Stocks continued to rise on Tuesday following Monday's rally. How long will the market rally continue? Art Cashin, director of floor operations at UBS Financial Services, shared his insights.
“So far, I think it’s still an oversold reflex rally and it should be a multi-day event,” Cashin told CNBC.
“You’ve got severely oversold in some of this and you’re entitled to a bounce.”
Cashin said the market rally could last throughout the week.
Markets have stabilized over the last few trading sessions and investors are watching to see if today’s hearings and talks in Washington could change the trend.
“One of the things we can do, aside from reinventing everything, is go back and see what broke,” said Cashin. “Remember that 80 percent of credit was from securitization right before the bubble burst—we should have a look back on that.”
“We should have the ratings agencies separated from the issuers,” he suggested. “There are about five or 10 things that you can do that might get the whole system working again.”
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No immediate information was available for Cashin or his firm.