Art Cashin Explains Market Exuberance: Stocks “Are Pricing In A ‘Pence Put'”

The Nasdaq is up almost 3% from its lows following the avalanche of Cohen-related headlines that proclaimed the ‘end of Trump’ was nigh.

Art Cashin Explains Market Exuberance: Stocks "Are Pricing In A 'Pence Put'"

“Intriguingly, the president’s legal woes don’t seem to have any market effect yet,” notes veteran UBS trader Art Cashin.

Art Cashin Explains Market Exuberance: Stocks "Are Pricing In A 'Pence Put'"

Why?

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…

Art Cashin Explains Market Exuberance: Stocks "Are Pricing In A 'Pence Put'"
Read on ZH

Share:

Author: HEDGE

Hedge Accordingly was founded ahead of the global financial crisis in January of 2008, with the goal of providing our readers our unique take on The Latest News on Wall Street, Stocks, #Politics and Business news. Hedge Accordingly produces both original, and aggregated #Wallst news content from top publishers around the world. We curate aggregated content covering the latest news on politics, stocks, wall street, and the tech industry. We also provide free stock charting, quotes and a bitcoin, forex and currency exchange. Learn More About HEDGEaccordingly.com