Well, it had to happen sometime.

And this really was the perfect week.

With markets at the tippy tippy top of their all-time record-setting run, the week got started with Trump's first formal State of the Union address, continued with the departure of Fed Chair Yellen, really got going with results from FAANG members Apple (AAPL) and Alphabet (GOOGL)  (both Action Alerts Plus holdings), added in a bitcoin swoon and an interest rate surge and capped it all off Friday with a robust jobs report and the president basically declaring war on the FBI.

Choose your poison, right?

For the record, Friday was the S&P 500's worst day since Sept. 9, 2016, when it fell 2.45%. That doesn't even make it one of the 30 worst days over the past 20 years, but it almost certainly will mark an end to the so-called Trump Trade, you know, the one where you can buy anything and everything and they all go up forever.

It's over because:

  1. The tax cuts have passed.
  2. The companies with really significant overseas cash have already announced plans to repatriate it.
  3. Earnings and guidance have already rocketed higher thanks to the lowered tax rates companies will pay.

The trouble is, the tax cuts are a one-off. Corporate America won't get another jolt like this one. From now on all those companies are going to have to figure out how to actually grow their businesses again. And that's hard, and inglorious work.

For investors, the future's going to involve a lot more hard and inglorious work as well, and as has become clear this week, bitcoin isn't going to get them there.

So play any bounce that comes along, and then settle in for a more protracted, if saner market environment.

Now what with these markets? TheStreet's Executive Editor Brian Sozzi and reporter Kinsey Grant discuss. 

Inside Friday's Jaw-Dropping Market Selloff

Employees of TheStreet are restricted from owning individual equities.

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