“there is only one way to avoid criticism: do nothing, say nothing, and be nothing.” -Aristotle
Based on the never-ending criticism of President Trump, and the fact that he catches grief from the left, the right and everyone in-between, the President is saying and doing a LOT. The never-Trumpers complain about anything and everything since they have one goal – drive Trump out of office. All others limit their complaints to whose ox is being gored.
An example, “almost” everyone agrees that our debt of $20 trillion is out of control and something must be done. To get it under control, spending must be cut by a LOT. However, on capitol hill the sentiment is “cut everyone’s’ department except mine”. Like the cries of “not in my back yard” when a public project needed to intrude.
President Trump has made tremendous progress in areas he could act without passing legislation. The list is long but some of the major areas undertaken have to do with trade and the TPP, allowing border enforcement according to the laws on the books, cuts in department budgets, getting rid of regulations that are too expensive with nothing to show for them, approving the Keystone pipeline, confronting Sanctuary cities, replacing Justice Scalia, allowing law enforcement to do their job, and many more executive orders.
There have been some setbacks which the left is giddy over since they see it as weakness on Trumps part. The failure of the extreme vetting has been blocked twice and the attempt to get rid of Obamacare also went down in flames. In the first instance, the victory by the left will be short lived now that the Supreme Court has a 9th justice, and Trump has the power to prevent or delay people from coming in. Obama did it and no one said a word.
The failure to repeal Obamacare was all on the GOP and more specifically, on Speaker Ryan. The fallout from the hubris of the speaker is why the Trump supporters are getting antsy. Tax code changes are delayed, the budget does not reflect what Trump wanted, and with so much unfinished business, the Congress goes on a 2-week recess. From all that hard work and success??
All the above resulted in a stock market unable to make headway because uncertainty hung over markets like a black cloud. Investors heard the rumblings of delay, with respect to tax cuts which, along with earnings season, budget negotiations, North Korea hijinks, and nonstop negativity from the media and the left, put them in a wait & see mode. With the 100-day yardstick (artificial as it may be) around the corner, Trump picked up the ball and is making a beeline for the goal post. Renewed talk of tax cuts, (by far the #1 priority) lit a fire under the markets. The Nasdaq has hit new highs and the March highs on the Dow and S&P could be taken out depending on what unfolds this week.
Investors should remain vigilant because the market is priced for perfection. That’s not to say it can’t go higher or even start a new leg to the upside. Anyone who claims to know the future with respect to the markets is someone to avoid. As the old saying goes: Markets are never wrong! Opinions are! Always make preservation of capital your priority. Remember – if you listen to bad advice no one is going to replace your money.