BMO's Ian Lyngen said that...........>

US TSYS/STOCKS: BMO's Ian Lyngen said that "details of the Senate tax bill are

once again front-and-center for the market, with attention on the retention of

the corporate alternative minimum tax (AMT) at 20%. As we've mentioned in the

past, the statutory tax rate is far less relevant than the effective tax rate

and by retaining the AMT and preventing firms from using tax incentives for

Research and Development (R&D), the positive impact from the tax bill will be

greatly limited."

- Lyngen adds "it's unclear if this was simply an oversight that will be quickly

remedied, or if this is the beginning of more significant headwinds for reforms

that on Monday were a foregone conclusion. We've been characterizing the recent

price action as appropriately pricing in a high probability that the tax deal

gets done in a form similar to the Senate bill, which implies that stumbles such

as the AMT issue should have greater risk-off follow-through than simply be

dismissed as ironing out the legislative details."