GO
Loading...

Watch Art Cashin: How I'll know stocks are back

Tuesday, 7 Jan 2014 | 2:40 PM ET
Cashin says: Economic recovery may get out of ICU
Tuesday, 7 Jan 2014 | 11:40 AM ET
CNBC's Bob Pisani and Art Cashin, of UBS, discuss early morning rallies, economic data, and how harsh, freezing temperatures are impacting the economy.

Art Cashin says Wall Street bulls want to "get up to a higher high than we closed on New Year's eve because we want to bail out that 'first five day' indicator."

Some traders believe that if the first five days of a trading year are net positive, then the market will be higher at the end of that year. The benchmark S&P 500 stock index closed at 1848.36 on December 31. As of mid-afternoon Tuesday, it needs to gain another 12 points to go positive.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "if the bulls can get their act together and march to a higher high and click in that 'first five day' indicator, that may shake some money off the side."

He adds, "We're beginning to see people float some bonds for corporate (stock) buybacks. That's a pretty good sign, too."

Featured

Contact Stocks

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More