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If It's Monday... By Charles Payne

Watch my show: Making Money With Charles Payne Fox Business 6PM

Since the Bill Murray movie 'Groundhog Day' became an instant classic, today has been known more for experiencing the same day over, and over, and over, and over. So, if it's Monday in Obama's America, it's tax day- another opportunity to scold success and tax or attempt to tax everything in and out of sight.

The president keeps pushing and pushing, seeking more money to fund this Welfare Utopia that is hyped as a fair society. However, it is a society that has the seen Middle Class shrink as their wages have collapsed. It's an expensive proposition.

Obama wants to extend the long arm of Uncle Sam around the world and take 14% of corporate profits sitting outside the United States now and 19% in the future. Another day, another tax; this harkens back to the days of colonists and never-ending avalanche of taxes designed to limit competition and independence - instead it sparked it.

If President Obama was as smart as his crowd thinks, he would wrap up the Keystone Pipeline and an expatriate tax break.

Such a bargain would fund an infrastructure fund, permitting companies to bring home their profits at lower taxes, not higher with Uncle Sam taking some off the top to fix roads.

Instead he's trying to highjack profits and hike the gas tax, a crazy idea for Main Street which knows the gas price will rebound because oil will rebound. That rebound won't be overnight, but it is inevitable.

By the way, oil is edging higher as there is some angst over massive short covering although the supply-demand relationship is still skewed too much to the former and not the latter. Despite the crushing impact of oil on smaller producers, Exxon Mobil (NYSE:XOM) posted an earnings beat this morning and will be able to weather the downdraft.

The Market

The Dow Jones Industrial Average finished January off -3.7% and felt like a rudderless ship on Friday shedding 251 points.

Equity futures were higher early this morning, but drifting and could be a wash by the opening bell. The market needs a spark and that might not come until Friday's Jobs Report. In the meantime, it's critical the index holds 17,000 or be vulnerable to re-test that October swoon.

Dow Jones Industrial Average

Below are some of the major companies that reported earnings this morning.

Date

Company

EPS

Cons.

Revenue ($M)

EPS Guidance

EPS Consensus

2-Feb

XOM

1.56

1.34

$87,280

-

FY15 4.29

2-Feb

PBI

0.51

0.51

$984

FY15 1.85-2.00

FY15 2.00

2-Feb

SYY

0.41

0.41

$12,087

-

FY15 1.88

Additional disclosure: Since the Bill Murray movie 'Groundhog Day' became an instant classic, today has been known more for experiencing the same day over, and over, and over, and over. So, if it’s Monday in Obama's America, it’s tax day- another opportunity to scold success and tax or attempt to tax everything in and out of sight. The president keeps pushing and pushing, seeking more money to fund this Welfare Utopia that is hyped as a fair society. However, it is a society that has the seen Middle Class shrink as their wages have collapsed. It's an expensive proposition.