A man passes the New York Stock Exchange. Photo: Reuters/Brendan McDermid

Today’s quarter-end opening for the S&P is one of the tamest trading days of the past year. The top performer in the S&P 100, Gilead Science, is up less than 1%, and the bottom performer in the S&P 100, CVS Pharmacy, is down less than 1%.  Not only is the index flat, but all of its components are flat as well.

There simply isn’t any reason to do anything until the Trump Administration shows its hand in tax reform.

The fake-news financial press saw the Apocalypse in the failure of Trump’s health care bill last Friday, but the market ignored it. Markets may not be totally efficient but neither are they completely stupid. Nothing that any Congress can pass by way of health care reform is going to affect the inertia in America’s health care system or the state of the US economy.

US stocks are expensive but earnings are good, so there isn’t a lot of reason to do anything–which is why the market is doing nothing.