Here's my statement and the full email chain (click on link below)

Donald Trump Jr.‏

Well, political intrigue continues to impact the market with “Russia- Gate” rearing its ugly head again.  Why this doesn’t go away I can’t understand, other than fodder for clicks and media engagements.  That being said, its clear investors are paying attention to any distraction with very tight timelines for achieving healthcare insurance reform and other parts of the agenda.

Donald Trump Jr. released a string of communiques to answer questions over a Russia contact and the market promptly swooned.   The Dow Jones Industrial Average quickly snapped back, but  it couldn’t reclaim its previous high point.   Speaking of timelines, the market is showing cautious optimism to reports the Senate will delay its August recess two weeks.  It is good to see them stay and work, but it also suggests that a bill whispered to be ready this week, probably isn’t.

DJIA

So Washington, D.C. is in full Greek Theater mode and everyone is looking for the ghost in the machine to save the day.

As this continues to play out, I like the underlying fundamentals.  And, while soft data has gotten softer, there aren’t any signs burgeoning momentum isn’t still in place.