Art Cashin
David A. Grogan | CNBC
Traders are trying to remain positive as stocks came off their sharp morning lows, veteran trader Art Cashin told CNBC on Wednesday.
“If we rolled over here and violated the morning lows, then it would really begin to be a problem,” said Cashin, UBS’ director of floor operations at the New York Stock Exchange. “For now, everybody is kind of crossing their fingers and whistling past the graveyard, saying, ‘OK, we tested Monday’s lows,'” he added, around midmorning as the worst of the sell-off was abating.
At the low of the session, around 9:45 a.m. ET on Wednesday, the S&P 500 sank about 56 points, or nearly 2%, to 2,825, stopping less than four points away from Monday’s worst level of the day.
“The S&P held, so I guess we can be in good shape,” said Cashin, who predicted rocky markets for the next few weeks as global trade tensions mount. “I think volatility is here to stay.”
