The Trump Rally Is Over But No Bear Yet

A lot of people are saying the rally in shares since early November that took the Dow over 20,000 is exhausted. That may be the case. However, short of a 1987-style crash, we're going to have see a recession before shares retreat dramatically from present levels. And the data don't support the thesis that a recession is coming anytime soon. Instead, we are now seeing a re-acceleration of growth from a mid-cycle slowdown. And that is supportive of shares.