Art Cashin CNBC 11/11/08 Retesting Lows

Art Cashin of UBS was on CNBC this morning, 11/11/08. Art gave comments on the stock market below:

Today is more about stock market internals, if you break 907 or 900 on the S&P 500 then we would make an attempt at retesting the lows. We woke up this morning and American Express is now a bank, so everything is kind of scratching their heads. There is still a lock up in the credit markets, this is why American Express is becoming a bank.

Problems: I think you could have more Credit Card defaults, Auto Loan defaults, but their just isn't as much panic as their was a few weeks ago.

Goldie locks is being heavily sedated today.

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