The Nasdaq is up almost 3% from its lows following the avalanche of Cohen-related headlines that proclaimed the ‘end of Trump’ was nigh.
“Intriguingly, the president’s legal woes don’t seem to have any market effect yet,” notes veteran UBS trader Art Cashin.
Cashin added in the “Squawk on the Street” interview that investors are calling it the “Pence put,” meaning markets expect Pence will have no issues taking lead at the White House if Trump becomes “handicapped.”
Furthermore, Cashin, reflecting on today’s spike, warned enthusiastic investors not to get too excited as “it is a sellers boycott rather than a buyers stampede.”
The bond market remains thoroughly unimpressed…