We will definitely face more of the same this week as we have the past week. There seems to be some progress between the President and Congress, but it’s anybody’s guess what combination of increased revenue and reduced expenses will survive political battle. It will probably be some combination of increased taxes on the top 2% of our wealthiest citizens and some reduction in medical spending. Who knows what else? More on that later. Read more about What the Market Wants: Historical Tax Rates Provide Clarity
Editor’s Note: Walter Gault is this week’s author. David Brown will be back next week. 
Overall, the ISM reports brought in good but not great news; however they were overshadowed by the poor jobs report of last week.