Stocks sold off fractionally this past week as volatility remained historically low; this, despite the rash of domestic political unnerving news and perhaps to some – noise. It appears as if the bull market is intact until the bears can prove otherwise. According to FactSet, “for Q1 2017, the blended growth rate for the S&P 500 is 13.6%. If 13.5% is the actual growth rate for the quarter, it will mark the highest (year-over-year) earnings growth rate for the index since Q3 2011 (16.7%).” Although stocks look a bit stretched at these levels given the trials and tribulations of the Trump Administration, the earnings picture provides solid support not far below. It is difficult to envision a bear market with this earnings support. Furthermore, should President Trump make some headway on tax and/or healthcare reform, stocks could head higher. For now, we continue to be tilted toward the optimistic side. Stay diversified. There is no need to be a hero. Your portfolio must be measured against your long-term objectives. Do not be caught up in the day-to-day noise of the markets.