Tax Receipts and Stocks

Now my advice for those who die
Declare the pennies on your eyes
--The Beatles

Interesting observation that state and local income and sales tax receipts seem to align with stock market extremes.

Intuitive, as economic activity and equity performance should be correlated to some degree, whether through fundamental or sentimental reasons.

For completeness, fed tax receipts should be included as well.

position in SPX