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Following our bullish article published yesterday about the S&P500, the sudden revelation of Mr Comey's letter to President Trump raised the issue of obstruction of justice, a very serious charge for a US President.

Suddenly, investors began to think that maybe President Trump's tax breaks would not come through and that caused them to panic and sell out of their positions. What they seem to be missing is that the upward move in the S&P500 has never really been about Trump's proposed tax cuts. It has been about the much better-than-expected corporate earnings among S&P500 companies, especially the tech stocks. And these improved profits are directly related to the monetary stimulation which we spoke of in the article. In our view the sell-off was a knee-jerk reaction which will probably be reversed in the next few days. Already, South African shares like Dischem which reacted badly to the sell-off on Wall Street have recovered much of what they lost. If this was the beginning of a big sell-off, then why is the FTSE down only fractionally? Remember the old investor wisdom: "Nothing in the markets moves in a straight line".