Trying to hang onto gains but fading as the reality was not as good as the speculation. On what? Does it matter? It is always the same regardless of the subject.
This time it was taxes and the rollout of the Trump plan. 3 brackets (10%, 25%, 35%), so no flat tax (hey, you can dream, right?). 15% corporate tax with pass through on LLC, S-Corp, partnerships. Very good. Repealing Alt Minimum Tax, Estate Tax, 3.8% ACA tax. A good start.
Of course immediately the budget, cannot factor in growth whiners said it would 'cost' $6T, as if us keeping our money is a cost. Then someone said just put the corporate tax at 28%; oh THAT will help. Might as well do nothing.
Then the President flips on other issues, e.g. not ending ACA subsidy payments to insurance companies, effectively giving the ACA the gift of life (that is, our money).
Anyway, not a bad start, and now for the sausage making.
Border wall: Ted Cruz has a good idea: use the seized funds and assets of the Mexican cartel drug lords to build it. Brilliant!
We are looking at some buys toward the close, but with the market giving up gains we may pare back on these.
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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