Manafort and Cohen Guilty, Market…Celebrates?

In a stranger-than-fiction bit of irony, investors are celebrating the longest bull market ever — with new all-time highs having occurred on the same day POTUS was named an unindicted co-conspirator in federal felonies.

If you blinked you missed it, but it was a new high for SPX — which promptly sold off after trashing bearish technical patterns.Futures, which were off as many as 28 points after yesterday’s highs, are back up to a negligible 4-pt deficit thanks to VIX’s underwhelming response and oil’s algo-inspiring spike.

It’s reminiscent of election night 2016, when algo slight-of-hand successfully distracted investors from the angst of the overnight session.  Can they do it again?

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