Art Cashin CNBC 10/29/08 - Bottom Call, Yen Comments

Art Cashin was on CNBC 10/29/09 and he had these comments to say:

Tuesday the Yen skyrocketed and you had the g7 intervention which crushed the carry trade, we then had selling everywhere.

When the Yen eased it started a rally, everyone waited to see if the last hour sellers would show up, they didn't show, it sparked a huge rally.

This afternoon, a 50 point rate cut is priced into the market and we are hoping to hear the credit markets are easing from the Federal Reserve. If we get a .25 cut, you would see a sell off....but then again the market might say, wait a minute, things might not be so bad if they only cut .25 and they might rally it.

Monday we retested the lows and rallied Tuesday....this rally might actually have legs and you might be able to start buying the dips, we'll have to wait and see.

I think this bottom is a temporary bottom, not the final bottom, but we might rally into the end of the year but in 2009 we should get the real bottom.

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