TRADING 04 FUTURES

[TREND1]

STOCKS AWAIT HEALTHCARE VOTE... Early stock gains evaporated late in the day on postponement of the House vote on healthcare. The consensus view seems to be that a "no" vote on the Republican healthcare package would likely postpone legislation on tax reform an infrastructure spending. Market gains since the election have been built largely on expectation for that fiscal stimulus. Tuesday's heavy volume selloff also damaged the market's short -term trend. Chart 5 shows the S&P 500 SPDR (SPY) in danger of dropping to its 50-day average. That would be the first serious test of the post-election rally that started in early November. A Friday vote is still possible.