According to NYSE trader Art Cashin there are all manner of conspiracy theories floating around on Wall Street. Some suspect that The Federal Reserve is manipulating the market (again). But the Wall Street veteran Art Cashin do not loose his cool. Not even over the Greek crisis.
“The Frieze hasn’t fallen off the Parthenon just yet.”
Art Cashin
It was primarily an easing of the currency pressure that turned Thursday’s U.S. stock market around, the UBS floor trader says in an interview with CNBC. He also says that among traders, there are all manner of conspiracy theories floating around.
The mitigating effects were seen in oil and gold prices, both of which are kind of neutral now, according to Art Cashin.
In addition, he points to the 30-year Treasury auction, which went better than previous auctions.
But Cashin said that among traders, there are all manner of conspiracy theories floating around:
“Is the Fed putting on a fake mustache and a raincoat and coming in as an indirect buyer?”
So, what’s likely to drive markets tomorrow?
Cashin points to the Greece debt situation, with analysts fearing a drain on money out of Greek banks.
But Cashin counseled calm and patience:
“The Frieze hasn’t fallen off the Parthenon just yet.”
Watch the full interview with Art Cashin here.
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