 Analysts have found out that since the year 1871, over a one year time horizon, 80% of equity price changes are being driven by changes in valuation, so by the willingness of investors to pay a multiple for one dollar that is generated by a company. Over a five years or over a longer term horizon, 80% is being generated by a dividend yields and dividend growth. Now we know that Donald Trump wants to decrease or wants to have a tax holiday for profits that US companies made outside of US borders to repatriate this money back into the United States. Right now the tax rate is 35%, Donald Trump wants to have a tax holiday, he wants to decrease that to 10%. So that could be that in the S&P 500 out of 1,000 billion dollars that are being stored outside US borders, 200 billion are coming back to the United States and Goldman Sachs expects that 150 billion of that are being invested in buybacks and stock in companies buying back stocks. Right now this trend of buying back stocks in the S&P 500 has been going down on an annualized basis 6% down to 592 billion dollars but should companies really buy additional 150 billion that number or that volume would increase by 25%. The interesting thing is that George W. Bush had the Homeland Investment Act already initiated but that was connected to companies, if they use the tax holiday and take money back to the United States they need it to have that money invested in something that creates jobs. Donald Trump does not have that, Donald Trump says you can repatriate the money, what you do with it is your obligation or you must have the idea of what to do and most analysts actually assume that people will not invest into increasing their top line, so investing to create jobs in the United States but investing in stock buybacks which will bring a very fast increase in the dividend yield, a fast increase in price earnings. Price earnings in the S&P 500 are right now at 131.95 with a price earnings ratio of 17.4 so that might be a supportive factor if that tax holiday is really going to be coming. We've got really some high valuations in some sectors, if you look at the energy policy changes that the Trump government wants to initiate, wants to deregulate less environmental protection and the price earnings forward, price earnings for the expectations or based on expectations in the energy sector in the United States is 31.5 so really a high valuation and as we all know the S&P 500 rally has really gone fat, 2,000 billion US dollars have been added in market capitalization since the election of bad Trump so that is something that might bring us a correction further down the road. We now got a divergence which is really interesting, we got the European equity markets which are very clearly in a correction and we've got Wall Street which has tried to go into the same corrective mode but with the deregulation of the Dodd-Frank Act rolling back of regulation of US banks it has jumped and is not in any correction. The tax right now is 11,575 euro dollar at 1066 so that is a trying to watch should the euro dollar break out it has fallen inverted head and shoulders pattern that might be interesting to see.