The overall posture of the market is this. We have achieved record highs and have had an incredible run up since November 4, 2016 - after Trump was elected. But over the past ten months the market has also watched as first the Democrats blocked all they could in Trump's agenda and not many Republicans are joining.
So theses two factors - i.e. the market at record highs and the concern no real significant tax bill will be passed that will stimulate business growth - has the markets concerned. In what is normally the start of the best returns historically for the markets, November, we have seen a stall. Futures for a number of days have indicated a positive open at night only to wake up to red.
President Trump is on his Asian trip and met with Philippine leader Rodrigo Duterte. While here in the US House Republicans are pushing back against the Senate proposal to eliminate deductions for state and local taxes.
Oil has been on the move up with production cuts and a barrel of West Texas Intermediate (WTI) was trading at $56.70 this morning. A big story is the Saudi Arabian Oil Co. IPO, and what exchanges will be used to list the offering.