At one time I really liked Art Cashin, the director of floor operations for UBS on the floor of NYSE and a frequent commentator on CNBC. He was a bit of a sour and dour guy but seemed fair and balanced and offered great viewpoints from the floor on CNBC. Listening to him was like listening to inside intelligence. There are a few things he said that will go down in my memory as some of the funniest snippets on CNBC. There was a time when he was asked why traders felt obliged to trade every day on Wall Street. The CNBC host was curious. He asked Art if there were not some days when the traders should decide that the market was too volatile of unpredictable or just plain unattractive and decide to simply stand on the sidelines and let the day ride by without trading. In response to that Art Cashin said "You know, it is sort of like shaving every morning. If you don't shave you feel like a bum. Trading is sort of like that! You just gotta get in and so some trades no matter what the day is like!" These are not precisely his words but that was his spirit.
Well, the funny guy has lost his charm. He is overstaying his welcome with something he recently said which he seems obliged to defend one way or another! This makes him lose that neutral unbiased worldly charm and now pits him in the same category as many of those headstrong idiots who stick to their viewpoint even when the world is rapidly changing around making them seem even more idiotic and irrelevant to viewers.
Case and point. Art Cashin said recently we will see a huge correction to the market coming. He saw it coming last week and last week passed without incident. This he said the same thing early part of this week. When it did not come true the early part of this week he renewed his prediction and said it was positively coming the later part of this week. It did not and now he is jumping around trying to find reasons why he should renew his negativity and now using words that will push this correction crisis indefinitely in the hope that perhaps someday in the future he will be proven right when the time has passed and the context has changed and he can hang on and have his prediction come true. This makes him sound pathetic because if time is not a factor everyone who makes a up or down prediction will be right one day or another! Art is now in the danger if losing his relevancy as he joins the crowd or other buffoons and pundits whom the market chews and throws on the sideline. If he is smart he will stop making these stupid predictions and instead change the topic and focus on some trading or such issue where he could offer great value and insight to listeners. When you have lost the game close the board and move on to a new one!
Wake up, Art Cashin! You have much value to offer! Gert smart and get going with the direction the market wants to go! Change the game and don't get stuck in the past looking so highly irrelevant!