aaaand it ' s gone . <| sep |> There was plenty of institutional anxiety heading into the US election and immediately after the results . Recall that SPX futures were limit down 5 % when it became clear that Trump was going to win . The rally in small caps Russell 2000 stocks has not been reflected in large cap stocks look at performance of SPY vs . IWM and there has been a rotation out of yieldy defensive stocks into more cyclical names and financials that could benefit from a reflation trade in addition to lower corporate tax rates which would disproportionally benefit corporate earnings for high US tax payers . There are plenty of moving pieces here , but would argue that some of the drivers behind the move may not be as irrational as the price action would suggest . It ' s your call , but I am staying invested for the time being .