It’s about to get interesting, folks.

We have been warning of the rising political risk.

Cohen had struck a deal with U.S. attorneys in Manhattan’s southern district after months of court proceedings related to a raft of materials seized in raids on his office and hotel room in April.

Trump’s name was not used in the lower Manhattan courtroom, but Cohen made references to an unidentified “candidate,” at whose direction Cohen said he paid two women for the purpose of influencing the presidential election.  – CNBC

Will Trump now begin to burn down Rome?

The market has been in hyperbolic discount mode of any political risks going forward, including the Dems retaking the House, all for just 50 S&P points of upside and a new nominal intraday high.  Piss poor risk-reward, in our opinion.

This new chapter that began late today will last for some time, and who knows where it takes the country.   Hoping for the best.  Seat belts.

Stay tuned.