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Dow futures are up some 80 points this morning after early on Wednesday morning the Senate passed the Tax Reform bill in a party-line vote, and is now set to become law after a follow-up vote in the House and Trump's signature some time on Wednesday afternoon. The good news is that the biggest political drama of 2017 will then be over. The bad news is that once the bill becomes law, the market will no longer be able to "price it in" every single day as it has for the past year.

Authored by Patrick Buchanan via Buchanan.org,

In the run-up to Christmas, President Donald Trump has been the beneficiary of some surprisingly good news and glad tidings.

Sunday, Vladimir Putin called to thank him and the CIA for providing Russia critical information that helped abort an ISIS plot to massacre visitors to Kazan Cathedral in St. Petersburg.

 

Monday found polls showing Trump at his highest in months.

 

Authored Doug Kass of Seabreeze Partners Management,

"The missing step in the standard Keynesian theory [is] the explicit consideration of capitalist finance within a cyclical and speculative context . . . finance sets the pace for the economy. As recovery approaches full employment . . . soothsayers will proclaim that the business cycle has been banished [and] debts can be taken on . . . But in truth neither the boom, nor the debt deflation... and certainly not a recovery can go on forever. Each state nurtures forces that lead to its own destruction. "

As stocks do things they have never done before (in terms of gains and complacency), despite the "inexplicable" collapse in the yield curve (and slump in earnigs expectations), some, like former fund manager Richard Breslow, are growing frustrated with the farce.

2017 is on track to be the first 'perfect year' with 12 consecutive monthly total return gains for the S&P 500

But the yield curve is collapsing?

And so have earnings expectations...

Yesterday we joked that with the US House of Representatives set to vote for the GOP tax bill on Tuesday, markets would "price in" the same tax legislation they have been pricing in every day for the past year, all over again...

Get ready for US markets to price in tax reform all over again in just a few short hours

— zerohedge (@zerohedge) December 19, 2017