The back-to-back 200-point sessions for the Dow Jones Industrial Average made it the best 48 hours of trading for stocks in 2017. And, this on the heels of sobering revelations regarding yesterday’s tax announcement. The intent coming into the week was for something monumental, but as we approach today, it might be more about getting wins for the White House and using them as a foundation for more transformational (or should I say "un"transformational) developments.

• The Wall is Pushed Out to September
• The Border-Adjustment Tax is Gone

I think a 15% corporate tax rate is a bridge unnecessarily too far for large businesses; it should be the rate for small companies.  However, we need to do tax cuts and while the market isn't factoring in 15%, it still has faith that some Republicans believe in lower taxes. On that note, let's see what comes out today and if there is a plan for individual tax cuts, too.

Meanwhile, it’s all about fundamentals, underscored by what has suddenly become a remarkable earnings season.

Key Developments

• Chipotle Mexican Grill (CMG) has great numbers and a great move in the shares even as management admitted to a major cyber-attack.
• Wynn Resorts (WYNN) has great numbers and a great reaction as Steve Wynn feels the company is riding the crest of a consumer spending revival.
• Deckers Outdoor Corp (DECK) put itself up for sale.
• Costco (COST) announced a special $7.00 dividend that will cost the company $3.1 billion, and how sweet it is as it goes to shareholders; it’s not a buyback.
• U.S. Steel (X) is the lone disaster. What's worrisome is the fact that the leading steel producer in America is missing resurgence in demand. Management admits it’s a flat-rolled facility not positioned to "benefit"- wow. The stock is a hold for now, but it’s such a missed chance.

The Dow Industrial Average and the S&P 500 started the session on Tuesday with a good chance to test all-time highs, but it will need continuous good earnings news and guidance to make sure they don't form a double top and a stock market pullback.