Yesterday, the venerable Art Cashin had 12 simple words of wisdom for 'traders'. Today he has a more direct warning for those watching the levitation and counting their 'wealth effect' gains...
"Unfortunately, history gives us a kind of muted picture of it, that if you have high volume, you get follow-through very easily.
If you have low volume and you go into September, we've only had big carry-through a few times,"
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Trade (or hedge) accordingly