“It’s not “Morning in America.” Rather, Trump makes uncertainty and volatility great again. Stocks exhibit a volatility and randomness in price action rarely ever seen — 1% daily moves become common place. The S&P 500 hits a high of 2,375 for the year and a low of 1,815 (down some 22.5% from today). Ultimately, it closes the year down 15%.”
–Kass Diary 15 Surprises for 2017
Over the years, like just about everyone else who has ever invested or traded in equity markets, I have spent some time studying market tops.
What do they look like? Is there a general pattern — the equivalent of a…

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