Cashin: Need this to get past ‘halfhearted’ bounce
Art Cashin said Tuesday's stock market bounce is "halfhearted" when compared to the size of the losses on Friday and Monday.
Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that a strong jobs report on Friday will be needed to spark more significant stock gains. Because the January data will be distorted by bad weather, Cashin said, "What we really need is a revision of the (December) number."
Non-farm payrolls for that month increased by just 74,000, according to the government's initial count. Cashin said it will need to be revised to show growth of 150,000 jobs, at least, for the stock market to regain confidence in the economy. "The old number almost has to be revised. If it remains where it is, that will put pressure on the market."
The market has a tough road higher due to technical factors. Cashin said, "They're struggling right here around the 1753, 1756 (levels). There's some resistance. And then there should be a brick wall in the S&P up around 1765, 1770."