Art Cashin's most recent market commentary provides a bleak assessment of the last-hour selloffs that have been occurring frequently since the election.
Cashin reaches into his archives for a snippet he wrote back in November of 2007 that remains very relevant to investors today:
Longtime readers know of the value we place in final hour action. Stock trading is a bit like playing poker. Throughout the session you can bluff and posture revealing only part of your intentions, hoping to confuse your adversaries. Your only liability is the clock. If you have not accomplished your goal by the time the bell rings, you have failed.
Therefore, old traders see the final minutes of trading as truth time. The bluffing and posturing is cast aside. Folks do what they need to do to get the trade on the tape. Everything up until then is a stage play. That’s why the action in the final thirty minutes both yesterday and Friday is of concern to old fogeys.
Cashin seems bullish on stocks given this assessment, and his advice to investors is to “stay alert and very nimble.”
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