Stocks tried to rally higher today, and tended to fall back a bit into the afternoon, finishing with modest increases.

It is too early to say with any certainty, but this is starting to look like a blow off top. No need to guess; we will know it, when it confirms. It would most likely experience a two step decline. There will be a drop, a big rebound on dip buying, and then a turn and a loss of confidence.

Is The Donald mouse-trapping himself? He keeps pointing to stocks as the evidence of his policy success. What if the markets turn lower, and there is another financial crisis? Do we have any confidence that the Trump Admin will know what to do, and will do it? Obama and Bush didn’t. Unless you are a Banker.

Gold and silver giving us the expected pause now. Let’s see how this works itself out. That will speak volumes.