Art Cashin, UBS’s man on the NYSE trading floor, is a fan of astronomy.
In his note this morning, he spends some time talking about an astronomic phenomenon that has remarkable accuracy in predicting tops and bottoms.
“[A]stronomic movements are as much a part of Wall Street cocktail conversation as politics and sports,” he said.
This was his lead into today’s hot astronomic movement that traders are chatting about. From this morning’s Cashin’s Comments:
Recently, there has been some buzz about a huge asteroid name “1998 QE2”, which will buzz by earth (at a relatively safe distance) today.
The watering hole buzz on 1998 QE2 has little to do with its proximity or its size. Rather, traders are a bit hooked on its name.
The year 1998 was when Long Term Capital Management blew up. Further, QE used to be best known as an ocean liner but now it is a central bank policy at several spots around the globe.
So, the temporary proximity of a large object with a somewhat ominous name may put traders on extra alert until it is officially time for the cubes to fall into the glass.
According to Space.com, the asteroid is so big it actually has a moon orbiting around it.
Watch the 1998 QE2 sail by earth live at Space.com.