Futures are down decently this morning as we are sure this opening move down is directly because of the latest accusation on Trump. Without taking sides, this is important. Political risk is important…especially now. We are of the belief the market has made a big bet on:

Tax reform…which included lower marginal rates, lower corporate rates, lower estate taxes, incentives to repatriate the trillions across the shore and hopefully, the unwinding of the more than 75,000 pages of tax code.

Regulatory relief…which has already begun but is not even close to what needs to be done. Dodd/Frank, the EPA and so many other things needed to be looked at.

Healthcare reform…which would unwind the continuing creep of government into the system and a fixing of the imploding Obamacare.

But now what? Again, without taking sides, how on earth is anything going to get done when you are fighting off day in and day out accusations of collusion, treason, obstruction of justice and everything under the sun and by anonymous sources?

This morning’s open is just one bad open. The good news is easy money continues to pervade as rates in many areas around the globe are still negative, money printing continues in the trillions and even here, we remain at a ridiculously easy 1%. But love and hate can be very close emotions in the market. And with a market that has narrowed over the past couple of months, with a market that leadership is more concentrated and with a market that is in the upper range of historic valuations, we have a lot to watch.

Again, it is just one bad open. But…lot’s of crap going on. As always, we will not rationalize. We will watch price, volume and the important patterns they make.