Last week the market was down due to what we think of as “non-event risk”. We compare it to interest rate risk vs. principal risk. Currently, the market is trading very close to all-time highs. This latest rally was based on the prospect that the Trump administration would be pro-business and pro-investor. Tax reform, repatriation of overseas profits and regulatory relief are all baked into today’s stock prices. Any misstep or delay in these highly anticipated occurrences (which would cause them to become ‘non-events’) will gradually reduce enthusiasm for the market at these levels. Earnings season is just getting underway, with JP Morgan and Bank of America reporting earnings last week, both beating expectations but still hovering around pre earnings levels. People, we think, are still waiting for the tax reform and infrastructure spending that Trump has promised and until then the market could continue to fluctuate around and beneath these levels. It is important to remember that the market is up, 67% of the time yearly, monthly 59% and 53% of days. Try to not get caught up in the day to day noise and always think where the market will be a year from now, not a week.