Art Cashin: Market Direction Too Early to Tell
The markets started the month with a selloff as investors worried that the summer rally could be facing a correction. Should investors be worrying about further declines?
Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his stock-market insights.
“I’m going to wait until tomorrow to see the market declare itself because the day before a 3-day weekend has a natural bias to the upside and the day after Labor Day has a mild bias to the upside,” said Cashin. “We’ll wait to see how the markets play out.”
Additionally, Cashin said there’s been recent buzz among traders that terrorist actions have come on odd-numbered days such as tomorrow's September 9, 2009 (9-9-09).
“I’ll be happy to see that day go by and move into everything else,” he said.
No immediate information was available for Cashin or his firm.
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