As The Trump Rally Powers Forward, Why Are Some Skeptical?

Investors who are viewing the coming years with “excitement over a more free-market economy and the appearance of a clear path to higher equity prices and bond yields” are enjoying the Trump Rally right now. Since the election, the S&P 500 has run up near 9.54% on the S&P 500. That’s not a bad year and it happened in three months in the face of trade headwinds, diplomatic woes and “alternative facts.” Is the stock market flying higher in the face of policy uncertainty headwinds the ultimate alternative fact? Could this be why Macro Allocation’s Paul Brodsky just isn’t “excited?”