“If you are not willing to risk the usual, you will have to settle for the ordinary.”
– Jim Rohn
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The market will have to start to rethink the relentlessness of this rally as Conway and Mnuchin deliver more realistic commentary on the pace of reforms. As we have been discussing into 2017, bonds and gold were our preferred play to focus on this inevitable development. Nothing has to happen but we remain focused on the Russell and on the NASDAQ for signs of the first cracks.