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Art Cashin: Why the Next 5 Trading Days Are ‘Critical’
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CNBC.com Writer
Stocks advanced on Monday after a two-week decline, riding a better-than-expected reading on the service sector and investors' bargain hunting. Art Cashin, director of floor operations at UBS Financial Services, offered his outlook for the markets.
“We’re going to do one of two things: We’re going to complete the selloff turnaround rally to new highs, which would be the optimist side,” Cashin told CNBC.
“Or we could turn and crack open like an egg.”
Cashin said the next five to 10 trading days are “going to be critical” and added that the clearest signal may come from the Nasdaq.
“It’s right on a trend line and in a couple of other technical positions,” he said. “If the Nasdaq sells off, and particularly if it sells off in an increased volume, get out of the way.”
CNBC Data Pages:
Meanwhile, Cashin observed that investors are getting defensive as they’re going into consumer non-discretionary and health stocks.
“So it says to me that the money out there is somewhat nervous,” he said. “Also, the amount of cash on hand at mutual funds is at the lowest it’s been since the high of the market in ’07.”
More Market Intelligence:
- Selloff Coming—and a Good Buy Opportunity: Strategists
- Goldman Upgrades Bank Stocks
- Back to the Multi-Year Bear Market on Oct. 16
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Disclosure:
Disclosure information was not available for Cashin or his firm.
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