The market was supposed to be priced to perfection, but the highly predictable announcement regarding Keystone still led to a 100 point surge in the TSX. Apparently, there’s still some juice left in the Trump trade. President Trump has been signing executive orders at light speed because he is currently dealing with low hanging fruit. Killing the TPP is easy. Reviving Keystone is easy. Building a wall is easy. Infrastructure is easy. And we suspect that tax cuts and cash repatriation are coming soon because they are also easy. So in the near-term those “fully-priced” stocks might become even more fully priced.