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Art Cashin Lays Out Risks in Current Market

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We're likely to trade rangebound until 3:30, at which point the market will either spring higher or fall to pieces.

Art lays out three primary risks to this tape.

1. Political uncertainty
2. Credit market worries, highlighted by the fact that JNK is down 7 days in a row
3. Trump's tax cut bill is dead

Add these things on top of an already frothy tape, beset by amateur speculators and weak hands, and there is a significant risk here for further downside.