Art Cashin: "The Good News Is: September Is Over. The Bad News Is: October Has Begun"

Tyler Durden's picture

The Fermentation committee will be heard on where the market has been and where it is headed. The Chairman has the floor.

From UBS' Art Cashin

The Good News Is: September Is Over. The Bad News Is: October Has Begun - Markets are starting the month in a nervous fashion. As daylight hit New York, European stock markets were down about 2% and Hong Kong was off over 4%. Here is an email that went out to a couple of trading groups around 6:30 this morning:

Sorting through the smoke. Greece admits that it will miss certain deficit targets raises new talk (and old fears) of a default. Simultaneously, Greece agrees to new tougher austerity target (may be a ploy to get next tranche despite admitting targets may be missed). Rumors that Greek problem may impact one or more banks in Belgium serves to confuse things further (contagion issue).


Markets weak, but avoid freefall (so far) trying to sort out timing and linkages of “missing targets” versus a real default or missed payment.


Hardest market hit was in Hong Kong (second day in a row) hinting that there is more here than just Europe.


Remember, this is about the banks and financials – not Greece. Greece is just the fuse.

The sense is that the auditors (the Troika) were in Athens over the weekend. It was obvious that Greece could not actually meet several imminent targets. The Greeks had to admit it, but tried to mitigate that by offering/agreeing to even more aggressive targets just a little further out. That, it was hoped, could provide cover for the Troika to release this round of bailout funds even though the original targets had been missed.

Markets are watching warily trying to gauge impact on banks. It’s about timing and level of contagion.

And as a bonus, today's Cashin trivia:

Today’s Question (in honor of the playoffs) - A few big league pitchers have thrown 4 strikeouts in one inning. How is it possible?

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
grunk's picture

One of the strikeouts was a third strike wild pitch/pass ball? Batter safe at first. Still scored as a strike out.

101 years and counting's picture

dropped 3rd strike, player safe at first.

Don Birnam's picture

Correct. The catcher has to drop the third strike, and fail to make the throw to first ( i.e., no out is recorded ). Then, the next batter is up, representing the ( fourth ) potential stikeout candidate.

Bottoms-up, Art.

Ruffcut's picture

Is this when Ben Bernacne is pitching?

Don Birnam's picture

Can we say Cy Young candidate ?

Why, look ! Here's "Fingers" Bernanke now -- taking in a Nationals game and, in the true fashion of a Prince of Academe, eating his ice cream in a cup, with a spoon. Cones are so gauche.

Esso's picture

No, when The Bernank pitches, you can have trillions of strikes and no one gets called out.


I just hope silver makes a come-back to $ 40.00 oz.

Comay Mierda's picture

not so certain for October. margin hikes can happen at any time. just buy for the long term cuz it cant be manipulated forever

DosZap's picture


I just hope silver makes a come-back to $ 40.00 oz.


It will,just bide your time.

WonderDawg's picture

That's the key, eh? The timing. All predicitions are useless without a time horizon.

GeneMarchbanks's picture

'Today’s Question (in honor of the playoffs) - A few big league pitchers have thrown 4 strikeouts in one inning. How is it possible?'

I don't know the answer but I think it's safe to say that trivia (panem et circenses) is now the only way to steer clear of the oncoming chaos.

bid the soldiers shoot's picture

Posts of tasteless sexual titillation help me steer clear of the chaos you refer to. :-)

Thulsa Doom's picture

First post, Bitchez!

Trivia question answer: One of the 4 strikeouts is a 3rd strike wild pitch/dropped ball and the batter makes it to first? I don't know how that would be scored.

Greece missing a previous deficit target of a previous bailout agreement gives new meaning to the proverbial kicking of the can down the road. How big is that pile of cans at the end of the road by now? We've got a can for everything - first debts, now cuts.

GeneMarchbanks's picture

GREEN. You had me at 'First post, Bitchez!' Didn't even rea-

the grateful unemployed's picture

DB also responded. I think the error in that case goes to either the pitcher, or the catcher, if its a wild pitch or a passed ball. But it could also go to the first baseman if the throw was good and he failed to handle it. (or the second baseman if he was covering first, or the left fielder, et al) I think the strikeout counts in any case. 

lunaticfringe's picture

yea, what they said.

Cognitive Dissonance's picture

The answer is obvious.

They were playing Calvinball.


GeneMarchbanks's picture

More rule changes to commence shortly!

Messianic's picture

But they weren't wearing masks...

buzzsaw99's picture

A few big league pitchers have thrown 4 strikeouts in one inning. How is it possible?


because, like the porn watching sec, the umpire was too busy fucking the mascot to notice.

High Plains Drifter's picture

morgan a buy..............says buy buy..............


but , but , but,...........aren't they heavily in trouble due to cds exposure? 

Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Current Morgan Stanley stock price:  "13.91"

SheepDog-One's picture

Morgan Stanley just gave millions in 'contributions' to the NYPD to crack protestors skulls.

Yamaha's picture

MS tits up like Eastman? Couldn't happen to a nicer group.

Money 4 Nothing's picture

I thought it was Jamie Dimon from the Morgue that made that generous contribution?  

Todays signal:



DosZap's picture


If I worked for MS, I would be looking for a new job.

Sooner or later when the merry go round stops, that 4.6 mil, will not save their ass.

When the welfare class goes broke, the city will burn.

Cops or no cops...............

LongSoupLine's picture

Cramer and Pisani in a full-out, bullish, foaming at the mouth, "valuations" screaming, "cash on the sidelines" forehead vein popping", "buy banks", total fuctard circlejerking rantfest.

Complete and utter displays of organic wastegate commentary.


SheepDog-One's picture

They just dont get it LongSoupLine, this is not a debate about where the money is and what fuels the next bull rally, its a take-down.

High Plains Drifter's picture

i think simon hobbs got punished for daring to point out that cramer was pushing lehmen right up till the day they went tits up. so, if cramer does this again and it looks like he has, does this mean that he will be fired ? 

SheepDog-One's picture

Its real simple Art, they need to complete the total transfer of wealth, thats being fed into the fire control system torpedo as all 401K and pensioners are certain The Bernank will bail them out as their funds tank. Gee I wonder who is all-in record level shorts and puts here, the FED world bankers.

And people will actually say 'No one warned me'. Oh well.

High Plains Drifter's picture

yep they want all of the baby boomer retirement money that the sheep have been so kind to help store for them all of these years. a friend of mine remarked that she thought the whole retirement thing was a complete scam from the start and that they had planned to steal all of that money when the time came. i think she is right.. 

SilverRhino's picture

a friend of mine remarked that she thought the whole retirement thing was a complete scam from the start and that they had planned to steal all of that money when the time came. i think she is right.. 

In places like Argentina and Zimbabwe they just steal it with government decrees.   Here in the USA they are much stealthier / deceitful and steal it by crashing markets and tanking the 401K values (then sheep panic and liquidate).  THEN they will put some treasury backed guarantee plan together and offer an 'escape valve', suck the rest of the remaining wealth into Treasuries and print like fucking madmen.

And people in this country still think we're free.   What a fucking sick joke.


gmrpeabody's picture

Look ma..., no decrees!


hedgeless_horseman's picture



I have some heartier suggestions: bring the full weight of the RICO act and the federal anti-fraud statutes down on Lloyd Blankfein, Jamie Dimon, Brian Moynihan, Angelo Mozilo, and a host of other impudent schmekels still at large in their world of Escalade limos and Gulfstream vistas. Or, if that's just too difficult, how about a handy lamppost and about 40 feet of stout nylon cord?


The financial gangrene (thank you Zero Hedge) is not just seeping anymore, it's blowing through the arteries of the money underworld like fracking fluid. The damage can't be contained. Let the Arabs have spring. The OWSers of America own the fall.

Nice nod to ZeroHedge on Kunstler this morning:

GeneMarchbanks's picture

More 'nods' to ZH as we go along...

DosZap's picture

Nice nod to ZeroHedge on Kunstler this morning:


A hearty Congrats!! does it feel to be the NEWSMAKER.

( the SEER of the Financial Fiefdoms).

TradingJoe's picture

Trying hard to overcome Greece and Belgium right here, algos sweating large! Oct "must open green" :)))! Am not sure but my gut tries to tell me the next 2 weeks should "bring it"!

Taffy Lewis's picture

To quote Gomer Pyle: "Surprise, surprise, surprise!"

Excuse me while I go check on my silver sitting under a blanket in the closet.

It's no surprise that all of my neighbors and relatives don't get it; that vacant deer in the headlights stare is priceless but troubling.


gmrpeabody's picture

"priceless but troubling"

ROFLMAO.... all too true.

Blorf's picture

Netflix and MS surged to new highs for the month.  What?  The month just started?

monopoly's picture

lolol. Good one Blorf

monopoly's picture

I sent an email to the idiots at cnbc and advised cramer is a health risk to investors. How can any programming director think it is OK to have this snake oil salesman on at 6AM west coast time touting his wares, when he is so wrong so often. Melissa and Carl are clueless, but at least they do not foam at the mouth.

Mute button is a Godsend.

monopoly's picture

Miners not holding, the only sector I trust but do not have any money in for now. Just keep buying physical on every pull-back.

Anyone want to lead us in a song, that usually helps.

Esso's picture

What, no rule 48 open? What's the world coming to?

Don't answer that.

fdisk's picture

blahh blahh, ISM # better than expected..

somethingisrotten's picture

ROTFLMAO.  What a tool!


fdisk's picture

ROTFLMAO, indeed, what I see so far, that this site is huge toolbox of ignorant fools. Short some more, case we are about to see some short squeeze in the near term, Pray for collapse and keep your diapers ready :)

And BTW, China PMI on Saturday was much better than expected as well.