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Another strong day for stocks today, the Dow Jones up 240 points did not set a new record

high, but the S&P 500 and the Nasdaq both hitting new all time highs today.

And that's despite what President Biden said last night in his state of the union address,

although we don't call it for some reason to state of the union when it's your first

address.

But whatever the speech was called that he delivered last night should have scared stock

market investors because he's talking about paying for a whole litany of new entitlements

through higher taxes on corporations.

But when you have a bubble like the one we have now, higher taxes may not be that big

a deal because all higher taxes do is reduce earnings.

And you know, a lot of companies don't even have any earnings.

So they're not going to pay any taxes no matter how high they are because they have

no earnings to tax.

What really is important to this stock market is not what President Biden said last night,

but what Fed Chairman Powell said yesterday afternoon.

That's really what's causing the market to go up.

It's the cheap money that's being supplied from the Fed.

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