It's been a relatively calm day of consolidation, a slight correction from some of the trends we've seen since last week's remarkable victory for Donald Trump

But the winners and losers are becoming ever clearer

First of all, it's a victory for the little guy, the Russell 2000 Index of smaller companies hasn't beaten the Russell Top 50 Index to this extent in more than a decade

It's also a victory for the US and apparently a defeat for the rest of the world

The S&P 500 hasn't beaten FTSE's rest-of-the-world index to this extent in all the time the FTSE has been keeping its index

Also, it's a victory for the strong dollar

On a trade-weighted basis the dollar is as strong as it has been in 13 years

Now, a strong dollar is bad news for exporters

It's also bad for their earnings. Explains why smaller companies are performing better

But if we take a look at rate expectations, you can see that there's also now an expectation that we will get two rate rises by midsummer of next year

That's bad for domestic players as well

There are negatives here, but for the time being, people are happy to concentrate on the positives

And that's the New York Minute