Let's examine it a little closer, if you don't mind.

No doubt there have been stellar performances among the two sectors that stand to benefit most from the "D" word (deregulation): financials and energy. These were the two sectors that were on the long list for a long time in the event of a Trump victory.

Both have lived up to their billing, having advanced 14.1 per cent, and 7.0 per cent, respectively, since the election. These two sectors, representing just over 20 per cent of the S&P 500 market cap, have accounted for all the gains since then. The other 80 per cent of the stock market is flat as a pancake.

Now, I have no problem with financials and energy, and there likely is more upside too. The former was one of the few sectors heading into the election that was undervalued and the banks will get an added boost as well from expanded net-interest margins; the OPEC deal, if it holds together, is an added plus for the energy group.