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Art Cashin, UBS Financial Services director of floor operations, told CNBC what traders will be watching Monday — and through the week.
Bank stress tests and a "saloonful" of Treasury auctions are giving stock-market players cause for concern, Cashin said. With four "major" auctions this week — two on Tuesday, one Wednesday and the 30-year bond on Thursday — "that could be a lot of money drained out of the [stock] market," Cashin warned.
"I'm also a little concerned about the volume recently, going down as the market's been going up," he said.
"In the 'Old Trader's Handbook,' it says rallies in bear markets die on low volume. We may be rounding that top right about now."
What about his "very, very sharp" pullback prediction of a fortnight ago, in light of apparent stock strength? Cashin explained: "If you look at both the S&P and Dow, they're forming a sort of canopy top. We're within days of finding out...whether we're topping and rolling over."
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Stress Tested: TARP Recipients
Citigroup [C
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Bank of America [BAC
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JPMorgan Chase [JPM
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Wells Fargo [WFC
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Morgan Stanley [MS
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Data is a real-time snapshot *Data is delayed at least 15 minutes