Five year chart of ES.....seems the market has been on a long term upswing since well before 2013 so why give assume this market is booming based on the man who has not passed any legislation that has any effect on the market. In 2013 market went up 45% or so. I doubt Amazon, Apple, Coke, GOOG will see earnings affected by the Idiot in Chief from either party. Presidents always take credit for the stock market going up as if they had something to do with it or that represents the U.S. economy. 50% of SP500 revenues come from overseas. The S&P500 is no more an indicator of the U.S. economy than my ass is. Artificial pricing of the stock market is going up because there is no reason not to based on past 5 years of the economy holding somewhat steady and global economy being free from any pressing economic crisis. Despite the occasional military risk, boredom in the world economy means stock prices will float higher like balloons.
The funnier thing is that some of these POTUSs seem to think that when they are elected, anything they do is affecting the US right then and there when it comes to overall budgeting. The thing is, the US fiscal year begins on Oct 1st. Which means that any changes in the economy that had to do with 2017 happened on Obama's watch, when his last fiscal year started on Oct 1, 2016. It is only now at the end of 2017 that Trump's stuff will be realized (Well, in 2018), now that this is his first fiscal year at the helm. (And if they can even pass a budget.)
That's your fallacy right there as a trader (or investor)...you're a logical, square, fundamental person; Alot of people have assumed a market, bearish correction was in the works for the past six years.
The forums are littered with dead bears. I want someone to make calls on the next bottom after we hit the top and the Big One. I would guess it's above where we are now. This bull's just taking a brief breather on the news that Republicans no longer have a whippable majority in the Senate. But as I've said once already on this thread, there's no government like no government.