Obama's Waterloo?

From Reuters:

WASHINGTON – Senate Democratic leaders on Thursday abandoned plans for a vote on health care before Congress' August recess, dealing a blow to President Barack Obama's ambitious timetable to revamp the nation's $2.4 trillion system of medical care.

Senate Majority Leader Harry Reid, D-Nev., delivered the official pronouncement, saying, "It's better to have a product based on quality and thoughtfulness rather than try to jam something through."

My bet is there will be no health care bill. I'm not out buying health insurance and pharmaceutical stocks right now, but I'm not selling either.