Art Cashin: 30-Year Auction Conspiracy Theories
After a weak start Thursday, stocks started gaining ground. Art Cashin, director of floor operations at UBS Financial Services, offered his insights to CNBC.
What turned the market around?
"Primarily, an easing of the currency pressure," Cashin declared.
The mitigating effects were seen in oil and gold prices, both of which are "kind of neutral now." In addition, he pointed to the 30-year Treasury auction, which "went better" than previous auctions. (Track Treasury Prices/Yields Here)
But Cashin said that among traders, there are "all manner of conspiracy theories floating around: is the Fed putting on a fake moustache and a raincoat and coming in as an indirect buyer?"
What's likely to drive markets tomorrow? He pointed to the Greece debt situation, with analysts fearing a "drain on money out of Greek banks."
But Cashin counseled calm and patience:
"The frieze hasn't fallen off the Parthenon just yet."
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Counterpoints:
- Byron Wien: Oil at $100, Gold at $1,500 by Year-End
- Greece Plunges Deeper into Crisis; Banks, Euro Hit
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- The Dow's Resistance Point Now: Technical Analysis
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CNBC's Companies in the News:
Citigroup
Bank of America
UAL
US Airways
Apple
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Disclosures:
Disclosure information was not available for Cashin or his company.
