The S&P500 lost 0.2% in a very low volatility week. The uncertainty level is growing. The new president has to deal with some big challenges: Russia, China & Mexico. The result is already reflected in the 10-year bonds yield which has recently climbed to 2.4% – bad news for the stock market. If we add the fact that the market moved much higher recently due to the Santa-Trump rally, all indications point to an upcoming market pullback. Some 80 S&P companies will report this week, therefore, even if market volatility will remain low, we will have plenty movers to pick from.