April 4, 2018 10:20 am eastern

The S&P 500 and Toronto are each down about 1% as the market continues to be concerned about escalating trade tensions and actions.

Obviously, with the U.S. market still trading at a high P/E markets could certainly continue to go down. I have never been able to predict such things. Instead, my strategy has been to react to lower prices by adding to positions. At the same time, I try not to be in a hurry in doing that.

Soon, U.S. companies will begin reporting Q1 results. Expectations are that earnings will be up considerably versus last year in many cases due to the lower income taxes. This should already largely be reflected in stock prices. But the actual results if they are very positive could give a boost to markets.