Means over 3000 in tax relief. Texas as a whole, i will welcome the 74,000 new jobs coming away because of tax reform. It also means hardworking americans everywhere will see more in their paychecks and they need it so badly. We all know this quote, will rogers, the difference doing death and taxes is death does not get worse every Time Congress meets. [laughter] it is funny but a perfectly captures how most americans have come to feel about the tax code. With the tax code we have today, americans have seen it get worse and worse. They have seen it become more unfair, more complex and more uncompetitive. When congress met today, americans finally saw something different. They saw us come together and makes our cap make our taxes them better for them and our nation. Today was a major step forward. This is certainly not the last step in our tax reform journey. We still have a way to go and we will continue to listen to the market people. We have always said, this is not our tax code, it
It will be another record close. On the week, the dow on pace for its first two week decline since august. Some who think this pullback we are seeing today and on the week could continue. This is a great chart that Katie Stockton shared with our new weekly charting segment earlier this week. This basically suggests we could see a bit of a pullback before stocks climb higher. This is the s p 500 in white over the last year. Katie is saying its likely to move down toward this area theed the cloud, perhaps 200 day moving average, a pullback of 25 before refreshing a year and rally. Year end rally. These are the big gainers on the week. Foot locker up 32 , mattel up 20 . Vision health care of 15 . Netap op onand earnings. Here onsee a decline the bloomberg dollar index, down. 7 . On the year, down more than 7 , on pace for the worst year since 2003. House republicans did pass that tax bill, perhaps a first step in an economic jolt. Some investors relative to the, dollar not too optimistic.
Also, also trading at a record. Small caps lagging recently as investors try to flush out with the prospects are for tax reform, because this is seen as a group that is particularly receptive to any kind of tax cut. Everything since last years elections, you saw outperformance initially and through the long fade. Particularlynce, in the last week or so, this is i should imagine the russell 2000s performance relative to the s p 500 so we are still positive post the election, near breaking even or even with the s p 500s performance in august. One proxy we are watching for tax reform. As for what is leading large caps, technology is the big winner, up over 1 . They are performing well in the session. The only group down on the day is telecom. Health care bouncing back, i will talk about that today. Bounceig cyclically led we are watching in todays session. Take a look at one stock that is a standout, whirlpool. You can see the lake up leg up. That appears to be connected to the Internatio
Of course, two days before the floor vote, if we get there. Could the dont get stuck in committee today . Josh we will find out if the tax bill will move forward in the senate. There are two key senators that are uncommitted to the bill. Either one of whom could stall the bill if theyve dont vote in favor. The most important is senator ron johnson of wisconsin, who has a lot of concerns about the passthrough rate. Johnson himself was the owner of the passthrough business. He says if he is not satisfied with the changes that Mitch Mcconnell is going to make, he will not vote for the bill. The problem is, if mcconnell were to offer more generous pass benefits, it may have the effect of increasing the deficit, which may recognize the vote of tennessee senator bob corker, who is yet to be committed because he has concerns about the deficit. It is not clear whether Mitch Mcconnell will be empty square the circle by 2 30. David lets bring in our colleagues from washington. Pur, ron johnson i
As we can see the renewed theme of rotation, rotation out of technology and into financials and industrials, for example, evidence in the dow. S p 500 in the middle, up. 5 , so benefiting by the surge we have seen in stocks related to the tax cuts passed over the weekend. Another way to look at the weakness we have seen with technology in this chart, looking at the percentage of members of Different Industries with 14 day relative strength index above 70. In other words, are we seeing them overbought at these levels . Look at the s p 500 in blue, the percentage going up even as techs have been going down. Indicator forum this group relative to the broader market, that it has been weakening versus the broader market. On the subject of rotation, if you look at some of the weakest names today, they are in the top 10 performers in the s p 500 this year. Align technology, maker of the invisible line braces alternative, we have ma icron, and we also have lam, Semiconductor Makers that have d