After its recent rally, the market is currently taking a rest, said Art Cashin, director of floor operations at UBS Financial Services.
“Everyone’s got this psychological area of 1,333 [on the S&P 500]—they want to prove that we can double where we were from the panic lows,” Cashin told CNBC. “So later in the week, the bulls are going to circle the wagons and take another shot at it and that will tell us whether it’s a rest and recoup or not.”
In the meantime, Cashin offered his thoughts on the deal between the Deutsche Boerse and NYSE Euronextto form a global exchange operator.
“This is primarily about the derivatives arena,” he noted. “Over the next 2-1/2 years, the combination will be concentrated on expanding and getting that derivative picture in order.”
“I don’t see much changing here on the floor and the cash equity business still remains the jewel in the crown.”
Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Feb. 10, 2011)
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No immediate information was available for Cashin or his firm.