Is This The Tax Plan ‘Rally’?

The initial, morning knee-jerk reaction didn’t say too much about the market’s faith in the GOP tax plan outlined on Thursday.

Relatedly, I’m not sure this instills much in the way of confidence either:

Reporter: “If Republicans can’t get this done, do you deserve to control the Congress?”

Speaker Ryan: “What’s your second question?” pic.twitter.com/jIL9wf1uGc

— NBC News (@NBCNews) November 2, 2017

But it looks like “hope” is getting priced back in.

Perhaps most notably, small-caps are rallying to their highs of the day:

As are mid-caps:

Meanwhile, the dollar and yields are perking up after seemingly giving the “plan” the thumbs down earlier in the session:

If this is it, I think it’s fair to say it’s been disappointing.

Amusingly, the NFIB ain’t feelin’ it: