With today's US action, we seem to be well on our way to a re-test of January stock market lows. I predicted this - though maybe not the only one (haha) - in a recent note to clients. Today's 'jarring' was precipitated by news that the Trump Administration is planning to implement trade tariffs on imports of steel (25%) and aluminum (10%). 

Bad idea. Artificial restrictions on doing business with willing partners has never made sense to me. Trade goes both ways. You give to get, and the world is working inexorably toward becoming a 'global village' - this type of thing is usually always just a needless and temporary hindrance in which the consumer becomes the ultimate loser. Hopefully, the idea is not implemented or, if it is, it's very short-lived.

I still feel that the early-February market lows will hold, but it's action like this that can place that measured conclusion in jeopardy. Underlying all of this is a US economy that seems fairly strong with solid quarterly results coming in from corporations. I believe those factors will win the day (or at least the year).