Art Cashin: Dow 10,000 Possible Near-Term
Published: Friday, 24 Jul 2009 | 3:41 PM ET
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By: CNBC.com
The Dow broke 9,000 yesterday (Thursday) — and has hovered at that level
Friday. What's next for stock markets?
Art Cashin, director of floor operations at UBS Financial Services, offered
CNBC his insights.
Cashin touched on the reversal of the bearish head-and-shoulders* pattern — a
reversal that surprised some technical analysts.
"The failure of the widely-accepted pattern turned into a whopping rally," he
said.
He also cited a CNBC interview with star analyst Meredith Whitney, in which she
praised Goldman Sachs, as a rally factor.
Second opinions:
* S&P Headed Straight for 1,250: Strategist
* Pros Say: A 'Good Time' to Buy Equities
* Latecomers Will Drive Rally: Citi's Levkovich
He
noted extending the market's "check point" from July 17 to today; and
over this last week, "we've had pretty much nothing but rallies."
"The problem is, we're overbought now and we'll probably have a pullback — next
week, I think."
But until that contraction happens, how high can stocks go?
"[Dow] 10,000 is not out of the realm of possibility. A little above 1,000 for
the S&P."
"The rally is going to continue." But, he added, "A month or so from now, you
might see a sudden reversal."
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