All that glitters may not be gold

This is Devin Weiss filling in for Steve

As Gary Cohn and Steven Mnuchin announced an outline of their boss's new Tax Plan, the market was surging to new record highs. But as investors had time to ponder the very light offered specifics of the plan, the luster was wearing off of the 15% business tax rate cynosure. Adding to the uncertainty, the duo made no real mention on how to pay for it other than it will "pay for itself".

Republicans are skeptical at best and very concerned about overloading the deficit (read: no alignment with border adjustment tax). And Democrats are viewing this plan as not tax reform but as a gift for the wealthy.

Consequently, stocks just could not maintain their positive trajectory and headed south with the S&P ending the day slightly lower at 2387.

What does this mean for the market?

Expect more volatility.

How do investors navigate the troubled waters ahead?

The best way is to find quality stocks to buy on the dips. And, the best way to find these stocks is with our Zacks Rank #1 stocks.

Best,

Steve Reitmeister

Executive Vice President, Zacks Investment Research

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