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90 Seconds with Art Cashin: Greek Deal Not Affecting Markets Yet

CNBC's Bob Pisani and Art Cashin, of UBS, discuss the markets' lack of response to the Greek deal. Cashin asks what will happen when the election comes around in April, as Greeks are already crying about austerity.

90 Seconds with Art Cashin: Can Draghi Help Greece? 08 Feb 2012
CNBC's Bob Pisani and Art Cashin, of UBS, discuss the market drop and concerns the ECB's Draghi may not be able to help Greece.

90 Seconds with Art Cashin: Bernanke's Sigh of Relief Rally

07 Feb 2012

CNBC's Bob Pisani and Art Cashin, of UBS, discuss a down dollar, the up euro and the reasons behind the mini rally. People are realizing Greece doesn't have a payment due till March, and after Bernanke's testimony, there was a sigh of relief rally.

Cramer: 'Where's the SEC' on 'Absurd' IPO?

07 Feb 2012

CNBC's Jim Cramer, David Faber and Bob Pisani discuss the planned $18 million IPO of Caesars Entertainment. Cramer calls it absurd, and asks, "Where¿s the SEC?"

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Trader Talk Video Gallery

90 Seconds with Art Cashin:...

CNBC's Bob Pisani and Art Cashin, of UBS, discuss the markets' lack of response to the Greek deal. Cashin asks what will...

90 Seconds with Art Cashin:...

CNBC's Bob Pisani and Art Cashin, of UBS, discuss the market drop and concerns the ECB's Draghi may not be able to help ...

90 Seconds with Art Cashin:...

CNBC's Bob Pisani and Art Cashin, of UBS, discuss a down dollar, the up euro and the reasons behind the mini rally. Peop...

Cramer: 'Where's the SEC' o...

CNBC's Jim Cramer, David Faber and Bob Pisani discuss the planned $18 million IPO of Caesars Entertainment. Cramer call...

90 Seconds with Art Cashin:...

CNBC's Bob Pisani and Art Cashin, of UBS, discuss the possibility of a Greek default. "We've seen this movie," says Cash...

90 Seconds with Art Cashin:...

CNBC's Bob Pisani and Art Cashin, of UBS, discuss the new highs on the Nasdaq and Dow, and the jobs number surprise. It ...

90 Seconds with Art Cashin:...

CNBC's Bob Pisani and Art Cashin, of UBS, discuss what happened to the global panic. We're doing alright, here, says Cas...

90 Seconds with Art Cashin:...

CNBC's Bob Pisani and Art Cashin, of UBS, discuss the consumer confidence numbers, the Case Shiller home price data's im...

Rally After Down Day Or Continued Weakness?

Published: Friday, 5 Sep 2008 | 9:20 AM ET

Text Size

By: Bob Pisani
Reporter

Futures dropped 10 points as the unemployment rate rose .4 percent to 6.1 percent, the highest since September 2003. The S&P will likely open in the mid 1,225 range; the key number here is 1,200, which was the July 15th intraday low.

We have seen a weak rally from the July lows that is now deteriorating; Demand for stocks has been weak and supply has been more than adequate.

Yesterday was a 90 percent downside day on both the NYSE and the NASDAQ, according to Lowry; in the past these sharp down days typically are followed by rallies of 2-7 days before a renewed decline. However, there were important breaks of support yesterday, which Lowry says, suggests potential for further weakness.

Elsewhere:

1) Nokia [NOK Loading... () ]down 11 percent, lowering its third quarter 2008 mobile device market share on weaker consumer confidence; they now expect it to be lower than in the second quarter. Motorola [MOT Loading... () ]and Texas Instruments [TXN Loading... () ]weak in sympathy

2) Goldman downgrades Merrill Lynch[MER Loading... () ] to sell: "With these markets still under pressure, we believe additional write-downs...and book value deterioration will continue to plague the stock." Merrill down 5 percent.

3) Elan[ELN Loading... () ] looking for second-round bids for its drug delivery unit, Elan Drug Technologies. It could fetch between $1.3 and $1.4 billion. A few private equity firm are in the bidding.

4) M&A chatter floating around:

a) Tobacco firm Altria [MO Loading... () ]in advanced talks to acquire smokeless tobacco maker UST, according to the New York Times; UST up 23 percent.

b) Samsung may make a bid for SanDisk, [SNDK Loading... () ]according to online news provider eDaily. That would create a flash memory powerhouse. A SanDisk spokesperson said that they periodically have conversations with multiple parties, including Samsung. One issue: SanDisk already has a venture with Toshiba.