Stocks opened lower Monday, then turned mixed, ahead of a week filled with earnings reports and economic news—including the big government employment data release on Friday. Art Cashin, director of floor operations at UBS Financial Services, shared his insights.
“The markets are at a very critical juncture,” Cashin told CNBC.
Cashin said 1,150 to 1,160 is going to be the “key resistance area” on the S&P 500.
“And if they try one more time and fail, we could get a real reversal,” he said. “The dollar rallied a bit this morning, put some pressure on gold and U.S. futures, and the terrorism [alert in Europe]is going to be watched carefully.”
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Scorecard—What He Said:
- Cashin's Previous Appearance on CNBC (Sept. 28, 2010)
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Market Views—Across the Board:
- Market Would Face Bitter Fight to Break Euro: Strategist
- Can Oct. Markets Ride Sept. Heat? A 61-Year Analysis
- How to Profit from Low-Risk Trades: Stock Picker
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CNBC Slideshows:
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CNBC Data Pages:
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CNBC's Companies in the News:
Visa
MasterCard
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Verizon
Sanofi-Aventis
Genzyme
Sanofi Likely to Shell out More for Genzyme: Analysts
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Disclosures:
No immediate information was available for Cashin or his firm.
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