Market Alert - To the Close

Mitch McConnell is still to head to the podium to give details on the amendments to the 2700 page 'simple' tax bill. Okay that is a bit of a cheap shot: it is an attempt to replace decades of bloat and favoritism and that does take some substantial reworking.

Stocks plummeted on an ABC report regarding the Flynn charges and how he was going to cooperate and turn on the administration. It is painted as something new. It is not. Flynn contacted the Russians after the election in his capacity as national security advisor. That is normal; all incoming admins do that. The rub for Flynn is that he lied to Pence about it. He got fired. He also lied to the FBI, and as is the case 95% of the time, THAT is where the charges lie. Based upon what has been released, this is more of the same. It is said that Jared Kushner ordered the contact. Not sure that is a big deal either given, again, newly elected admins do that.

The fireworks were dramatic indeed, but the market is posting a fairly amazing recovery. It is still way too volatile but it is working through serous issues, and as it does, most stocks, even those that are a bit rattled this week (e.g. FAANG), are holding support.

We picked up some positions, letting most of the rest work.

SP500 -6.33, -0.22%
Nasdaq -27.26, -0.40%
DJ30 -40.38, -0.16%
RUTX -0.58%
Jon Johnson, Chief Market Strategist
InvestmentHouse.com
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