It was precisely one month ago that we were all waking up to Trump World, as the results confirmed that President Pantsuit was not to be. The ES and NQ had been limit down earlier in the session, and although the losses had abated somewhat, it seemed that equities were ready to be sold off en masse to the shocking political news.

Even those who have been hiding under rocks or in caves are well aware what has actually happened in the ensuing month: records highs across the board, with this week in particular laying waste to anyone insane enough not to embrace one of the most expensive markets in history. So strong has been the rally that many of my lovingly-drawn trendlines have been shattered, such as this one of the Dow 30 going back for decades……….

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……..and the small-caps-based IWM……… 

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…….and even the S&P 500, which has crossed back above a trendline which had been broken earlier this season. 

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What this means is in the eye of the beholder. To the bulls, which is 99.999% of the trading public, it means that Trump has made equities great again, and that between environment-be-damned regulation removal, lower corporate taxes, and repatriation of cash, companies are simply going to get ever more profitable. To the bears, it means this rally is prima facie overbought, and selling into strength is the only logical response.

My opinion? I’m in a fetal position in a corner, rocking back and forth.