Efforts to repeal and replace Obamacare have collapsed as two Senators withdrew their support and given only a two seat Senate advantage, the best the Republicans can do it focus on a repeal that provides a couple years to work out a replacement. The development will most likely delay what the markets are really looking forward to, tax reform. Market focus is shifting to corporate earnings with NFLX poised to open over 10% higher over a surprise growth in their subscriber base. Plenty of big names reporting today including BAC, GS, AMTD, IBM, HOG, UAL, UNH, CSX, and LMT. There is some economic data with Import Prices @ 8:30am EST and NAHB @ 10:00am EST, but nothing significant to move the markets. The ES remains pinned under its all-time high; maybe the earnings can break the log jam. If not, then expect continued muted upside volatility. Size bias is long into the US session open.