Just which way are the markets headed? Art Cashin, floor director at UBS weighed in Thursday.
"The market's staggering a bit here," said Cashin. "We may be at risk at seeing kind of a multiple correction, correction, in which it will frustrate people by them buying into the correction of the rally which then proceeds to correct again and again. We're at a very touchy area here for the markets."
As for trying to read where the markets are going, Cashin said it's not easy to do these days.
"This rally itself has been very difficult, it morphed into a sideways move," said Cashin. "This is a highly unusual formation and this is defying the talents of many of us have been in the business for years."
Commenting on Warren Buffett's interview on CNBC Wednesdaysaying the economy is in a shambles right now, Cashin said he agreed with Buffett's analysis.
"He was right," said Cashin. "The key word is not plastics, as in the film 'The Graduate,' but sustainability. And it's both here and in China. Their stimulus program is making things look a little bit better including commodities. Neither is going to morph into a sustainable recovery."
(Watch Video For Full Cashin Interview)
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Disclosures:
Disclosure information was not available for Cashin or his company.