Blue chips have been on bullish bender of a winning streak this month, riding investor complacency to 11-straight winning sessions. Apparently, Donald Trump isn’t jangling the nerves of investors quite like he is riling up his detractors. Not yet, anyway.

Read:Why Wall Street isn’t worrying about the market’s tight trading range at this point.

Of course, that could all change this week, according to part one of our call of the day from portfolio manager Cam Hui of the Humble Student of the Markets blog. Hui warns that President Trump’s address to Congress on Tuesday will likely trip the market’s volatility switch and potentially bring the current stretch of wins to an abrupt halt.

“The stock market has rallied substantially in anticipation of Trump’s proposal of tax cuts, tax holiday for offshore cash repatriation and deregulation,” Hui explains. “As Trump’s tax reform proposals become more clear, it is becoming evident that there are two likely outcomes. Either Wall Street will have to swallow the bitter pill of the protectionist measures of a Border Adjustment Tax (BAT), or they will get delayed and bogged down in Congress.”

Hui says get ready because Trump’s speech will “raise uncertainty about potential changes in fiscal, regulatory, and other government policies” and, in turn, wake up a slumbering stock market.

“As the market has bought the rumor of tax cuts, it may now be time to sell the news,” Hui adds.

Call of the day, part two: Enter David Stockman. The former Reagan administration budget director takes the bearish outlook up a notch or two, by slapping a date on when he believes the “giant fiscal bloodbath” will deliver a broadside to markets.

“This is delusional. This is the greatest suckers’ rally of all time. It’s based on pure hopium,” he said in an interview.

“March 15, 2017 — That’s the day the debt-ceiling holiday that Obama and Boehner put together ... expires. We’ll be in the mother of all debt-ceiling crises. Everything will grind to a halt. I think we will have a government shutdown,” he says.

Welcome to March.

Key market gauges

Blue chips might score a 12th-straight day of gains, but the Dow DJIA, -0.87% , S&P 500 SPX, -1.11% and Nasdaq Composite COMP, -1.07% are all heading lower a touch in early trade. Gold US:GCJ7 is slightly lower, while crude is higher. See the Market Snapshot column for the latest action.

The quote

“Every decade or so, dark clouds will fill the economic skies, and they will briefly rain gold. When downpours of that sort occur, it’s imperative that we rush outdoors carrying washtubs, not teaspoons. And that’s we will do.” — Warren Buffett, in Berkshire Hathaway’s BRK.A, +0.36% annual letter to shareholders.

More from the letter: No, we never said stocks are “forever.”

And here he is blasting hedge funds.

The chart

Lance Roberts of the Real Investment Report says reversion to the mean is “the most powerful force in investing.” Put simply, that means any time prices get out of whack one way or the other, they tend to move back toward the average.

In this case, Roberts uses this chart showing how the S&P SPX, -1.11% is pushing well above the 200-day moving average.

“While this analysis does NOT mean the market is set to crash, it does suggest that a reversion in returns is likely,” he wrote in a chart-heavy post as to why investors need to be careful. “Unfortunately, the historical reversion in returns has often coincided at some juncture with a rather sharp decline in prices.”

The buzz

Shares of La Jolla Pharmaceutical LJPC, -0.21% surged 51% after the drug maker announced positive results from a phase 3 trial of its hypotension treatment.

Tesla TSLA, +4.42% is getting kicked after Goldman cut shares to sell.

The Oscar buzz is still going strong.

“La La Land” was announced as the best picture winner, only to be waved off mid-speech when it turned out “Moonlight” was the real winner.

The moment 'La La Land' mistakenly won an Oscar

The spotlight in #envelopegate has turned to two PwC partners, who hand out the results to Oscar presenters. The accountancy firm has put out a mea culpa for its role in the blunder.

Catch up with anything else you may have missed in our live blog recap. Also, check out the complete list of winners.

Beyond Hollywood, the British pound GBPUSD, -0.42% has taken a bit of a pounding after reports Scotland plans to hold another referendum on splitting from the U.K.

Expect an “avalanche” of selling when this market breaks, says “Dr. Doom” Marc Faber.

Auction house Sotheby’s US:BID delivered top and bottom line beats for the fourth quarter as sales came in stronger than expected.

The Senate is likely to confirm Wilbur Ross as Commerce Secretary today.

The economy

The durable goods report showed business investment was weak in January. Pending-home sales are coming at 10 a.m. Eastern. Later this week, we’ll get the second estimate of fourth-quarter GDP as well as February auto sales figures.

Also, check out why this Trump tweet is so silly:

The stat

51% — That’s the percentage of people who believe the media has been too harsh on Donald Trump, according to a new NBC News /Wall Street Journal poll. Surely the president wouldn’t dismiss this tally as fake news.

Meanwhile, the New York Times NYT, -0.99% continues to suffer through Trump’s assault on the “failing” press:

Random reads

Here’s why “if Trump pulls out the nuclear codes and pushes the button, at least some people will still get a good return on their 401(k)s.”

So Donald Trump says he won’t attend the White House Correspondents’ Dinner? Hmm, who could possibly replace him?

Since he won’t be hanging out with the media, here’s what dinner with Trump is really like: “He’s just a regular bloke. There is no pretension at all.”

Trump aside, golf is tough on the body... no, really.

North Korea has executed five senior security officials using anti-aircraft guns, according to Seoul.

The U.S. detains and almost deports French Holocaust historian.

Thousands of Russians take to the streets to protest Putin.

Need to Know starts early and is updated until the opening bell, but sign up hereto get it delivered once to your email box. Be sure to check the Need to Know item. The emailed version will be sent out at about 7:30 a.m. Eastern.

Follow MarketWatch onTwitterandFacebook.