom before resuming higher prices.