The market is currently sitting at a “critical area,” according to Art Cashin, director of floor operations at UBS Financial Services.
“S&P at 1,300-1,304, there’s some resistance and we’ll see if they can punch through there,” Cashin told CNBC.
Cashin also noted that there are other “mild divergences” among other indices such as the transports and the Rusell index “not coming along.”
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Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Jan. 4, 2011)
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More Market Intelligence:
- Investors Are 'Very Underweight' Stocks: Deutsche Bank's Chadha
- Market Pullback Coming in February: Citi's Levkovich
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CNBC Data Pages:
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CNBC Slideshows:
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Thursday's Top Dow Gainers (As of Mid-Morning):
Caterpillar
General Electric
United Technologies
Home Depot
Johnson & Johnson
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Disclosures:
No immediate information was available for Cashin or his firm.
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