Remarkably, there have only been two breaches of the 50-day moving average since Election Day. That is what resilient bull markets are all about!

Still, I firmly believe that this bull market has lived by the sword of political hopes.

Those hopes are, of course, rooted in President Trump is pro-growth economic agenda. That agenda included regulatory reform, Obamacare repeal/replace, an infrastructure spending plan and, most importantly, tax reform that includes a substantive cut in the corporate tax rate.