UBS Advises Caution (UBS)

Art Cashin, director of floor operations at UBS Financial Services (NYSE: UBS) has claimed that he is cautious about the market. He told CNBC, “I think you have to be careful."

But he added that market’s performance this week has been ‘quite impressive.' Jobless claims numbers were positive for the market. Cashin said that S&P 500 reached 1070-1072 mark but then hit resistance.

He said, “We have market with a real dichotomy here. We’re going to find out who’s right. For now I’m staying cautious." He cautioned that Treasuries and some currencies are hinting at deflation.