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Art Cashin: Why the S&P Could Reach 1200

Stocks opened slightly lower Tuesday, after the S&P 500broke through the crucial 1,130 barrier in the previous session—capping the index's highs since mid-May. What’s ahead for stocks? Art Cashin, director of floor operations at UBS Financial Services, discussed his insights.

“The S&P 1,130 to 1,133 will become the support level and we’ll see if we can build on it,” Cashin told CNBC.

“You can make a projection that this could lead as high as 1,200 on the S&P.”

In the meantime, Cashin said President Obama’s town hall eventon Monday did not provide any new information for the markets to digest.

“The market was at the same level when he left the stage as it was when he walked on, so it didn’t look like the market took any new interpretation out of it,” Cashin noted.

Scorecard—What He Said:

  • Cashin's Previous Appearance on CNBC (Sept. 20, 2010)

More Market Views & Analysis:

CNBC Slideshows:

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No immediate information was available for Cashin or his firm.