I think it may have to do with the options expiry. We all know how the investment banks want to sell those options and make some money. Maybe the dip was a way to press prices back down using the taxes as a headline.
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There were a lot of options expiring from what I read.
I think that a more likely reason than pinning in on Biden's proposal.
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100m vol in shares for options and around 42 million in common shares traded today. So yea there is a ton of activity on just the SPY alone.
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