It’s a fascinating time in the markets. You’ve got all these different forces pulling in different directions. Quantitative tightening, fear of trade war, tax cuts, continuing buybacks, lots of accumulated debt, the rise of high-frequency traders and their tendency to remove liquidity at the hint of any change in fundamentals, strong earnings, low employment, high asset prices. It doesn’t surprise me that ^SPX is swinging between 2600 and 2800 with all of these conflicting signals.