Despair about a weakening global economy swept across Wall Street on Monday, sending the Dow down more than 800 points intra-day.
But, in the last 25 minutes of trading a fierce rally helped the Dow to recover some of its lost territory and that could be bad news.
“I’m a little frustrated and disappointed," says Art Cashin, director of floor operations for UBS. "I would have liked to see the market close on its lows because that would have been classic (capitulation)."
But all hope for a bull stampede is not lost. Ironically, if things take a turn for the worse early Tuesday, it might be a bullish sign.
”(If we come in tomorrow) and find out about some bad news out of Europe or Asia and get a very heavy round of selling going into 11:30am with high volume the market could turn like a cattle stampede,” Cashin says.
”That would be the kind of bottom that could last for months. I don’t know if we can put it together but (a textbook case) would go Thursday, Friday Monday Tuesday.” And that's exactly how we're set up.
In other words, the pieces could be in place. Keep your fingers crossed.
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CNBC.com with wires