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ART CASHIN
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Art Cashin: Don't Trust Spike Rallies
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Stocks slipped Monday after the four-week market rally — though losses were pared back in intra-day trade. As optimistic voices grow louder, what's next?
Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his stock-market insights.
"Friday's rally caught a lot of people off-base" — including so-called "experts," Cashin conceded.
He touched on last week's jobs number, which was less bad than had been expected, precursing the rally.
"Friday proved that you can stampede some of that sideline money," Cashin said.
But "there has been no follow-through on these spike rallies," he pointed out. "The last four had no follow-through."
"If they can follow through and make this week a true 'up week,' then they'll stampede some more money."
"But I'm still a skeptic," he added.
More Market Intelligence:
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Disclosures:
Disclosure information was not available for Cashin or his company.
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