The Senate released a 142 page draft of its guarded plan to repeal and replace Obamacare today.  Their version of the bill calls for the restructuring of subsides to individuals based on their incomes and not age and phases out Medicaid expansion program.  The bill would repeal the requirement for individuals to have insurance or pay a fine as well as do away with the “employer mandate” retroactive to the beginning of 2016.  It also eliminates the taxes associated with the ACA that some argue would give the wealthy billions in tax breaks.

At least three Republicans senators appear to be in opposition to the bill thus far.  They, along with the Democrats, could be enough to make the bill DOA.  Of course, it’s early yet, and the plan hasn’t been scored by the CBO.  Plus, a new poll released today shows that there is an increasing number of Americans, a 3-1 margin, that consider the House’s version of the bill a bad idea.  The Senate draft is similar to the House’s version so it we will see what the public thinks of it.

On the economic front, the Conference Board’s Leading Economic Index for May increased by 0.3% compared to 02% in April.  All components were positive except building permits. The Coincident Economic Index and the Lagging Economic Index increased 0.1% in May.

The major indices are all in the green today with advancer leading decliners 1917/974 on the NYSE and 1712/1018 on the Nasdaq.  Oil has made a nice reversal today off the August lows, but it may be short lived as a glut of oil remains a key concern.  WTI is up 1.41% and back above $43, while Brent is up 1.75%. 

Hot off the press, President Trump has tweeted that he doesn’t have any tapes or recording of his discussions with Comey.