Stagg is right
How many times have we heard the sky is falling argument when a political issue develops? Yesterday, after the failure to pass the health care law, the market pundits were predicting that Trump's entire agenda and the fate of the entire world was going to come to an end, and now today the market is up, this time on rumors that the infrastructure plan may come earlier.
There is no doubt that the market trades on anticipation of events to come and has been known to "buy the rumor, and sell the news." I'm not denying that. Also, historically, we have seen the market selloff in the first year of a new administration when the new program gets delayed (this happened in Reagan's first year).
In the late years of a bull market, it is only natural to try to predict when it all comes to an end and to try to be the first one out the door (with your profits) before the selling stampede starts. But some have said it is almost impossible to call the end perfectly. Usually the end comes when there is no skepticism and everyone starts saying it is different this time.