Market hasn't recovered from October shock, won't rally until signs of a bottom: Art Cashin [CNBC]
Comcast Corporation - Class A (CMCSA)
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show chapters The seasonal rally that many are expecting may be delayed as the market tries to find a bottom, closely followed trader Art Cashin told CNBC on Tuesday. While November historically tends to be a strong month for stocks, Cashin said the market needs to stabilize after its recent sell-off. It had a terrible shock in October, and it hasn't fully recovered, the UBS director of floor operations at the New York Stock Exchange said on Closing Bell . Until you show some signs of bottoming, it's going to be tough to get Santa Claus or anybody else to the rally. A so-called Santa Claus rally typically occurs the last week of December through the first two trading days of January. Lingering trade war fears and concerns about rising interest rates and possible global economic slowdown have been weighing on investors. October's rout saw the Dow Jones Industrial Average end down 5.1 percent for the month, its biggest one-month fall since Ja
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