There are a lot of risk-off signals right now. The only pro-growth indicators seem to be related to possible tax cuts. On the corporate side, tax cuts aren't going to create investment in growth when all of the other indicators are negative. The same thing happened in 2018 . . . tax cuts right before tariffs caused many companies to use the savings for dividends and buy-backs.
Perhaps that's the design, I don't know. But it seems to me like selling the S&P becoming the trade is more likely than not over the next six months. We'll see, the market's resiliency never ceases to amaze.