Photo: CNBC.com screenshot
Art Cashin, director of floor operations for UBS, told CNBC this morning this morning that a “head and shoulders” battle is going on in the market, where it declines, rises above its original peak and declines again.”Sure enough, right on schedule, Monday took us there and it stopped,” he said. “That set up the strong possibility that this was a short term bottom that could lead to a 1 to 3 week rally.”
But Cashin doesn’t see any rally lasting.
Nonetheless, he recommends becoming cautious by the end of this week.