A terrorist attack in the U.K., a credit rating cut of China and continued political squabbling at home could not derail this bull market as the S&P 500, NASDAQ Composite and U.S. Total Market Index all closed at record highs on the back of better than expected corporate earnings, lower interest rates, falling oil prices and an upward revision to Q1 GDP. After a nasty sell-off a week ago Wednesday, bulls once again have asserted themselves and we can’t help but conclude that the bull market appears 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.