MARKET CALL: Investing Without A Trump Or Powell Put

Anything is possible in Trump World. We can't rule out the possibility that a bear market started on February 20, the day after the S&P 500 rose to a record high (chart). It could be like the "flash crashes" that occurred during 1962 and 1987. It could happen quickly and reverse just as quickly. So the selloff could provide buying opportunities, especially in overvalued names that are now less so.

For now, the problem is that the Trump administration's rapid-fire policy initiatives are stress-testing the economy, which has been remarkably resilient so far, and raising fears of a recession.