Although tragic, the nice thing about hurricanes Henry and Irma is that they took President Trump off the front page, temporarily.

Nonetheless, politics on both sides of the border have had an influence on the market. We shouldn’t forget we have our own tax drama going on here at home with Mr. Morneau’s proposed tax changes.

I’ll address the Trump effect, but first let me give you my conclusion.

Bottom line, I’m still positive on the stock market. The economy is growing as are earnings while the U.S. Federal Reserve maintains a modestly accommodative monetary policy. I don’t anticipate this stance changing until we get either the threat of a recession or much tighter monetary policy. The only concern I have is with valuation. The stock market isn’t cheap. Other forecasters however, have conflicting opinions about the market, but the reality is that the stock market is at an all-time high despite greatly reduced expectations about the Trump administration’s economic agenda.