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Art Cashin: Focus on This S&P Resistance Level

Friday, 17 Sep 2010 | 10:53 AM ET

Stocks opened higher Friday after news that core consumer prices were holding steady—then turned mixed after a weak consumer confidence number. Will the bulls manage a breakout and seize the momentum or will resistance cause a pullback? Art Cashin, director of floor operations at UBS Financial Services, shared his insights.

The Trader's Edge
Countdown to the opening bell, with Art Cashin, UBS.

Today "is very critical,” Cashin told CNBC.

“Today, the viewer should be keyed in to the S&P resistance at the 1,130 to 1,133 [level].”

Cashin said he expects volume to remain light, as a lot of the retail investors have been reluctant to dive in since the May 6 flash crash.

“People are waiting for a clearer sign from the elections. The primaries only serve to confuse things further, so I don’t know if we’re going to get in in earnest," he said.

"But if we break out through that upper range, we’re certainly going to bring in a lot more traders.”

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Scorecard—What He Said:

  • Cashin's Previous Appearance on CNBC (Sept. 14, 2010)

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More Market News & Analysis:

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CNBC Data Pages:

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Disclosures:

No immediate information was available for Cashin or his firm.

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Disclaimer

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