Cashin Comments on the Market and its Future on CNBC

Director of Floor Operations at UBS (OUBSF), Art Cashin, joined CNBC's 'Squawk Alley' to discuss what hes seeing from the markets.
By Giovanni Bruno ,

NEW YORK (TheStreet) -- Director of Floor Operations at UBS  (OUBSF) , Art Cashin, joined CNBC's "Squawk Alley" to discuss what he believes is driving current market trends and his forecasts for what may be to come.

"I think once people saw the rebound from the Brexit anxiety, they thought well maybe this thing isn't as bad as it looked," Cashin said, on the highs in the market this week.

However, he did caution that conversation could take a turn.

"I think this morning's early strength had to do with the expiration, and now that that is wearing off, we'll have to see about next week. People are starting to rethink the Fed a little bit, coupled with both the PPI and the CPI coming in stronger than expected, could cause the conversation to shift," Cashin explained.

He then commented on both the U.S. investor's' confidence on doing business within China, and the the international scope.

"Temporarily you might see a lull for a week or two, but when you start to dig down deep into the numbers you see they're still having some problems over there and I think that may begin to be realized again," Cashin commented about China, before talking about the European markets.

"For now, unfortunately, the horrible things going on in Europe has everyone completely distracted," Cashin said exhibiting uncertainty in those markets. 

In terms of what we can expect by session close today, Ashin says don't expect anything too drastic.

"I would look to see if you start to see some of the things drifting down, if the S&P dipped below 2,155 or so then I think you would see the extra pressure put on it," Cashin concluded.

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