Posted on 01/07/2013 11:59:18 AM PST by blam
ART CASHIN: Veteran Traders Have Noticed A Peculiar Pattern During The Final Hours Of Trading
Sam Ro
Jan. 7, 2013, 11:11 AM
Stocks have started 2013 on a positive note, closing at a five-year high on Friday.
So, are people feeling bullish?
Art Cashin, UBS Financial Services Director of Floor Operations, is a tad skeptical.
He points to some imbalances during end-of-day trading in this morning's "Cashin's Comments":
Some On-Close Support For the “New Money” Thesis – As we have noted repeatedly during this New Year’s rally, several of us old fogeys believe most of the fuel for the move is likely coming from 'new money for the new year.’ We pointed to several supporting factors for that thesis, including the recent anomaly with the TRIN indicator.
In Friday evening’s post-mortem, a few members of the FoF opened a discussion of the “on-close” imbalances over the opening three sessions of the year. On the first day, Wednesday, there was over $1.5 billion to buy on-balance. On the second day, Thursday, there was $800 million (about half the prior day’s number). On the third day, Friday, the number was about $400 million, again half the prior day. The FoF contingent felt that pattern would be consistent with shoveling new money in – a large chunk, followed by half and half again. It would also be consistent with the old traders adage that calendar money is inserted in a three day process. That could make this week interesting.
When this "new money" evaporates, where will the buying support come from?
(Excerpt) Read more at businessinsider.com ...
Newly minted Platinum coins
I feel sorry for Art. I’ve known him for years and all his pals have moved on either to retirement or consulting.
Art’s still trying to justify his existence. The NYSE is still trying to justify an existence.
Business Insider will forever be the “Tiger Beat” of financial journalism.
Whatever Art think’s he’s seeing is probably nothing more than a shadow of his former self with a fleeting reminder that buying egg sammiches for the media guys is not like hitting the kilarney rose after the close with your favorite clerks.
They’ve made the latest round of QE no secret. What is the fed buying is what I want to know?
I’m in the market to some extent with my 401k because it makes sense.
I fooled around with buying my own stocks, and I’m done. The market rarely makes sense, and these reporters simply make up stories after the fact to fit the facts on the ground.
Why would domestic stocks rise with Obama as president? Given our debt, deficit, and crumbling infrastructure. Not to mention our increasingly stupid and lazy work force.
I feel sorry for Art. I’ve known him for years and all his pals have moved on either to retirement or consulting.
Art’s still trying to justify his existence. The NYSE is still trying to justify an existence.
Business Insider will forever be the “Tiger Beat” of financial journalism.
Whatever Art think’s he’s seeing is probably nothing more than a shadow of his former self with a fleeting reminder that buying egg sammiches for the media guys is not like hitting the kilarney rose after the close with your favorite clerks.
I feel sorry for Art. I’ve known him for years and all his pals have moved on either to retirement or consulting.
Art’s still trying to justify his existence. The NYSE is still trying to justify an existence.
Business Insider will forever be the “Tiger Beat” of financial journalism.
Whatever Art think’s he’s seeing is probably nothing more than a shadow of his former self with a fleeting reminder that buying egg sammiches for the media guys is not like hitting the kilarney rose after the close with your favorite clerks.
I feel sorry for Art. I’ve known him for years and all his pals have moved on either to retirement or consulting.
Art’s still trying to justify his existence. The NYSE is still trying to justify an existence.
Business Insider will forever be the “Tiger Beat” of financial journalism.
Whatever Art think’s he’s seeing is probably nothing more than a shadow of his former self with a fleeting reminder that buying egg sammiches for the media guys is not like hitting the kilarney rose after the close with your favorite clerks.
Stop hitting the post button.
Do you mean you personally know Art? You’re a lucky guy. I think he’s the most sagacious guy on Wall Street (and one of the very few honest ones). Being a Wall Street outsider (WAY outside), I don’t really follow the rest of your comments.
No one is right every time, but he's been around long enough to get a feel for what's going on. He also walks amongst them and hears their conversations.
Me, I just read charts. I really don't care that much for what people say is going t happen. I see a gap,...I know it will get filled. I don't have to know why. You watch double tops, double bottoms, gaps, moving averages and stochastics along with the MACD. If you can't figure out what's going on from that, get a mutual fund.
I get a kick out of seeing Art Cashin on TV. He’s a character. Got any good “Art” stories?
Maybe this is being caused by government ran trading computers....
I wouldn’t put it past them...
I rode that roller coaster all the way down and almost back to the top and bailed. What happens makes no sense to me so I’m staying out until some adults show up to run the country. I don’t miss worrying about it one bit. Losing $100K would hurt a lot more than missing out on making $100K.
I'm also a TA guy.
yes - I met “the chief” many years ago. I worked upstairs, but I had floor business. I Used to send Art the New Issue lists even though we were competitors.
After work we’d (the whole downtown operation)go to Harry’s Hanover Square or Kilarney Rose (that was for “smoke breaks”) and the young guys and girls would take-over Moran’s in the WTC.
Art was a lot of fun. He’d buy breakfast for the hungover troops on Friday. My office would get a “care package from the chief” Lol!
Never really got smashed with us, then again we were many years younger and Wall St in the Early 90’s was a savage playground.
The last hurrah was Nebraska’s Steakhouse, it was a storefront for an upstairs lap-dance joint (the rib-eye was great!). Art thought we were nuts he was like “you boys are gonna get in trouble in that place!”
He heard I arm-wrestled the owner of the bar (she was a body builder) he calls me and asks if I learned my lesson!
That place got raided and then a few months later Spitzer went down. Art says - “what goes around comes around”. He knew that Spitzer was looking to hang Wall St in more ways than one. Art always said that Spitzer was gonna bite off more than he could chew. It was bitter sweet since since Spitzer got nailed around the same time Bear Stearns went under. No one left to celebrate Spitzer’s demise...
Needless to say we had a toast to the Fall of Spitzer at Harry’s among those that were left.
That's why I'm buying... along with QEs as far as the eye can see.....it's scary....cash is for the clueless.
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