The factors influencing the end of the US bull market

Potential for significant losses in parts of the market

The US economy is on a roll, the beneficiary of well-balanced domestic growth combined with synchronised global growth and tax reform.

Even without the benefits of tax reform, S&P 500 earnings growth is running 15%-16% higher pre-tax than last year. And with tax reform S&P 500 earnings should rise roughly 20% year-over-year in 2018. Importantly, valuations (with the exception of ultra-high growth areas of the market) are more reasonable and upside remains.  This glowing picture could be offset by a number of  potential issues, which are likely to produce further market volatility: Fear of a more aggressive Federal Reserve worried about increasing inflationary pressure, negative outcomes from ongoing trade negotiations, ...