View of the New York Stock Exchange building on Wall Street. Photo: Reuters/Lucas Jackson

Nothing is happening in today’s markets.  There’s no consumer collapse, just a slight pullback in real spending due to the rise in oil prices (as we noted earlier today).

The auto companies are flat to up on the day and the rest of the market is in Brownian motion. Valuations are a tad rich but reasonable. We continue to like emerging Asia which we still think is the big trade of 2017.

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