The decision of President Donald Trump and Chamber President Paul Ryan to pull the health care bill hours before the vote on Friday will not cause irreparable damage to the bull market, according to Raymond James.
Chief investment officer of the company, Jeffrey Saut, warned investors that the shares are in a danger zone. According to him, the shares will be under pressure on Monday as investors absorb the failure of health reform as a sign that Trump's friendly business program sees serious cracks.
The worst scenario would be 5 to 10 percent correction, says South.
Yet Saut, who acknowledges being erroneously cautious since early February, reiterates that the long-term model remains positive, and he's been a bull since March 2009.
Source: CNBC
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