It's important to keep in mind that when the market gets to extremes, like it is now (25x PE ratio, 27x Schiller PE ratio, 2x Price to sales ratio, 125% of total GDP,) it's easy to throw up your hands an join them. However, it's important to keep in mind that interest rates are increasing globally. That is very enticing for a money manager. Also, most sectors have performed incredibly well over the last 2 weeks. Do you lock in gains at high valuations, or let it ride? I think money managers would rather lock in gains and sell than to possibly have the air deflated from prices as Trumps policies gain more clarity, or more importantly, reality.