"This is a relief rally, and it won't last," he says. "Pretty soon, traders will look around and start to realize this scandal is going to get uglier before it gets better." And as the Clinton pundits' chatter dies back down, Kadlec says, the ongoing disaster in Russia -- adding to the global economy's already considerable woes -- will start to sink in. "The correction wasn't nearly deep enough. A week from now, we'll be headed right back down again."
Wall Street's Wishful Thinking
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NEW YORK: Could Wall Street be so gullible as to think this long national nightmare could be ended with a 4-minute half-apology? It seems so; the rally that began Monday with the President's testimony only picked up steam the morning after his terse speech, with the Dow rising almost 140 points by closing. TIME Wall Street columnist Daniel Kadlec thinks investors are kidding themselves.