Despite huge earnings misses and woeful guidance from brick and mortar retailers, the market came out the gate with more determination than expected, and there was a brief period when all the major indices traded higher.   Then the EIA petroleum report was released revealing the largest build in gasoline inventories in more than a year. 

I have to say that crude oil didn’t panic immediately after the release, and it still not recoiling to the same degree as stocks.  Even the NASDAQ, which should be largely immune to crude oil fluctuations, is getting hit.

I actually think the cyber hearing on Capitol Hill is having a greater impact on stocks at the moment than oil and brick and mortar woes.   There is the obvious political jockeying, including efforts to delegitimize Donald Trump’s victory.  But it’s the in-your-face lambasting of Trump by folks in his own party that I think is softening the market.

Senator Lindsey Graham took the opportunity to “throw rocks” suggesting Trump better lean heavy on the US Intelligence community before taking action against bad actors like North Korea.  

There is also the realization that reversing eight years of deliberate dismantling of American economic might can’t be done overnight.  That being said, I think the 2017 Rally will get its mo-jo from government milestones such as passage of smart legislation, removal of economic barriers and signs Main Street enthusiasm is morphing into reality. 

I’m not going to force the issue at the moment.