Cashin Says Markets Forming A Top

In article on CNBC, Art Cashin, director of floor operations at UBS Financial Services, commented after the latest government data indicated an unexpected increase in new weekly claims for unemployment benefits for the weak ended July 31.

Cashin said, “I’m surprised by the muted reaction [markets] are having for a couple of reasons: This is a real-time number, fresh data—a lot of the other things we’re looking at are rear-view mirror… I think the market’s [behaving] somewhat hopeful.”

The disappointing jobless claims data came a day ahead of the government's July jobs report, which is set to be released today. According to the latest Reuters survey, 65,000 jobs are likely to have been lost from nonfarm payrolls.

Cashin mentioned, “[Markets] may have a little room to go higher, but we’re forming a top here and we’ll keep an eye out for that next week.”

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