Markets Shrug Off 'Fiscal Cliff' Mudslinging

Source: Twentieth Century Fox

The Fiscal Cliff Follies: should you be encouraged or discouraged? It depends. If you are long the market, you should be ENCOURAGED that in the last two hours the market has not moved on headlines like these:

Boehner: We're "Almost Nowhere" on Talks

McConnell: White House offer "almost comical."

McConnell: "There is nothing better going on privately."

Why no drop in stocks? It means the market still believes that a deal is coming soon, and that it will be substantive.

(Read more: Who's Who Among 'Cliff' Players)

On the other hand, you might be DISCOURAGED to hear about the mudslinging and the fact that nothing is going on privately (really?). I am.

I also don't believe nothing is going on privately. For the moment, I am sticking with the market interpretation.

(Read more: Obama's $1.6 Trillion Pitch)

—By CNBC's Bob Pisani

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