Art Cashin: Markets Could See 'a Real Reversal'
Stocks opened lower Monday, then turned mixed, ahead of a week filled with earnings reports and economic news—including the big government employment data release on Friday. Art Cashin, director of floor operations at UBS Financial Services, shared his insights.
“The markets are at a very critical juncture,” Cashin told CNBC.
Cashin said 1,150 to 1,160 is going to be the “key resistance area” on the S&P 500.
“And if they try one more time and fail, we could get a real reversal,” he said. “The dollar rallied a bit this morning, put some pressure on gold and U.S. futures, and the terrorism [alert in Europe]is going to be watched carefully.”
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Sept. 28, 2010)
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- How to Profit from Low-Risk Trades: Stock Picker
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No immediate information was available for Cashin or his firm.