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The Dow broke 9,000 yesterday (Thursday) — and has hovered at that level Friday. What's next for stock markets?
Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his insights.
Cashin touched on the reversal of the bearish head-and-shoulders* pattern — a reversal that surprised some technical analysts.
"The failure of the widely-accepted pattern turned into a whopping rally," he said.
He also cited a CNBC interview with star analyst Meredith Whitney, in which she praised Goldman Sachs, as a rally factor.
Second opinions:
- S&P Headed Straight for 1,250: Strategist
- Pros Say: A 'Good Time' to Buy Equities
- Latecomers Will Drive Rally: Citi's Levkovich
He noted extending the market's "check point" from July 17 to today; and over this last week, "we've had pretty much nothing but rallies."
"The problem is, we're overbought now and we'll probably have a pullback — next week, I think."
But until that contraction happens, how high can stocks go?
"[Dow] 10,000 is not out of the realm of possibility. A little above 1,000 for the S&P."
"The rally is going to continue." But, he added, "A month or so from now, you might see a sudden reversal."
How much of Thursday's action was short covering? What about the health care debate? Watch the full interview for Cashin's takes.
* Head-and-Shoulders:
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.
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CNBC's Companies in the News:
Microsoft [MSFT
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CIT Group [CIT
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Citigroup [C
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Ford Motor [F
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General Electric* [GE
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* General Electric is the corporate parent of CNBC.
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Disclosures:
Disclosure information was not available for Cashin or his company.
Data is a real-time snapshot *Data is delayed at least 15 minutes