Did Art Cashin Lose It?

Discussion in 'Trading' started by shortie, Oct 29, 2008.

  1. Art Cashin essentially predicts ~20% drop from here in the next few days. I think the guy is losing it. Not only he predicts this huge drop, he also times it in a very narrow window. He has surrendered to the panic IMHO.

    Art Cashin, on floor of NY Stock exchange. (Source: CNBC)

    "Q: We're feeling the bottom again, Art. What's going to happen?

    Cashin: I would love for a little bit of an up move today - maybe go up to 8750 or 8800 -- that would be a textbook Elliott Wave move -- and then you'd get that big washout / selloff. I was hoping for it by the end of this week, guess it's going to be pushed into next week. A dramatic climax looks like it's very near at hand here.

    Q: Yikes! That could be scary. I guess if it was early November, that's not much different than making a low in October, is it Art?

    Cashin: Well, in 1929, you made the low on November 4. I prefer to keep them in October. ...

    I'm looking for a climactic bottom, down from here obviously, and that could carry through for several months [i.e., lead to a rally for several months], and then maybe in May, we'll get to know the full effect of the recession, and see how things look then. ...

    I don't want to scare anybody. You could get an overtrade, You retest the original lows around 7850, you could go to 7400, you could go to 7000, you could even overtrade that. But it will be quick. Get your basket out, and be ready to catch the bargains when they come your way."

  2. Well,Shortie;
    I dont like to make predictions, especially about the future.:D

    Sounds like he got the major trends [bear market] right;
    medium trends right. So as far as the percentage amount, or exact timing, dont know.

    Thought SPY & QQQQ would drop early in afternoon;
    it did not drop exactly like that..................

    Art Cashin made it thru crash of 1987;
    so even if it doesnt crash, he is helpful:cool:
  3. I think he is right on target.
  4. Everybody could not roll over their short term debt and they had to sell everything. We had the gold and the major indexes both falling. Now the credit freeze is behind us, people are getting back in the game. I don't see another leg down from here...
  5. at least he makes some sense,not like that bald fag cramer who could'nt trade his way out of a wet paper bag. he needs a tough guy like me to tech him to trade. unfortunately i don't hang out with clowns so Cramer would'nt be allowed to come into my office and watch me in action with the utmost precision.
  6. yea he got that one wrong. what a loser

    no more seloff futures up

    Dow 8,926.00 72.00 0.81
    S&P 500 933.60 6.60 0.71
    NASDAQ 1,303.00 9.00 0.70
  7. cstfx


    He's been right about this market more than he's been wrong. I wouldn't be so quick to dismiss him. But I wouldn't take everything he says for gospel either. It's just another piece of info you should use to make your own analysis.
  8. Well, first of all, I wouldn't bet against him even with the OP's money. Secondly, he made those comments last Thurs., not today as the OP implies, and lastly, he did not simply predict a 20% drop. He said the market could re-test the low @ 7800, or could touch 7400, or even 7000. The important thing is that he said it would be quick and to get ready to load the basket when that happens.

  9. sorry, my mistake. i assume the comment was from yesterday.

    does it mean we re-tested already?? anybody knows what cashin said after yesterday run-up?
  10. he wants the double limit down day so bad. you can smell his frustration when the govt props things up. he just wants to get it over with and see the bottom fall out.
    #10     Oct 29, 2008