Considering all the reds on the screen moments before the opening bell, the market is holding up well.  The Dow Jones Industrial Average keeps peeking into the plus column buoyed by financials (AXP and GS) and pharmaceutical (MRK and JNJ) along with health care plan provider United Health (UNH).  Health care stocks and insurance providers seem to be doing okay with the so-called ‘Skinny Appeal’ that came up short. The GOP repeal and replace efforts are officially dead for 2017.

Speaking of health issues, cigarette manufacturers are getting smoked (I couldn’t help it) after news of impending rule changes on nicotine levels to non-addictive levels. 

Speaking of addictive, our emotional connection to the economy continues to run towards our political perspectives, making some addicted to optimism and others addicted to pessimism.  While the consumer sentiment number beat consensus, the decline has taken the report back to Nov 2016 levels.

Tale of Two Economies

Americans feel great about current economic conditions, lifting that portion of the report to its highest level since 2005. 

However, expectations for the economy six months from now are beginning to stumble and even republicans are leaking air from their optimism balloon. Yet, it’s the unremitting pessimism among democrats that is the biggest drag.

• Dem 63.7
• GOP 108.7
• IND 80.5

Today’s market resolve is a better reflection of the nation’s determination and while we are cheering tax cuts and maybe infrastructure, it’s clear that Washington DC has become completely detached from America.