Hot take: Trump is only the catalyst, not the cause.

Valuations metrics (cape, buffet ind, etc) are insanely high over the historical mean.

The yield curve just got done inverting late last year.

Sentiment is bad (AAII, CNN FG, PC RATIO, sp500 futures) (and that's basically all we have with how decoupled valuations are from fundamentals)

Interest rates are relatively high.

And various technicals are starting to slip.

I'm not a fan of trump (not that that's relevant), but am I suppose to just believe if not for trump, everything would be fine with equity prices?