In the case of Nixon, there was a huge bear market, but that was more a reflection of a deep recession with high inflation and the oil embargo sending oil prices skyrocketing, added Luxenberg, who previously managed more than $10 billion primarily in mutual funds as the lead equity manager at Guardian Life Insurance Company.
Strategists say more important to the market than impeachment is a trade deal, and concerns that a deal with China may be elusive, which sparked a market sell-off yesterday.
The impeachment vote created rules for the public phase of the inquiry, laying out a road map for impeachment that could produce dramatic televised public hearings within two weeks and a vote on impeachment itself by the end of the year.