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Art Cashin warning of an S&P "head and shoulders top pattern"

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Posts: 8
 
Legend
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Joined: Dec, 2001
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Posted: #1
 
"If we get down through 877 on the S&P, people will be talking about a 'head-and-shoulders' — and that will not be too happy," he warned.
 
could bring a "fast and nasty" as all the technical traders dump
 
S&P currently 883 and falling last  the last half hour tuesday July 7th.
 
Legend
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Posted: #2
falling FAST the last half hour  
 
although the S&P getting a little bounce here into the close @ 885
 
Covers Linesmen
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Posted: #3
I was listening this afternoon and I guess if 875 holds then the ship wont sink yet..


 
Legend
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Posted: #4
well closed @ 881 down 17+ almost on it's low so will see what happens. the gamers and esp LVS really got wipped around today and the top 7 FAS-FAZ financial holdings all sold off late.
 
Covers Linesmen
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Posted: #5
Rat,

FAZ will only fly if the beta gets pumped on the puts and futures options which FAZ holds.

If you look at when FAZ was high relative to the generic index, even at 3 times leverage it wasnt worth 200 per share.


 
Legend
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Posted: #6
FAZ almost $6 wednesday as their coming out of the financials like termites out of a burning log. only + stock on my board that's NOT a short ETF is DRYS on a "buy recommendation".
 
beating on the gamers again esp LVS, MGM and WYNN
 
Covers Linesmen
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Posted: #7
rat,

You watch..they are holding the SPX within 3 pts of that 875 level and I bet they keep it above by the close.

Either that or they smack the hell out of the market and we close down 150-200 and just throw in the towel on 875.
 
 
Legend
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Joined: Dec, 2001
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Posted: #8
yes, walls. looks like it's trying to hold the 875. interesting that the nasdaq is down 7+ but the QID is actually down on the day with one hour to go.
 
doesn't look like an real buying. more like the selling has dried up.
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