After all, what good is a circus without clowns?
America's blindspot is the entire rest of the world. Which, in the zero sum game known as "Globalization", is not accretive to corporate profit. Here we see why 2017 was the lowest volatility year on record, and then why 2018 imploded global markets. It was the U.S. dollar rally, which was a function of the tax cut exploding U.S. bond yields.
The tax cut didn't just rob the U.S. Treasury, it also robbed the entire world of liquidity:
The reason I don't contemplate the bull case anymore, is because there literally isn't a bullish case anymore, aside from trusting perma-clowns. 2018 proved that fact in spades - featuring the best case everything is awesome scenario that imploded into bear market -20% on December 24th. The famous Santa Trump "BTFD" moment. But you can't tell that to today's bullshit-addled market observers. Somehow, amid record high global policy uncertainty, they prefer to sift the entrails of the algo-driven S&P futures for clues to the future, while global meltdown takes place in broad daylight. Unfortunately, multi-year trend-lines won't mean a fucking thing when the S&P futures explode limit down overnight.