CNBC Stock Blog
- 5 Stocks That Benefit from Health Care Legislation: Analysts
- 9 Stocks That Play Rising Water Costs: Strategists
- Gold Prices Can Double in 3 Years: Portfolio Manager
- Rally Could 'Have Some Legs in 2010': Market Strategist
- Expect a 'Square Root-Shaped' Recovery: Chief Investor
- HP to Feed on Enterprise Spending Next Year: Tech Analyst
- How Stock Investors Can Play Holiday Travel
- 3 Growth Opportunities in Tech: Analyst
- Prep Your Portfolio for Next Week: Stock Pickers
- Global Growth Good for Portfolio: Stock Picker
MOST SHARED
- The 'Real' Jobless Rate: 17.5% Of Workers Are Unemployed
- Why Amazon Rules Retail
- Wave of Debt Payments Facing US Government
- The Social Media Gaming Threat
- China Eastern to Complete Shanghai Air Buy by End '09
- Paul: Audit the Fed
- JAL Slides to Record Low on Bankruptcy Jitters
- Gold Will Collapse Like Oil Did in 2008: Charts
- Prepare For Large Decline In Stocks, Next Year?
- Lyondell Urged to Consider Reliance Takeover Offer
- Can Murdoch Help Bing Challenge Google and Shift the Content Equation?
- HP's Mark Hurd
- HP Comes in As Expected; Is It Time to Buy?
- 9 Stocks That Play Rising Water Costs: Strategists
- Weis' Deal Likely Won't Change Big Money Contracts
- Gold Prices Can Double in 3 Years: Portfolio Manager
- Nov. 23: Unusual Volume Leaders
- Help Wanted—Please Run $4 Billion University
- Apple Comes to AT&T's Rescue
- How Many US Consumers Will Shop this Weekend?
- Tuesday's Heavy Dose of Data to Dictate 'Risk' Behavior
- Obama says Boosting US Jobs is Top Priority
- More Consumers Giving 'Black Friday' the Cold Shoulder
- Prepare For Large Decline In Stocks, Next Year?
- Appeals Court Denies Microsoft's Alcatel Petition
- HP Comes in As Expected; Is It Time to Buy?
- Cramer: What Monday’s Housing Number Really Means
- Why the Dollar Will Likely Stay Weak for Some Time
RSS FEED
Text Size 
Special to CNBC.com
The stock rally could have legs after a line of better-than-expected third-quarter earnings reports, but Art Cashin, head of floor operations at UBS, said he isn't yet convinced.
"The banquet looks stupendous, I hear the wine is great," he said. "You guys can party on, but some of us are going to sit on the sideline like wallflowers."
Cashin said he doesn't think the economy is moving as much as data shows, and he's worried there are billions of dollars in excess reserves from people not borrowing.
He added that although it's difficult to compare today's environment with any other time in history, it reminds him of the dot-com bubble, when people refused to believe the markets would go anywhere but up.
More Market Intelligence:
- JPMorgan Banking Peers Look Good Now: Equity Pro
- Use VIX to Protect Gains — Don't Trust Rally: Strategist
"I said, 'I've never heard of a tree growing straight to Heaven except in Jack in the Beanstalk and that was a fairy tale,'" he said. "And unfortunately [the bubble] turned out to be that way."
Cashin said he is beginning to see a pattern of component makers such as Intel [INTC
Loading...
()
] performing well, while end-use makers like Johnson & Johnson [JNJ
Loading...
()
] struggle.
______________________________
CNBC Data Pages:
______________________________
Slideshows:
______________________________
Companies Which Topped Q3 Expectations:
JPMorgan [JPM
Loading...
()
]
Abbott [ABT
Loading...
()
]
PepsiCo [PEP
Loading...
()
]
______________________________
______________________________
Disclosure:
Disclosure information was not available for Cashin or his company.
______________________________
Data is a real-time snapshot *Data is delayed at least 15 minutes