Stocks pushed back toward record highs as year-end selling pressure remains mild while buys remain bullish. A correction of up to ten percent could always occur at any time. However, the backdrop for anything more than that is not there as corporate earnings are relatively strong and the economy is growing at an above average pace. One has to wonder if tax reform might be a better alternative than tax cuts meaning a revenue neutral tax plan rather than one that requires dynamic scoring. We continue to favor the technology, health care, industrials and financial services sectors. Economic fundamentals are strong enough, corporate earnings have come through and interest rates should remain low – all factors that should provide support for equities at or near these levels. We have noted continually that there remains an upside bias and the downside appears somewhat limited. We see no reason to alter this posture. In addition even if the upward trend that has been in place since the election is broken it is still difficult to envision a bear market. 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.