Down Markets Indicate a Pullback is Coming says Insider
Art Cashin has had a long and storied career on Wall Street. He has experienced first-hand many market ups, & several downturns & crashes during his time in the financial industry.
Today Cashin, who is Director of Floor Operations at UBS and a frequent guest contributor on CNBC told the “Squawk Alley” show that the market’s current two-day down streak (its first back to back drop since January is:
“A mild warning signal, to tell you the truth. When we’ve seen those kinds of moves before, the market has either stalled or actually pulled back somewhat. Not anything climactic, but you could be setting up for a 5% to 7% percent pullback.”
Cashin also said that Pres. Trump’s recent accusation that former Pres. Barrack Obama wiretapped Trump’s phones during last year’s election campaign could also add fuel to the fire of a possible market correction.
“The president tweeting about the supposed wiretapping and whatnot took some of the goodwill that popped up after the speech to Congress last week,” and replaced it with the fear that we could go into partisan political warfare all over again. I would be a little cautious”
See more of Art Cashin’s comments to CNBC’s Squawk Alley below.
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