Art Cashin: Traders Don't Trust 'Short Term' Earnings
Bank of America, Citigroup and General Electric* quarterly earnings and revenues are a combo platter of gains and "less worse" estimate beats. What does it mean for the stock market?
Art Cashin, director of floor operations for UBS Financial Services, offered CNBC his insights.
Cashin said much of the interest on the trading floor moved "away from the financials" Friday.
'Most of the [earnings] reports have shown better income by cutting costs. That's a short-term solution. That's not a method of growth. There's still a little suspicion."
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He addressed his previous declaration that today would give concrete evidence of the markets' direction going forward, saying that the playing field had altered suddenly this week.
"I'm going to have to extend to next Friday (July 24). We've got things cooking on the 21st and 22nd that I want to take a look at."
Cashin didn't specify what events he's awaiting, but joked, "Not the least is a major solar eclipse. We'll have to see if that changes the ionization in the upper atmosphere."
For Cashin's take on Institutional vs Individual Buying, watch the full interview.
CNBC's Companies in the News:
Bank of America
*General Electric is the parent company of CNBC.
Disclosure information was not available for Cashin or his company.