It’s not exactly Ricard the Lionhearted, King Philip and King Fredrick heading to Jerusalem, but the trip by retail CEOs to Capitol Hill is a crusade that perhaps saves an industry that is already suffering.   

Eight CEOs including the heads of Best Buy (BBY), Target (TGT), Gap Stores (GPS) and AutoZone (AZO) that normally would be fighting each other, have joined together to try and persuade Congress not to vote for a Boarder Adjustment Tax. 

Meetings with Kevin Brady (Ways and Means) and Paul Ryan (Speaker) may fall on deaf ears, but the last time the White House chimed in President Trump said the tax was “too complicated.”

Apparel would be hardest hit, which explains why the Dow Jones Retailer Apparel Index is up more than one percent today.

This is just one of many issues providing speed bumps for the rally, as big money interest are on both sides of the debate (major exporters like General Electric and Boeing like the import tax).   I wish I could say for sure if this tax will happen or not, right now, I’m modelling for it to be rejected.

Speaking of speed bumps Janet Yellen got through her first day of testimony on Capitol Hill, only slightly spooking the market with talk of additional rate hikes.   Although the yield on the 2-year note spiked during the Yellen question and answer period, it’s still hard to see a rate hike in March or more than two this year. And if that’s the case, the economy will be sizzling making it a moot point.

Right now, the market is shaking off early uneasiness and trying to rally higher.  Another record close would be impressive considering the angst from the Fed and hijinks in Washington, D.C.