The DJIA – Have we seen the top?

1. $SKEW has fallen off – revealing a loss of fear.
2. Interest rates in the short term have edged higher. Always a problem.
3. Crude Oil has moved up 10% in the last month. This puts a major cap on stock prices going out 3-6 months and is a major negative here preventing upside progress.
4. Earnings season was disappointing (is disappointing) and there is a clear lack of upside progress without financial engineering (buying back shares to get earnings up).
5. The movement of the Trump Tax Strategy has some anti-leverage components to limit deductibility of interest which is quite surprising given that Trump has created his wealth on massive leverage and FULL deductibility. This is ridiculous and what happened prior to the 1987 stock market crash 2700 to 1700 in 2 months (over 40% and would have been more had the market stayed open, futures were trading down another 20% for a full 60% decline in 2 months).
6. Movements to close the pension gaps around the country could impose a massive tax on all of us, which diverts funds away from enterprise and towards Gov’t, which is bad for all of us long term.