FTN Financial's Jim Vogel quipped....>

US TSYS/STOCKS: FTN Financial's Jim Vogel quipped that "stocks have lost their

cool when it comes to tax cuts. Toss objectivity, macro trends, central bank

policy and currencies out the window. Just main-line the latest tax cut news to

decipher the next direction for stocks."

- He asks hypothetically should one "discount the next three years of revenues

and cash flows? Nope, discount the next 3 days of the legislative calendar."

- He adds that "by corollary, bond traders and economists have given in to tax

reform mania as well. This morning, for example, 2-month stock market trends

point to a 10-yr around 2.38%, but two-day trends pushed the yield to 2.331% on

heavy overnight volume. Current bid is 2.331%, all because global equities are

sneezing again today. Flatter yield curves contain an element of tax myopia as

well."