FTN's Jim Vogel said that "the.......>

US TSYS/STOCKS: FTN's Jim Vogel said that "the content of the tax bill proves to

be relevant" though until "now, it's been an up/down analysis on whether it

passes. Investors believe they had studied the details closely enough to score a

B+ on the final exam so content was secondary."

- But he adds that "the corporate AMT provisions added in the closing rush of

the Senate version, however, left tech stock investors with a C yesterday that

is heading toward C- territory this morning. Equities are leveraged to such tax

questions, but bonds can idle on the sidelines to wait for further developments.

Treasury trading volume was low on Monday and back to its overnight average

today."

- He adds that Monday's tech stock "drop of almost 2% has spread losses around

global markets today. US futures show a small decline in the NASDAQ and a small

recovery in the S&P 500. Although investors still rewarded tax winners on

Monday, it is time to wonder how disparate corporate tax results could impact

the next round of conference committee negotiation."