The S&P is approaching an important leveland, if it holds, stocks could be propelled higher, said Art Cashin, director of floor operations at UBS Financial Services.
“There might be some important resistance at 1,202 to 1,206 [on the S&P 500],” Cashin told CNBC. “But if the S&P can close above 1,207, then some people make a case that it opens up a threshold to a new higher level.”
Meanwhile, Cashin explained that the day's light trading volume is due to seasonality, rather than an aftermath of Hurricane Irene.
“We’ve put on a great performance inspired by the party that they’re having in Athens and we’re at a pretty important spot,” he added, pointing to the merger between Greece’s Alpha Bank and EFC Eurobank.
“This is the best market Athens has had in 20 years,” noted Cashin. “The mere fact of accomplishing a deal gives it some credibility and inspires some hope on this side.”
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No immediate information was available for Cashin or his firm.