Q1 2017 Market Commentary: Trump, the Fed, Globalists, and Gold, Oh My!


This past quarter in the markets was one of the more interesting three-month periods we’ve had in a while. Not because of what took place, but rather, the lack of what took place, considering the boiling global geopolitical climate. Almost all of Q1 unfolded against a backdrop of zero volatility and confounding complacency not seen in over twenty years, that included an incredible 109-day streak of less than 1% moves in the S&P 500 end just shy of the quarter’s close. Over the past couple of weeks, some negligible volatility has returned, with the U.S. markets posting their first weekly loss (March 20-24) since the Presidential election back in November. Since that fateful evening on November 8, 2016, however, the S&P 500 is up an impressive +10%, with over half of its gains coming during Q1 (S&P 500 +5.5%). Naturally, a meager -1% drop over the past two weeks would…

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