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Did Art Cashin Lose It?

  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."

    http://www.elitetrader.com/vb/showt...2691&perpage=6&highlight=cashin&pagenumber=14
     
  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. 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.

    http://www.cnbc.com/id/15840232?video=901203452&play=1
     
  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.
     
  11. he said last week he was expecting a move this week that would be historic and written about for decades.I think he was implying an up move.
     
  12. well he has been dying for capitulation all Ive heard. But then again yesterday he said cautiously that the rally seems to have legs, so what do I know.
     
  13. Ah huh....the $64,000,000 question:D
     
  14. CNBC is owned by NBC.

    Anyone employed by NBC in any capacity is required to kiss Barry Obama's ass.

    Therfore, what Arthur Cashin was trying to communicate in code the best he could.

    Cashin was attempting to say, if Barry be elected President, then it likely the market looks for a new bottom, a Barry bottom so to speak.
     
  15. Precisely what does this mean? What were his personal returns for that year/month???
     
  16. Well, Cashin was just on and he stated that the market would not like to see Obama get in...
     
  17. Elliot Wave is ballooney. Cashin is a lot of fluff talk.
     
  18. ===================
    BullAlert;
    a] Don't know mr Cashin personaly, but i have been priveleged to see/hear his market comments[1987-now]

    b]Precisely, dont know his personal returns that year/month;
    high probability, Mike Marcus did much better that year.

    c]Precisely, heard him long enough, to understand him going thru the 1987 bear, he tends to have a bear bias. So i dont know if he is for low taxes like I am;
    but now where is it written , a low tax rate stops a bear.
    =======================================
    Gov Sara Palin couod easily stop an Alaskan bear, she could not stop a bear market. She probably could stop a house bear.......

    Good question, Bull Alert,& another reason I am still bearish for Wall Streets markets[most, not all markets], reguardless , even if tax cutters get in power again;
    a widow woman, said she wasnt that concerned about her stock prices[she was bullish ] bullish long term on her dividend stocks.:cool:
     
  19. <p>
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    <img src="http://icanhascheezburger.files.wordpress.com/2007/05/i-shall-not-tolerate-such-rubbish-good-day-sir.jpg" border="0" />
     
  20. ====================
    BullAlert-thanks.
    Agree, tax raisers tend to choke some capitalists;
    but to contrast that,
    even a tax cutter like gov Sara Palin,
    isnt bigger than the market.

    Gap ups maybe bullish in a bull market;
    but most all trends are bearish. Gap ups in bear markets may not last long.Not a prediction.Ralph Reed mentioned several ways for Mr McCain-Sara Palin to win.

    So when you have enough of the market not caring about stock prices dropping [like that widow woman, who just wants her dividends]. Tax cutters ,while important,
    that tax cutting is a secondary deal.:cool:
     
  21. His comments confirm that he is a follower of Elliott Wave Theory. He ( as well as others ) were looking for a 5th wave to the downside late last week. When it didn't materialize, he changed his "tone" rather quickly and is now looking for a multi-week rally.
     
  22. Didn't hear what he said, but he's looking now for a 20% drop in the markets? :p I remember him saying just the other day about how he thinks the 900 point rally the other day had legs? :D

    MSNBC the best emotional mind fuck for a trader. If you ever take anything any of their "gurus" have to say, to heart.

    I still think the market goes down over the next year or 2. But funny these guys on MSNBC, either one of them is always flip flopping, or they get on a guy that's ALWAYS WRONG, like Peter Costa that's been saying buy financials since DOW 11500.

    But that Dennis Kneale guy is now my favorite target at MSNBC. The DOW has done nothing but tank since this extreme market pumper has shown his geeky ass on TV. I can't stand Dennis Kneale.

    You know your a retrard when even Maria Carrusso (I like to show tits off) Cabrerra can smack you around on a business channel.
     
  23. she could smack me around any day.

    Ive been staring at those knockers every day for quite some time now, and I am really curious whats goin on in that shirt.
     
  24. OK, well, I'm not a tit man, but check out the ass in that little office suit. Hmmm...
     
  25. Cabrerra is one of the most underrated business hotties. Tits, ass, etc, it's all there in ample doses. Sign me up!

    Re the low, maybe for the short term but the market is just in the process of reloading.
     
  26. when they do a close up on her face im always reminded of one of picasso's distorted woman portrait paintings.I dont know why.