E Market Briefing For Tuesday, Feb. 19

Multiple amalgams sustain this market - denying even mildly reasonable pullbacks (to the extent overly defensive institutions) many keep awaiting. It is reminiscent of the post Trump-victory rally, when again few believed that a combination of lower taxes, regulatory reform, and capital repatriation would actually happen, or propel the market to new history highs, as it did.  

Now that's not to say the 'Bull in the China Shoppe' of the moment rockets to the Moon. In fact, the backdrop is such that too much actual strength in the economy (such as President Trump proclaims, but in reality is generally regionalized and not as all-encompassing as we wish it were)... that would actually empower the Fed to revert to a more overt restrictive policy than of course they will mildly follow, with regard to the Balance Sheet, while talking a far milder tone, as we described for over a month now.   

While the Monday holiday commemorates historic Presidents (so isn't about the current one despite kidding he probably thinks it is); in a sense Trump is tackling (as I've observed for two years) many of the thorniest challenges as the United States has found itself in over the last couple decades, and that's of course related to 'Trade and the deconstruction of American industry'.  

It's not easy to resolve; but the failure of prior Administrations or Congress, a topic I've addressed for over 40 years even while mostly bullish during the many years (aside spiky ones begging for corrections or worse), to tackle it with persistence and commitment... this addressing of what matters for the American people... largely offsets the quirky persona everyone has trouble coming-to-grips with.  

  

It's possible, if our Founding Fathers were still here (not just commemorated on a holiday), they might say so long as unnecessary foreign entanglements are avoided, and we reconstruct our Industry and ability to retain success to have the ability to enhance healthcare and educational levels.. well that's a significant (and essential) accomplishment. It's not easy because everything was neglected (or mildly resisted) for decades.  

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