….Stock uptrend continues. Afghanistan, again. Trump in Phoenix. Tax reform, maybe. iPhone 8. Warren wins when he loses. Wells Fargo, again. National Park pass reminder. Facebook says eclipse eclipsed Super Bowl Financial Review by Sinclair Noe for 08-22-2017 DOW + 196 = 21,899 SPX + 24 = 2452 NAS + 84 = 6297 RUT + 14 = 1371 10 Y + .03 = 2.21% OIL + .28 = 47.65 GOLD – 6.90 = 1285.40   The stock market is overvalued. Price to earnings ratios are too high. Investors are too complacent; the volatility index is still below historic average. The Federal Reserve isn’t just planning to raise interest rates but plotting a reduction of its $4.5 trillion balance sheet, which can add to the effect of monetary-policy tightening, further increasing borrowing costs. All good reasons why the stock market could collapse. Instead the Dow Industrial Average has the best single day of trading since April. Here is the key point, the thing that really does matter – the trend is up. The trend has been up for 8 years. A trend in place is more likely to continue than it is to reverse. A trend can keep going for a long, long time. At some point, the trend will indeed reverse but that was not the case today. The market has slogged along the past 2 weeks with a minor pullback – yesterday we called that a pause and sure enough, today the market hit the play button – but ...