The Senate and House are back in session after the long Labor Day weekend with a miles-long to-do list. Not only do they have to agree to raise the debt ceiling before a Sept. 29 deadline, but the Trump White House also has tasked them with a massive tax code overhaul.

Progress on both could move markets in the near term as day traders react to signs of progress or hints of dysfunction. But over the long term the focus on fundamentals will return and should give further rise to an already super-strong stock market.

"The markets will ebb and flow with the news on the short-term basis," Ron Weiner, managing director and partner of RDM Financial Group at HighTower, told TheStreet. "Ultimately it's earnings. The rest of it is noise -- it creates volatility."

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