US Equities put in new all-time highs despite the rancor surrounding the presidency. The classic takeaway is that the market reaction to news is more important than the news event itself. Are you ready for a parabolic move up? It is certainly possible. 

The dollar took a breather from the tear it’s been on and it is helping gold, emerging markets and oil.

One emerging market exception has been Venezuela, where a currency devaluation was imposed, and inflation is projected to be 1 million percent. Cost benefit analysis is that it makes no sense to splurge on toilet paper as it cheaper to just use the currency.

The current US budget deficit is at record levels and our current national debt is $21 trillion and growing faster than ever with the recent tax cut. Now, with both Russia and China divesting itself of US treasuries, it begs the question; could what is happening to Venezuela happen in the US?

If the US loses its reserve currency status it is not out of the question. Sen. Bob Corker, R-Tennessee, called the national debt the "greatest threat to our nation" when it exceeded $20 trillion for the first time last September.

However, currently the markets are not concerned, and I would not lose sleep over it just yet, so store the possibility of it in the recesses of your brain for future reference.

The highlights of this week’s market action are the following:

• IWM and SPY put in new all-time highs despite negative news on Capitol Hill
• Growth Stocks resumed leadership with NVDA and NFLX leading the way
• Volume patterns and market internals improved markedly
• Semiconductors regained a bullish phase with risk off sectors losing ground
• Biotech looks poised for a pop
• The dollar might have topped, lending support to Gold and Global Equities