Small business optimism is hanging tough, but the read from the National Federation of Independent Business flashed a couple of yellow flags:

• Sales expectation 15, -12 points
• Time to expand 17, -10 points

Small business is the driver of the U.S. economy and stands to benefit the most from the Trump economic agenda.  After eight years of misery, these hearty folks are ready to grow and make the investments needed to achieve success.  They can’t remain optimistic, however, indefinitely. 

That creeping anxiety seen in the small business optimism index is also being seen in today’s session where a big rally faded quickly.   It’s normal action considering the length of the rally and oncoming wave of earnings results.