"It's new money for the new year," said Art Cashin, director of floor operations at UBS. "It's going on globally. It's not just a flight from safety if you look at the percentage moves, many of them are identical so to me, it's assets coming in." Cashin said in the last hour the market on close buy orders increased dramatically, with 70 to 75 percent to the buy side.
"That put a special bid under the market. What we benefited from today is the politicians haven't run to center stage," he said. "If they do that, things could change. This is a pretty hefty move. I would look for more consolidation tomorrow."
