Watch Art Cashin: 'Reckless' reason stocks are up

Tuesday, 29 Oct 2013 | 3:56 PM ET
Cashin says: More relay race than rotation
Tuesday, 29 Oct 2013 | 2:40 PM ET
CNBC's Bob Pisani and Art Cashin, of UBS, discuss the day's record highs and the march of the market. The market seems to have shrugged off concerns over the JPMorgan-DOJ deal, too, he says.

Art Cashin says the market believes the Federal Reserve won't do anything to disrupt the market when its meeting ends tomorrow "so there will probably going to be a rally then. Let's make sure we either cover our shorts or buy into them now."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midafternoon it could be "reckless" thinking, "but it seems to be the market's posture."


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