The markets have been on an upward trend for the last 5 consecutive trading sessions, but will the rally continue? Should investors start worrying about declines?
Art Cashin, director of floor operations at UBS Financial Services, offered CNBC his stock market insights.
“I’m still somewhat skeptical about this [market],” said Cashin. “I’ve been wrong—got out too early. I took some money off the table a few weeks ago—didn’t take it all off.”
The market skepticism started in late July and everybody was starting to worry because the stock prices had little correlation with the underlying fundamentals, said Cashin.
“There’s just some eerie things about this—it’s reminiscent of spring and summer of ‘87 when nobody believed the rally and it kept going up despite skepticism, people shorting into it,” he said. “It ate them alive until it suddenly turned.”
______________________________
Disclosure:
No immediate information was available for Cashin or his firm.
______________________________
CNBC Slideshows:
______________________________
CNBC's Companies in the News:
FedEx
- FedEx Raises Forecast Citing Modest Economic Recovery
Morgan Stanley
AIG
- Prosecutors Preparing to Impanel AIG Grand Jury: Report
Delta Airlines
- Delta May Buy Big Stake in Japan Airlines: Report
______________________________