According to Phrases.Org, the first known usage of 'nip and tuck' comes from an 1845 edition of The American Whig Review:

"The boys used to say, it was nip and tuck between Jack... and Castro, who would do the most foolhardy things."

And so it was yesterday the would-be replacement bill for Obamacare was a nip and tuck battle within the Grand Old Party with underlying tensions captured perfectly by the stock market, which crossed the unchanged line 86 times during the session.

All the anxiety at the start and end of the session:

• 63 crossings in the first hour of trading
• 23 crossings in the last thirty minutes of trading

In the end, the major indices all closed factually lower with the Dow Jones Industrial Average down for the sixth consecutive session.

For now, the answer is “no” but hope springs enteral or for at least the next 24 to 72 hours.  While it’s reasonable Investors are anxious over the timeline of tax cuts, tax reform, infrastructure and more regulatory relief, I think they all happen. It might be good to shelve the Ryan bill and refocus on adding some high octane to the economy, which is clearly on the move.

Meanwhile, there are great things happen in the economy that investors should not overlook.

• Housing Data
• Business Data
• Corporate Earnings

Last night, Micron (MU) reported earnings that beat, justifying the rally in semiconductors, which are now enjoying great pricing power.   DRAM pricing up 21% is a huge leap for Micron and its rivals.  The Semiconductor Index (SOX), already up 10% for 2017, probably breaks out significantly higher.

Today’s Session

I’m not sure if the Obamacare replacement bill passes today, but must admit it’s not a good bill, and if it’s done to win reelection in 2018, it’s a huge mistake.  Moreover, President Trump doesn’t need this to get the rest of his agenda through.  In fact, one could argue he might take greater control of the process with respect to other parts of his agenda. 

Hang on for wild gyrations, which I think will be exasperated by the- not so- invisible hand of smart money looking to shake out a few weak sisters (and brothers, uncles, aunts) so they can buy weakness.