Stocks Tuesday continued the comeback that began in late trading Monday: Investors liked potentially oversold markets and seemed less anxious over the European debt crisis. Art Cashin, director of floor operations at UBS Financial Services, shared his market outlook.
“By the end of the day [Monday] after all the action, it was like commuting by rollercoaster: you got off about where you started; you had a lot of spins, dives and moves but you didn’t get anywhere,” Cashin told CNBC.
Cashin said currencies have become the primary mover of the markets and have swept aside technicals, earnings and economic data.
“That’s what happened yesterday when the dollar was firmest and euro was weakest. And as we moved into noon, we had an almost free-fall selloff and then we would go up with the dollar, coming back to where it started,” he noted.
Traders' main concern now?
“They want to know if Greece becomes the Bear Stearns of the sovereign nations,” he said.
CNBC Data Pages:
Tuesday's Dow Leaders (as of this writing):
Procter & Gamble
No immediate information was available for Cashin or his firm.