JJ Kinahan Breaks Down How Trump's Speech Affected The Market

President Donald Trump played it safe in his Tuesday address to Congress. He stuck to the script, said little to incite controversy — even earning a few claps from reluctant Democrats — and, according to TDAmeritrade’s JJ Kinahan, looked like a true CEO.

“The market liked it because he looked presidential as compared to his inauguration speech,” Kinahan told Benzinga. “It painted a picture, and it painted a vision, and this is where we want to get to. It was a very positive one, and it was a very unifying rather than divisive speech.”

The biggest concern was a lack of details. However, Kinahan said the market is overlooking their absence because of the generally positive tone. But details are still in high demand, particularly surrounding the tax proposal and Trump’s plan to aid the overall economy.

“There’s almost a tax-cut put underneath the market right now just like there was the Fed put for a long time, so until we get details of this tax cut, I believe we’re going to continue to see support in the markets,” Kinahan said.

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Kinahan added that the tax proposal could affect infrastructure in a number of ways — and not necessarily the ways most commonly highlighted.

“When we think of infrastructure, we tend to only think of bridges and roads,” he said. “You know, technology is infrastructure. If we do get the ability where these big tech firms can repatriate some of their cash — they’re sitting on some of the biggest levels of it overseas — we can also hopefully get technology infrastructure also, and I think that’s very important and probably the most overlooked aspect of infrastructure.”

Regarding other platform promises and politically significant issues, Kinahan said he was not too concerned about Trump’s statements on immigration, healthcare or the like.