Art Cashin: No Green Shoots — But Autos Look Good
General Motors filed for Chapter 11 bankruptcy protection Monday and all eyes are on the U.S. government's 60 percent equity stake in the auto maker. GM's shares are climbing along side commodities and commodities stocks.
What's next for the stock market? Art Cashin, UBS Financial Services director of floor operations, offered CNBC his insights.
"I think that financials are a little bit overdone, so I'd like to see people shifting" their allocations, Cashin said.
"I'd believe more in 'green shoots' if I saw people buying into manufacturing, power equipment, things of that type. Don't see a lot of that yet."
With most major auto stocks rising Monday, can it be that the GM bankruptcy is already priced into the sector?
"It certainly looks so," Cashin said.
"The auto sector is up 5 percent. Everybody's picking over the [GM] corpse, saying they're going to pick up market share, with a wounded GM going out into the ICU."
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Disclosure information was not available for Cashin or his company.