Art Cashin: Expect Rally this Month if S&P Breaks This Level
Stocks rose sharply higher on the first day of September, after signs emerged of a strengthening global economy. Art Cashin, director of floor operations at UBS Financial Services, and Gordon Charlop, managing director at Rosenblatt Securities and CNBC market analyst, discussed their outlooks.
“Now we’re going to face the other side of the coin, which is the resistance around 1,062 to 1,066 on the S&P,” Cashin told CNBC.
“If the bulls can get together and blow through that, then we can really start a summer rally in September,” he added. (Update: Following Cashin's interview, the S&P index broke 1076 in mid-morning trade.)
Meanwhile, Charlop said equities are still the better place to invest.
“Investors are focusing on the macro issues and will some for time,” he said. “We’ve also got some interesting data coming out this week.”
Still to come, the US Labor Department reports its weekly report on jobless claims Thursday. Monthly chain-store sales are also expected tomorrow.
And the big monthly government jobs data report is scheduled for Friday.
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Aug. 31, 2010)
- Charlop's Previous Appearance on CNBC (Aug. 18, 2010)
Market Views—Across the Board:
- Dick Bove: Bank M&A 'Explosion' Coming
- Second Leg of Crisis Beginning: Hedge Fund Manager
CNBC Data Pages:
CNBC's Companies in the News:
- Burger King Considering Sale, Met Potential Buyers
- Saskatchewan Concerned About China Buying Potash
No immediate information was available for Cashin or his firm.