CNBC Stock Blog
- Expect a 'Square Root-Shaped' Recovery: Chief Investor
- HP to Feed on Enterprise Spending Next Year: Tech Analyst
- How Stock Investors Can Play Holiday Travel
- 3 Growth Opportunities in Tech: Analyst
- Prep Your Portfolio for Next Week: Stock Pickers
- Global Growth Good for Portfolio: Stock Picker
- Expect Tech Sector to Rise in Q4: Strategist
- Expect a 5-10% Market Pullback: Stock Picker
- 3 Stock Picks for This Volatile Environment: Portfolio Manager
- 3 Financial Stocks May Lead Final Rally: Market Researcher
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Existing-Home Sales Jump To Highest Level in 2-1/2 Years
- Start-Up Proves Everything Really Is Better With Bacon
- Wave of Debt Payments Facing US Government
- Wall Street Finds Profits by Reducing Mortgages
- Cadbury Hits New High as Bidders Circle
- China Asks Its Banks to Slow Down
- MBS Buyback Program Should be Extended: Fed's Bullard
- Expect a 'Square Root-Shaped' Recovery: Chief Investor
- Madoff—The Holiday Drink
- HP to Feed on Enterprise Spending Next Year: Tech Analyst
- Busch: Markets Smell a Country Rat
- Schork Oil Outlook: Mission Impossible For The Bears?
- S&P Stocks Trading at New 52-Week Highs
- Losey: Asset Allocation At Retirement
- Farrell: Obama Hectored, Ignored and Restricted?
- Don't Dwell on Investment Mistakes; Move on, Like Buffett
- Existing-Home Sales Jump to 2-1/2 Year High
- Wave of Debt Payments Facing US Government
- US Job Losses to Bottom out Next Quarter: NABE
- Obama Jobs Forum May Be More Political Than Practical
- Late Payments on Credit Cards Drop in Third Quarter
- Suze Orman’s 'A Healthier, Wealthier You'
- Latest Holiday Drinks: The Madoff...and the TARPatini
- Madoff Trustee, Law Firm Submit $22.1 Million Bill
- JPMorgan's Dimon Could Succeed Geithner: Report
RSS FEED
Text Size 
Intel and Goldman Sachs posted strong quarterly earnings; and two key manufacturing indexes showed signs of recovery Wednesday. What does it all mean for the stock markets?
Art Cashin, director of floor operations for UBS Financial Services, offered CNBC his insights.
He repeated his theory that the conclusion of this week is going to offer concrete answers about the market's direction -- one way or the other.
"For now, it looks like the bulls have taken the ball that the bears fumbled earlier this week and are continiuoing to move it," Cashin said.
"So far, we've seen a couple of things nobody expected."
Cashin weighed in on the oft-discussed "head-and-shoulders" pattern, taken as gospel by many analysts — but which seems to be disrupted now.
"The trouble with the head and shoulders pattern is it started to get accepted by everybody," Cashin said. "And the market likes to confuse the most amount of people — usually the majority."
The pattern "broke down through the 'neckline,' which by classical, technical thought, should lead to 820, 827. But instead, the market reversed back up through the neckline."
"We have to watch the area around 830 — the right shoulder."
Cashin called this reversal of classical theory a "failed breakdown syndrome" — which, he said, could produce a "super-rally" scenario.
Cashin says one S&P number "above the head" should worry shorts. Watch the full interview to find out.
______________________________
More Art Cashin:
Click for More Art Cashin Videos
______________________________
CNBC Slideshows:
______________________________
Earnings Season:
- Top Bank Stock Picks — and Pans (Pt. 1)
- Earnings Calendar: This Week
- How to Use Goldman to Play BofA, JPMorgan
______________________________
______________________________
CNBC's Companies in the News:
Bank of America [BAC
Loading...
()
]
Intel [INTC
Loading...
()
]
CIT Group [CIT
Loading...
()
]
Citigroup [C
Loading...
()
]
______________________________
Disclosures:
Disclosure information was not available for Cashin or his company.
Data is a real-time snapshot *Data is delayed at least 15 minutes