The top for the first half of 2017 probably just hit.
Markets do not react to what everyone knows. Markets react to surprises. And the surprise today is that the Trump administration will not be able to implement rapid reform.
Since election night, the stock market has assumed that President Trump would somehow repeal Obamacare, reform the tax code, and announce a massive infrastructure project almost immediately.
The TRUTH is that whatever Trump is able to accomplish regarding these issues will take place in late 2017 if not early 2018. Trumps’ top economic advisor Treasury Secretary Steve Mnuchin confirmed this in a media interview earlier this month.
However, the market was too caught up in the hype to care. The failure to even get a vote on an Obamacare repeal in the House is a wake up call.
Stocks will now begin to adjust to the fact that all reform/ major policy changes will be taking place months down the road. That “adjustment” will see stocks moving to that red circle shortly.
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Chief Market Strategist
Phoenix Capital Research