Given the $SPX hit all-time highs last week, it seems clear traders and investors don’t think Pres Trump will actually go all the way through on his strident immigration rhetoric which if fully implemented (i.e., the forced removal of all undocumented immigrants) "which would trigger shockwaves throughout the economy, according to strategists, economists and Wall Street pros. Inflation would soar and labor-intensive industries such as agriculture and construction would struggle to find workers. Returning the country’s entire population of undocumented immigrants will reduce America’s gross domestic product by 8%, an analysis from Bloomberg Economics found."

“People forget very quickly that often there is a lot more talk than actual execution, especially with mid-term elections coming up in 20 months,” said Todd Ahlsten, chief investment officer for Parnassus Investments. “So we do not want to over-extrapolate what could be a short-term blip and get it wrong.”