We are still on guard for corrective (even fairly volatile) declines in the weeks and months ahead, writes Gene Inger Wednesday.

These are variable from a technical perspective once certain key levels are again encountered.

At the same time as you know my view of the current time to fade markets in a rising-tops configuration.  

Reuters: Weak earnings, strong dollar hit large-caps Thursday. Small-caps gain.

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Additionally, there is the variability of whether we have a recession or not, whether the yield curve really is alarming or not, the fund flows from abroad. And more: CBOE S&P Volatility Index (VIX).

The U.S. budget deficit and debt are issues, but not so much of a risk while rates in a sense stay relatively low.

And I worry about social destabilization from the nonsense of agitation agendas that masquerades either as news, or a sort of political platform, that aims to detract from a protracted recovery.

Of course, I think it’s essential to separate certain social issues from the focus on investments; and you’ll recall I’ve urged Trump and team to marginalize those around him who would aggravate that sector.  

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All of my thinking in this regard is to keep Trump’s eye on the ball while it is pretty obvious others want to distract attention to derail real revival for this country.

True liberals would be more tolerant (as many are); and true conservatives wouldn’t be right-wing wackos (as many are). It’s a minority of loud agitators who get too much attention and stall the needed focus.

I have plenty of criticism for the way Trump has bumbled around; but after a week from media/diplomatic hell I actually see his core focus better, and I wish others would too. It’s trade reform and global peace, leading to real prosperity, while portrayed otherwise by antagonists.  

This all matters, because if you want a future leg much higher in the broad market (SPX), you absolutely must see trade reform, not trade war. And then go on with infrastructure and fiscal reforms that are essential to prosperity.

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