After a decent morning session stocks are under pressure to start the afternoon as volatility kicked in about an hour ago as reports started slipping out that the votes were not there to pass the House healthcare bill. Stocks sold, rebounded, now are back at the lows from an hour ago.
All are awaiting the a White House briefing (cameras are trained on an empty podium) as Paul Ryan meets with President Trump. The NY Times is reporting Ryan is telling Trump the votes are not there. Crappy bill, didn't live up to promises, didn't go to a market-based system for 98% of the population (the other 2% really needs help), and in the end just does not have support, even from inside the White House from what we hear.
So, you pull the bill, twist arms over the weekend, and see where it goes from there. The big stumbling block is that the changes agreed to by the Free Caucus hurt the scoring, giving less reason for the supporters to compromise. So, what could have been a start to the healthcare change looks stalled for now.
The market is not happy about it but is not diving. Mr. Spicer is on the podium now so we will hear what he has to say.
SP500 3.32, 0.14%
NASDAQ 26.53, 0.46%
DJ30 -8.50, -0.04%
SP400 0.23%
RUTX 0.44%
SOX 1.23%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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