Veteran trader Art Cashin expressed his bearish views today on CNBC. Cashin is worried about an overbought market and also about the possibility of tax selling in January:
“Six out of the last 10 Januarys have been down and there is some feeling that people are taking more notice of tax strategies. There wasn’t an awful lot of tax selling this year, although we had a very significant rally from March.
The rally (in 2003) ran from late February into year-end and it lasted a bit into January or so, and then we had a pullback after that. So we’re still waiting to see. I’m stubbornly concerned that they are overvalued — there is a feeling that it’s Nasdaq 4,000.” in CNBC
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