Markets started the new month higher, but how long can the trend continue? Art Cashin, director of floor operations at UBS Financial Services, shared his insights.
“We’re going to get a little bit of a reflex rally,” Cashin told CNBC.
“We survived the weekend—Greece didn’t implode…It is a new month so pension funds and others preload a little money in and get started early in the month, so that will give the bulls a little bit of a bounce," he said.
Cashin said the rally could last several days, as the markets were heavily oversold in the last few trading sessions. But it may not have strong underpinnings.
“We did a lot of damage on the cocktail napkins over the last two weeks, so the market may have to really prove itself with something substantial," he said. "So far, it only looks like a reflex rally.”
Previous Art Cashin Appearances:
More Market Analysis:
- Greece is in 'Reasonably Good Shape': Portfolio Manager
- Where to Invest for the Next 10-20 Years: Strategist
CNBC Data Pages:
Watch Earnings This Week:
No immediate information was available for Cashin or his firm.