"When E.F. Hutton talks, people listen" was the mantra in the 1970's and 80's where commercials typically featured an business man at a holiday party or casual get together and when asked what his broker, E.F. Hutton said, everyone in the room froze, heads turned..........hanging on his every word. Nowadays there's no doubt in my mind that when Art Cashin, the seasoned, ice cube-marinating stock market veteran talks, Chicago traders such as myself listen.
Bull markets have a maximum shelf life of five years, and Wall Street may soon approach the end of this one, UBS' Art Cashin told CNBC on Friday. If the S&P 500 drops below 1,770, he added, the markets could see a wave of secondary selling.
"It's a little bit of catch-up for 2013," he said on "Squawk on the Street." "We've gone for an awfully long time without a correction. Bull markets tend to have a maximum life of five years. We're getting awfully close to that."
What do your tea leaves tell you? Is it time for some safety?