You can see it in the price of gold, currently down over 4 percent, either because "it could be a bubble bursting or it could be someone badly caught off base, perhaps someone buying on margin and caught flatfooted because this is a severe down move," said the director of floor operations for UBS Financial Services.
You can see it in the movement of stocks, where the market is "struggling to decide how much credibility to give the durable goods orders[data released] this morning," Cashin said. The data "don’t fit in. The regional Fed data indicates a much weaker economy out there than what the durable goods [data] indicate."
His advice for the market? "Be very careful going into Friday. I have a feeling there could be a big surprise from Mr. Bernanke by saying nothing and that, I think, could catch the markets off base."
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Disclosure information was not available for Art Cashin or his company.