jonathan: joining us now, paul hickey.ome market participants aren't so rational? he already knew that, didn't he? >> i think he's the expert on that. it wasn't like the market was slumping before the tax plan for the framework was unveiled. stocks with high tax rates and did rally a little bit following the unveiling. thisll i don't think market is solely rallying on the promise of tax reform. jonathan: a lot of people would point out to the rich we saw from the summer lows that a lot of that was the idea that these tax cuts were going to get on. goinglar strength and is to be good for small caps. they had underperformed. you are seeing a market crawling ever so slightly higher. there have only been three other years above the moving average of the s&p more often than this year. you're looking for investors rotating. looking for something that is an out there to go out and buy it. brett's?re are we with how does that play out for the tax reform scenario? >> market breath off the february lows every time the market rates h