Art Cashin: It IS a Bear-Market Rally
Was Monday's rally a rebound — or merely shorts covering themselves?
Art Cashin, UBS Financial Services director of floor operations, offered CNBC his stock market insights.
"It sure looked like there was some panic in buying yesterday," said Cashin.
He cited buying drivers including Warren Buffett's positive comments about financials such as Wells Fargo.
"I've been talking about a 'rolling top,' a 'canopy.' But [traders] kind of punched a hole in the canopy yesterday." He added, "We need to reassess the shape" of the markets now.
Despite that, he declared, "I still think it's a rally in a bear market."
"I'd like to see prosperity come back, but it looks like it'll take a long time."
For more of his commentary, check out the Art Cashin Page.
- 'About' Ten Stress Test Banks Need Capital
- Counterpoint: 'Still a Little Early’ For Bank Stocks_____________________________CNBC's Companies in the News:AIG Berkshire Hathaway page90BRK.Afalsetrue43pricetruefalsefalsefalse0QuotefalsetrueChartfalsetrueNewsfalsetrueProfilefalsetrueAdd to Watchlistfalsetruetruehttp://api-cdn.cnbc.com/api/chart/chart.aspGE4true3Citigroup page90Cfalsetrue43pricetruefalsefalsefalse0QuotefalsetrueChartfalsetrueNewsfalsetrueProfilefalsetrueAdd to Watchlistfalsetruetruehttp://api-cdn.cnbc.com/api/chart/chart.aspGE4true3Bank of America page90BACfalsetrue43pricetruefalsefalsefalse0QuotefalsetrueChartfalsetrueNewsfalsetrueProfilefalsetrueAdd to Watchlistfalsetruetruehttp://api-cdn.cnbc.com/api/chart/chart.aspGE4true3_____________________________Disclaimer