"A lot of things have to go right for the market to keep going up," UBS' Art Cashin says. "You've got to run the table here."surged 40 points in just six days, hitting historic highs on Tuesday, but we've already given up most of those gains, down 30 points since the open on Wednesday. You can blame oil's drop for part of Wednesday's decline, but the market has bigger problems.
"A lot of things have to go right for the market to keep going up," UBS' Art Cashin said. "You've got to run the table here." What Cashin means is that traders believe the discussion needs to shift on several key issues that are moving markets:. This "patience" mantra that Chairman Jerome Powell keeps repeating is wearing thin. Neutrality is not enough. The market is saying the global economy needs more reflation, more stimulus. Only China's central bank is in aggressive stimulus mode, but markets want others to get back in.
. For the last month, markets have risen because sentiment has improved. There's a belief these regions are bottoming. Now, we need to see hard economic data over several months to prove the sentiment turnaround was right.We have avoided the dreaded earnings recession — two consecutive quarters of declining earnings — for the moment. But with stocks this high, even several quarters of "flat" earnings may not cut it.
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