The avuncular Art Cashin is sounding a lot less sanguine than many of his market-watching peers. UBS' main man notes that traders are particularly struck by the continued weakness in the transports group (with FedEx and UPS down 8 of the last 11 sessions - and the Dow Transports down the equivalent of 300 points for the Industrials on Friday alone). "The sharp contraction in the Transport area and recent sharp drops in several trucking statistics add to growing fears that the economy may have stalled over the last four weeks," is how he puts it, but it is his cocktail-napkin charting that concerns the most.
Art Cashin, UBS Financial Services' director of floor operations, has gotten a lot of attention for his note last Thursday suggesting that the failure of the credit default swap market could send us back to the "Middle Ages." Trader... Read Post
Last year, veteran trader Art Cashin used his morning note to totally predict a 7.9 magnitude earthquake that happened later that day. So listen up, because now Cashin is warning about solar storms. In today's note from UBS, Cashin ... Read Post