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JPM: "It Remains A Mystery Why So Many Continue To Anticipate A Change In Trump's Behavior"

As traders sit at their desks on Monday, here are the key drivers of risk on what will be a relatively quiet Monday according to JPM's Adam Crisafulli:

Market update – it was a relatively slow weekend w/the exception of a slew of Trump-linked headlines. Cutting through all the Trump noise, the most incremental news concerned ObamaCare as an (albeit vague) Executive Order could allow for the attenuation of the ACA’s individual mandate. While the “tone” of media reports following the new White House’s first weekend weren’t great (the “alternative facts” comment was a popular point of focus), investors at this point should be inured to Trump and it remains a mystery why so many people continue to anticipate a change in behavior.

And a quick look at today's calendar:

Calendar for Mon Jan 23 – earnings are the only major events on Mon (HAL, MCD pre-open and ATI, SIMO, YHOO, and ZION after the close) although a few Washington catalysts will be in focus including Trump’s meetings w/Congressional leaders (there will likely be a slew of headlines coming out of this gathering w/regards to the Congressional agenda over the coming weeks and months) and Tillerson’s vote in the Senate Foreign Relations Committee (Rubio’s vote is being watched closely although he will likely vote in favor).