Art Cashin, Director of floor operations at the NYSE for UBS, talks about yesterday’s huge stock sell-off following Wednesday’s fresh record highs. As is the case for most pundits, Cashin offers no clear reason for the change in market sentiment.
Cashin notes: “Rumor-mongers are out and about so viewers should be careful … it’s clearly rather heavy selling … there’s nothing narrow about this selloff.”
It’s worth pointing out that one phrase that was noticeably absent from the discussion of yesterday’s market action was “buy the dip”, though that appears to be happening today.
