Focus on earnings growth, not tax reform.
"What we've seen this year is some of the enthusiasm on policy fade a little bit," said Gabriela Santos, global market strategist at J.P. Morgan Asset Management. "If you look at earnings expectations for 2017, it's policy neutral - there isn't really a big expectation around corporate tax reform."
The Trump administration is expected to announce more specifics on its tax reform plans Wednesday, including a cut to the corporate tax rate to 15%, according to news reports.
Santos attributes the gains in stocks so far this year to global reflation, rather than animal spirits from the Trump administration. The S&0 500 is up 6.7% since the start of the year.
"The U.S. continues to grow pretty solidly and the rest of the world is picking up steam," she said.
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