Art Cashin CNBC 10/30/08 - SP 500 Targets

Art Cashin CNBC - 10/30/08 - Comments on the Market and S&P 500 Targets

Yesterday at the close you had short covering 15 minutes to go because everyone down here on the floor waits for the final hour like a bunch of vultures. You didn't have the sellers show up, so we went up. Then a headline hits from General Electric and the market drops from up 300 to down 70 on emotional trading. you had panic selling for 15 minutes straight.

As far as the stock market goes, I think you can buy weakness in here...it looks less likely that we will get a retest of the lows for now.

S&P 500 predictions: I think you will go to 970,985, and 1010. If you break through 1010 you will have everyone high fiving each other calling a bottom and then you will probably get another upward spike from that.

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