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Art Cashin Video Warning About 1987 Similarities Pulled In Favor Of Jarvis Market Commentary

Tyler Durden's picture




 

In an article on cnbc.com which covers Art Cashin's observations between the "eerie" similarities of the current market and the exponential ramp in the Spring and Summer of 1987 (and we all know how that ended), the video that accompanies it and is supposed to show Art Cashin's real time ruminations was replaced with an overlay of Rebecca Jarvis discussing market headlines. Obviously, this is merely a glaring technical glitch at the GE subsidiary.

The highlights from the article (which one hopes will not be pulled):

“I’m still somewhat skeptical about this [market],” said Cashin. “I’ve
been wrong—got out too early. I took some money off the table a few
weeks ago—didn’t take it all off.”

“There’s just some eerie things about this—it’s reminiscent of spring
and summer of ‘87 when nobody believed the rally and it kept going up
despite skepticism, people shorting into it,” he said. “It ate them
alive until it suddenly turned.”

Always better to keep these things under wraps of course, and not provide some clip that could go viral in a matter of minutes.

We hope CNBC promptly rectifies this error.

h/t Don

 

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Fri, 09/11/2009 - 11:29 | 66216 JohnKing
JohnKing's picture

The Dept. of Media and Propaganda is the most efficient Gov't entity out there, highly motivated and full of initiative. They should start training the other agencies.

Fri, 09/11/2009 - 11:32 | 66221 TumblingDice
TumblingDice's picture

Looks like Art may be in need of some rehabilitation. The old man is talking heresy.

Fri, 09/11/2009 - 11:33 | 66225 Anonymous
Anonymous's picture

Interestingly we closed at the 1938 - 1987 trend line last night. It certainly feels like once this turns then there will be a lot of people (well maybe computers) all trying to get out at once - which would not be pretty. For the trend line look at: http://www.apartofny.com/2009/09/crash-watch-update/

Fri, 09/11/2009 - 11:35 | 66229 AnonymousMonetarist
Fri, 09/11/2009 - 11:35 | 66231 LoneStarHog
LoneStarHog's picture

But, didn't you read their disclaimer about data accuracy?

Fri, 09/11/2009 - 11:37 | 66235 RobotTrader
RobotTrader's picture

Today's Screamers:

 



Add Stock Charts To Your Blog

Fri, 09/11/2009 - 12:04 | 66286 Dixie Normous
Dixie Normous's picture

Got to love YRCW.  Probably out of business next year when they have to start paying back into the pension.

But the whole DOW TRANS kills me.  The index makes pumping crap like Fannie and Freddie look like child's play.

Fri, 09/11/2009 - 12:30 | 66317 Anonymous
Anonymous's picture

fdx price 1 year ago ~85
fdx price today ~77...on -50% yoy earnings

Fri, 09/11/2009 - 12:07 | 66292 deadhead
deadhead's picture

robo....2 words.

rebecca....jarvis.

 

Fri, 09/11/2009 - 11:39 | 66236 thegreatsatan
thegreatsatan's picture

Obviously Art will be visiting a Sheinhardt Wig Company sponsored (rehabilitation camp) retreat soon enough.

Fri, 09/11/2009 - 11:57 | 66267 AndItsGone
AndItsGone's picture

Ah, yes, the retreat to move forward.

Fri, 09/11/2009 - 12:08 | 66295 AndItsGone
AndItsGone's picture

Ah, yes, the retreat to move forward.

Fri, 09/11/2009 - 11:38 | 66237 zeropointfield (not verified)
Fri, 09/11/2009 - 11:53 | 66259 Anonymous
Anonymous's picture

With approximately 80 million boomers gettin' ready to bite the dust bin of history, sounds like a good play to me.

In fact a great cash incentive to help the old folks kick the can before they use up the majority of their medical benefits in the last six months of their lives.

What's good for Wall Street will be double plus good for Washington D.C.

Fri, 09/11/2009 - 12:06 | 66290 zeropointfield (not verified)
Fri, 09/11/2009 - 13:32 | 66413 George the baby...
George the baby crusher's picture

Just a badly worded piece.  It's actually called "Active Death Help" for terminally ill patients and is not for people who are a tad depressed this week.

Fri, 09/11/2009 - 11:40 | 66240 Oso
Oso's picture

"Nostalgia Is Not What It Used To Be – A group of veteran traders watched the market rally yet again and puzzled at the process.  Most of these veterans have felt for some time that the March rally has gotten well ahead of the economy.  The conversation began to drift toward possible parallels to the action.  That’s when the shoe was dropped.

 

One trader asked his fellows to recall the spring and summer of 1987.  Then, too, rising prices were treated to skepticism on the floor and elsewhere.  Senior specialists cautioned their juniors “not to fall in love with the rally.”  Yet as prices moved steadily higher and higher, the juniors speculated that the seniors were out of touch.  The slogan became – you don’t sell strength – you buy strength.  And, so they did.  The trader recalled that two key topics in ’87 were the dollar and Iran.

 

One younger broker passed by an asked what was the topic.  I replied – “We’re recalling ’87.”  He looked me in the eye and said – “Was that 1887 or 1987?”  That’s when the meeting broke up."

 

- From Cashin's Comments, today

Fri, 09/11/2009 - 11:54 | 66263 phaesed
phaesed's picture

that's AWESOME.... lol

Fri, 09/11/2009 - 12:03 | 66278 Hephasteus
Hephasteus's picture

Haha. Once they have control of health care they can fix these things. All they gotta do is send someone to a doctor to be misdiagnosed and then treat them to death. Just use the types of doctors that have been running around saying everyone has skin cancer that comes to their office and wants to make $10,000 a day.

Then you can present "reasonable" explanations to a young and impressionable population.

Fri, 09/11/2009 - 12:23 | 66308 reading
reading's picture

That says it all...

 

I said to my husband today that we will in fact repeat many of the same ridiculously stupid things we are in the process of saving ourselves from now if we even have one penny left over when this finally breaks...he said no way, we couldn't really do the same things again, I mean they wouldn't repeat the same mistakes.  Really, repeat that to yourself slowly and see if you can convince yourself that we aren't doomed to attempt to repeat the same nasty cycle we've been in a long time.

 

 

Fri, 09/11/2009 - 12:29 | 66316 Anonymous
Anonymous's picture

Do you have a link to Cashin's Comments? If you do, please post it. Thank you.

Fri, 09/11/2009 - 13:16 | 66384 Anonymous
Anonymous's picture

I heard it live on CNBC.

Fri, 09/11/2009 - 19:14 | 66956 Anonymous
Anonymous's picture

Can vouch for the cashin statement, drew all the
parals to the crash of '87.
Commentators fell silent. Kernan then said
that Mohammed Al Ernian indicated the same
a week prior.

Fri, 09/11/2009 - 13:04 | 66324 MinnesotaNice
MinnesotaNice's picture

How do you get Cashin's Comments... I have been trying to find that out... do I need to subscribe?

Fri, 09/11/2009 - 13:04 | 66371 MinnesotaNice
MinnesotaNice's picture

And by the way I have been trying to get that clip to play all morning... it seems to have evaporated...

Fri, 09/11/2009 - 14:07 | 66486 They steal from...
They steal from us everyday's picture

Anything to protect the corporate whore in the white house and the slack jawed masses who voted him in.

Fri, 09/11/2009 - 11:40 | 66242 Anonymous
Anonymous's picture

well until he gets something right ... why would anyone put much credence into what he says? he's been wrong since March.

Fri, 09/11/2009 - 12:25 | 66309 reading
reading's picture

No he hasn't...he clearly expected and participated in the rally.  He's just been cautious that it is too extended since the mid summer.

 

Let me guess, are you under 30?

Fri, 09/11/2009 - 15:15 | 66596 Anonymous
Anonymous's picture

no, was around in '87. i'd have to carefully go through all of Cashin's projections/warnings but as I recall very early on (ok, maybe it was end of April, not March) that every other day he said there would be a correction coming any day now.

Fri, 09/11/2009 - 11:42 | 66244 bullwinkle
bullwinkle's picture

I think Denis Kneale has been moved to the web programming dept or it was just a honest mistake.  If you go the video page Ms. Jarvis's report is to the left of Art Cashins video which would lead me to believe someone goofed.

 

http://www.cnbc.com/id/15839263/site/14081545/?tabid=15839796&tabheader=false

Fri, 09/11/2009 - 13:21 | 66396 Anonymous
Anonymous's picture

Nope.

At 1:00 PM E, the 2 videos, side-by-side, have the same 30 sec roundup. If you did actually watch Art speaking on that video at 10:30, then ... well, it ain't there now.

Fri, 09/11/2009 - 14:06 | 66482 Careless Whisper
Careless Whisper's picture

Shades of Rose Mary Woods.

Fri, 09/11/2009 - 11:53 | 66260 phaesed
phaesed's picture

Imagine what will happen to all the Direxion triple longs if we suffer a 33% drop in a day.

Fri, 09/11/2009 - 12:47 | 66342 deadhead
deadhead's picture

direxion reserves the right to limit the drop in their products per their prospectus.

Fri, 09/11/2009 - 11:54 | 66262 Ed Cormack
Ed Cormack's picture

TD The CNBC erase the clip, i try to rescue for us, be patiente.

I think in CNBC and it´s similar to Chavez in Venezuela

 

Fri, 09/11/2009 - 11:56 | 66264 Hephasteus
Hephasteus's picture

So instead of profiting from a crash all at once. They are simply using HFT to eat anyone who nakes shorts it?

Fri, 09/11/2009 - 11:59 | 66270 Anonymous
Anonymous's picture

Rebecca Jarvis - wasn't she the hot cutie contestant on The Apprentice? I'm glad CNBC is casting a wide net to ensure they bring in the best minds to provide insights into the capital markets. I seem to recall Rebecca led her Apprentice team to victory in the Lemonade Stand challenge.

Fri, 09/11/2009 - 12:02 | 66275 McLuvin
McLuvin's picture

Big difference, the TED spread flashed warning signals prior to the crash.  Currently, manipulated or not, it's at a new low.

Fri, 09/11/2009 - 12:04 | 66283 Hephasteus
Hephasteus's picture

Anything involving spreads will not give singals since HFT and FLASH massage the spreads to confusion.

Fri, 09/11/2009 - 12:59 | 66361 ZerOhead
ZerOhead's picture

Still thinking about your zinger on Ben Dovers thread buddy....

Fri, 09/11/2009 - 12:02 | 66277 Anonymous
Anonymous's picture

For as much CNBC bashing that zerohedge does, you sure do pay a lot of attention to them via CNBC t.v. or cnbc.com.

Fri, 09/11/2009 - 13:59 | 66470 reading
reading's picture

Hey Dennis,

Nice to see you here!

Fri, 09/11/2009 - 12:05 | 66288 AN0NYM0US
AN0NYM0US's picture

found this on youtube

Louis Rukeyser on the Friday before the 1987 crash

 

http://www.youtube.com/watch?v=2MyToTwag34

Fri, 09/11/2009 - 12:26 | 66314 Bam_Man
Bam_Man's picture

Thanks for that trip down memory lane. Wow, Marty Zweig with a full head of hair (almost). LOL!

For many years my Friday evening routine would include a large vodka martini and 'Wall Street Week'.

Lou was the best and probably always will be.

Fri, 09/11/2009 - 12:33 | 66323 AN0NYM0US
AN0NYM0US's picture

this is a link to a whole series of vid clips from that October week

 

http://www.youtube.com/user/crashof1987

Fri, 09/11/2009 - 14:19 | 66507 Careless Whisper
Careless Whisper's picture

Thanks for that clip. Zweig nailed it and Rukeyser was concerned about programmed trading.

Fri, 09/11/2009 - 12:30 | 66318 What_Me_Worry
What_Me_Worry's picture

Thank you for that video link.  Very good video to watch.

 

Fri, 09/11/2009 - 12:16 | 66299 deadhead
deadhead's picture

edit...link didn't work.

was gonna throw the chart up for spx in 1987...it's a beauty and is eerily similar as Art noted.  kinda eerily similar to that 1929 thing too.

Fri, 09/11/2009 - 12:35 | 66328 AnonymousMonetarist
AnonymousMonetarist's picture

Google :Three peaks and the domed house

Fri, 09/11/2009 - 12:40 | 66332 Bam_Man
Bam_Man's picture

Is that house "domed" or "doomed"?

Fri, 09/11/2009 - 12:50 | 66346 deadhead
deadhead's picture

already aware of 3 peaks, dome theory.  seems to me that we are right at the top of the dome. 

daneric had an interesting chart on his site recently analyzing action of double tops since autumn 2007 which is notable.

Fri, 09/11/2009 - 12:45 | 66340 Anonymous
Anonymous's picture

The video just shows CNBC news now. No Cashin...looks like CNBS decided they didn't like the way it sounded...

Fri, 09/11/2009 - 13:06 | 66374 MinnesotaNice
MinnesotaNice's picture

I know it just evaporated... poof!

Fri, 09/11/2009 - 12:46 | 66341 Anonymous
Anonymous's picture

Unfortunately this time is different. No one is shorting, so there is no similiarity in that regard. Shorts too afraid of upside risks.

Fri, 09/11/2009 - 13:35 | 66423 TumblingDice
TumblingDice's picture

I'm shorting; fear is not part of my vocabulary good sir.

Fri, 09/11/2009 - 13:00 | 66364 Anonymous
Anonymous's picture

The Day of Atonement is next Friday.

Fri, 09/11/2009 - 13:17 | 66390 Big Al
Big Al's picture

Well, today was probably Art's last day on CNBC -I'll miss him.   Maybe Dylan Ratigan or Jeff Macke can hook Art up with something.  

Mark Haines better watch his back, too.  He hasn't been real positive lately.

Fri, 09/11/2009 - 13:22 | 66397 MinnesotaNice
MinnesotaNice's picture

funny... I saw Jeff Macke on his own blog the other day... he looked a little more put together since the last time I saw him... but he still has those eyes :-)

Fri, 09/11/2009 - 14:56 | 66555 ZerOhead
ZerOhead's picture

Funny... I've got eyes... and hair!

Fri, 09/11/2009 - 17:34 | 66860 MinnesotaNice
MinnesotaNice's picture

It's that darn cat again... and you are mistaken... you have fur... not hair... you should be really embarrassed... the rest of your cat friends are snickering behind your back  :-)

Fri, 09/11/2009 - 14:04 | 66477 Careless Whisper
Careless Whisper's picture

Eric Gleacher after the John Mack interview on cnbc (at 5:05):

"John Mack was just on here. He said he was on the brink. It wasn't any different from Lehman. What's different was that someone decided that Lehman was gonna go and Morgan Stanley was gonna stay."

Of course, no follow-up questions on that statement. Gotta go.......

http://www.cnbc.com/id/15840232?video=1250439347&play=1

 

Fri, 09/11/2009 - 14:59 | 66562 bullwinkle
bullwinkle's picture

Video is now available.

 

http://www.cnbc.com/id/32796678

Fri, 09/11/2009 - 15:53 | 66670 Anonymous
Fri, 09/11/2009 - 16:57 | 66801 phaesed
Fri, 09/11/2009 - 18:38 | 66933 Anonymous
Anonymous's picture

I just watched the video. I like TDs writing and tireless blogging, but its stuff like this that makes people think we need tin foil hats.

Theres no evil conspiricy here to silence Art Cashin that I can see.

But by all means keep up the good fight, I think the evidence is clear that corruption and manipulation have just about ran the USA into the ground.

Do NOT follow this link or you will be banned from the site!