The S&P 500 has closed between 1095 and 1098 for three straight days, which means the market may be at a fulcrum point between bearish and bullosh, Art Cashin, director of floor operations at UBS Financial Services, told CNBC Friday morning.
"If the bulls can rally up above 1103 maybe they can break out of this range and make a bit of a move," Cashin said.
"If they stall again here, the bears are going to try and take over," he said.
The S&P openeddown Friday on poor consumer sentimentfigures and disappointing bank earnings.The index was trading down about 17 percent at 1079 in the morning.
Cashin also noted monthly July options expire today, which could be negative for the market.
"The July expiration has a negative bias to it," Cashin said. "It's been down 17 times in the last 28 years, and the day after the July expiration has been down 20 out of 28 times. We have a little seasonality to confront here."
Scorecard—What He Said:
- Cashin's Previous CNBC Interview (July 13, 2010)
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Different Market Views:
- Expect 'Range-Bound' Market for Next Few Years
- Pisani: Traders Unhappy with Bank Earnings
- What's Really Stifling Markets Now: JPMorgan Strategist
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CNBC Data Pages:
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CNBC's Companies in the News:
Bank of America
JPMorgan Chase
Goldman Sachs
General Electric*
BP
* General Electric is the corporate parent of CNBC.
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Disclosures:
Disclosure information was not available for Cashin.