Art Cashin CNBC 11/07/08 - Retest Lows - Jobs Number

Art Cashin was on CNBC today, 11/07/08, here are Art Cashin's comments on the stock market.

I'm a little surprised, I thought we'd be weak this morning because of the revision, and its equal to this jobs number being over 300,000 lost. Barack Obama is going to speak this afternoon at 2pm, I wish he would have waited until after the close today but we'll be watching.

Art, what is the likely hood we retest the lows?

I think there is a 50% chance we go down and retest the lows in some fashion, watch the S&P 500, if we break through 900 and 880 the percentage goes up.

If we test and fail to hold the lows we will have a very short, very sharp plunge and then build a monster reversal rally that will last. You can commit some funds on the way down to prepare for a reversal that will follow.

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