Art Cashin: My Take on Financials
Goldman Sachs' quarterly profit jumped 33 percent as a strong gain in trading was offset by a one-time charge to repay TARP loans. Is it a renaissance for the financials?
Art Cashin, director of floor operations for UBS Financial Services, offered CNBC his take on banks and the stock markets.
Cashin reiterated his certainty that "by the close of business on [July] 17th, we'll have a much better idea" of where markets are headed.
"I think this week is critical," he emphasized. "We're on the verge of demonstrating that the head and shoulders*...might turn out to be a failed negative — which could lead to a super-rally."
"But it's too early to tell," he added cautiously.
What of the financials?
"Rarely is the leader of the next bull wave the leader of the previous bull wave. And the financials clearly were the leader of the previous wave."
For Cashin's take on commodities and resource-based stocks, watch the full interview.
More from Art Cashin:
- Dick Bove on Goldman Earnings
- Earnings Calendar: This Week
- Stock Strategists: How We're Trading Earnings
* CNBC Glossary:
Term referring to a chart formation in which a price exhibits three successive rallies, the second one being the highest. Believed by technical analysts to be a bearish indicator.
Visit the CNBC Education Center for full glossary, classic Treasurys strategies and more.
CNBC's Companies in the News:
Bank of America
* General Electric is the corporate parent of CNBC.
Disclosure information was not available for Cashin or his company.