Another week above 18X forward earnings on real time and moving average basis. In my view this move has been the market pricing in tax reform. Any more delays or rumblings of no deal should send price back to 18X or below. That said Repubs are most likely to pass a bad deal just to save face rather than no deal.
DXY has stalled despite even more jump in Citi Economic Surprise Index. This should be assisting bond yields to move higher.
