Art Cashin Talks Market Dramamine

Tyler Durden's picture

As usual some highly pragmatic observations on the roller coaster stock market from the Fermentation Committee chairman.

Via UBS

Whew! Got Any Dramamine? - In yesterday’s Stealth Stocks letter, Dennis Slothower featured this quick market summary from Gary Kaltbaum:
Here is how trader, Gary Kaltbaum described the market recently.

  1. Crash into early August, then hit a low where market rallied up 10% in six days.
  2. We then dropped about 7% in 3 days.
  3. We then rallied up about 9% in 7 days.
  4. And then in 2 days we dropped about 8%.
  5. In 2 days we rallied up 5.5%.
  6. And then next 2 days we dropped 6%.
  7. And the next 5 days we rallied up 7%.
  8. And the next 3 days we dropped about 9%.
  9. Next, we rallied up about 7%.
  10. The next 4 days we dropped about 10%.Culminating with the wash out on Oct 4.
  11. And then in 5 days we rallied up 11%.
  12. Sat around.had two big gaps into the highs of late August and then we did two big gaps down.
  13. A little rally up.
  14. Another big day down.
  15. Within a day, a gap up. Then another big drop.
  16. Went down about 9% in seven days.
  17. And this week on two days that gapped up, a total of about 640 points.
  18. We finished with a rally this week of 8% and this one was for the books. You couldn't get in because they were gaps.