50-Year Veteran Predicted Stock Plunge Last Week: What Now?
KingWorldNews.com
October 16, 2014
Today a 50-year market veteran, who last Thursday astonishingly predicted that a “cascade” of panic selling would engulf the stock market, warned King World News that this is still an extremely “nervous market.” He also gave the exact level that will trigger the next “cascade” of panic selling to the downside and discussed the historic action in the bond and gold markets. Below is what Cashin, who is Director of Floor Operations at UBS ($650 billion under management), had to say in this timely and powerful interview.
Eric King: “Art,when I asked you last Thursday if the early signs of selling could develop into some more serious you issued what turned out to be an astonishingly accurate warning:
“We are heading toward a potential retest of the area around 1,925 on the S&P. We stopped in that approximate area last Thursday, and again before the most recent bounce yesterday. So if we get down there and we
test it and fails, we run the risk of a kind of cascade effect (of selling) at that point.”
Eric King continues: “Sure enough, Art, the stock market began to hemorrhage to the downside after 1,925 broke on the S&P. That break is what has led to a series of down days where all hell seems to be breaking loose. Is there another major level you are now watching?”
The Rest…HERE
