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ART CASHIN
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Art Cashin: Hindenburg Omen Will Play Out in 3-4 Weeks
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CNBC.com Writer
The Dow lost almost 350 points in the last week, after the Federal Reserve took a more cautious tone about the pace of recovery, and said it would start buying Treasury bonds to try to stimulate growth.
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Art Cashin, director of floor operations at UBS Financial Services, shared his market insights.
“I am concerned about the Treasury bonds—particularly the TIPS,” Cashin told CNBC. “You’d think that with all the talk of deflation, people are aggressively buying TIPS* and that’s going to tell me something about the economy struggling.”
Cashin said investors should be “very cautious” and pointed out that the Street has been buzzing about the Hindenburg Omen.
“That’s when you have a very large amount of 52-week highs and 52-week lows, which tells you that the market is confused,” he explained.
“We’ve never had a heavy selloff without a Hindenburg Omen, but we’ve had Hindenburg Omens without a selloff.”
“It’s a bit of a warning—it isn’t confirmed, but we will know in the next 3 or 4 weeks,” Cashin said.
* TIPS: Treasury Inflation Protected Securities
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Monday's Dow Laggards (as of this writing):
Johnson & Johnson [JNJ
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Verizon Communications [VZ
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Travelers [TRV
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Pfizer [PFE
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AT&T [T
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Disclosures:
No immediate information was available for Cashin or his firm.
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Data is a real-time snapshot *Data is delayed at least 15 minutes
