* The circus continues...

"Life is bare
Gloom and misery everywhere
Stormy weather
Just can't get my poor self together
I'm weary all the time, the time
So weary all the time"
Harold Arlen and Ted Koehler, Stormy Weather

When I appeared on Fox Business News Monday, I warned that the President's behavior ( see my opening missive) has begun to influence market volatility and prices.

This also might apply to Trump surrogates like Sean Hannity who railed with zeal against the Michael Cohen raid only six days ago on Fox News:

"We have now entered a dangerous new phase. It is clear as I have been warning Mueller is out to get the President and it appears at any cost. The FBI has raided the home and office of Michael Cohen. .. This is not officially an all hands effort to totally malign and if possible to impeach the President of the United States.. My message tonite to Mueller is if you have evidence of collusion, any at a l, show it to us or end this partisan investigation...The fake news is totally obsessed with Michael Cohen."
-- Sean Hannity, FOX News

The disclosure that Sean Hannity was the third of Michael Cohen's three clients in 2017-18 (the others were Donald Trump and Elliott Broidy (the now disgraced Deputy finance Chair for the Republican Committee)) could become something of a market factor -- but more likely is a journalistic issue, one that has to do with broadcasting standards.

Sean Hannity has been the Administration's strongest supporter -- and it is somewhat surprising to many (Democrats and Republicans) that he had never disclosed how closely he was connected with the President's lawyer, Michael Cohen. Though Hannity may not currently be paying attention to broadcasting convention, Fox's legal team may believe that the parameters surrounding the relationships between pundits and their targeted guests on the network, etc. should now be clearly be delineated in order to avoid conflicts of interest.

Surprisingly, Hannity's initial reaction to the revelation on his show was rather flippant -- which, given the past issues at the network, might not have been a good idea given his previously non-disclosed alignment with Michael Cohen.

If I go on business television and discuss a stock or write about a stock in my RealMoney Pro diary without disclosing ownership -- I could be in a serious predicament as there are standards.

No doubt Hannity will, in the days ahead, have to expand upon what his legal relationship (and advice) with Cohen (who's reputation is as a "fixer") was based on -- which could potentially be embarrassing to Hannity or to others. Or it may be disclosed and may end up meaningless in its context. Much will depend upon the reaction of Fox News' lawyers -- who have had their fill with O'Reilly and some others and most with recently Laura Ingraham -- who has lost a number of advertisers due to her comments about some of the kids at Stoneham Douglas High School.

Going forward, Hannity may now be forced to disclose if he has had relationships with any other Fox News guests in the past and in the future.

The circus continues as our understanding of what is "normal" is constantly being redefined.

I write this not as a partisan, but in order to communicate whether or not this new development is market influencing. Well, I suppose we will find out shortly.

Regardless, I can not see it as a market friendly development!

At the time of publication, Doug Kass had no position in any stocks mentioned.