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March 21, 2017 By Peter Boockvar

Some Market Thoughts – No Room for Error

While we’re all trying to find a reason (or reasons) for the market pullback we have:

  1. healthcare vote worries and tax reform legislation getting bogged down
  2. continued weakness in the Russell 2000 and transportation index
  3. financial stock weakness as the yield curve continues to flatten (the 3 month/5 yr yield spread is now 38 bps below the mid December peak and the smallest since mid November

I think maybe my #4 is most relevant today,

4. Kevin Brady’s comments on CNBC this morning before the market opened that “My sense is that border adjustability has become a given.

That it will be part of the final tax reform plan and now the discussions are how can it be designed in transition in a very positive way for importers.” Importers of course don’t see the possibility of “a very positive way” in any fashion and why the retail stocks today are getting hammered with XRT down 1.9% after falling by 1.5% yesterday:

Screen Shot 2017-03-21 at 12.55.02 PM
XRT 6 months

 

I also don’t see how any form of it passes the Senate which means if DJT and the House push for it and it doesn’t get through the Senate, I’m not aware or familiar with any Plan B out there. Which then would push further out the possibility of major tax reform.

Either way, the amazing run the market has had since the election left no room for error, delay or issues of any kind.

Filed Under: Latest Data

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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