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Toward the end of last week, the markets saw a huge run-up. Does this bode well for stocks this week? Art Cashin, director of floor operations for UBS Financial Services, offered CNBC his insights.
"I am still skeptical about the markets," says Cashin. "We are still in what could be a topping process." (watch video for full interview)
"I'm standing by and watching it (the markets), and not taking part in anything," Cashin said. "What I may be losing is strictly an opportunity. I'm not shorting or anything."
"What I want to see are better economic reports coming out. The private sector hasn't kicked in yet for the recovery," said Cashin.
"Today (Monday) is basically a non event day. The market will just be checking its pulse," Cashin said.
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CNBC's Companies in the News:
Kraft [KFT
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McDonald's [MCD
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Goldman Sachs [GS
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Nokia [NOK
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(*GE is the parent company of CNBC and CNBC.com.)
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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