ART CASHIN: Three Things Worry Me Right Now
REUTERS/Brendan McDermid
But, this certainly isn't a time to be complacent.
Veteran trader Art Cashin, UBS Financial Services' director of NYSE floor operations, spoke with King World News.
King asked Cashin what worried him now. Here's his response:
[Geopolitics] still remains at the top. I think the ISIS group in Iraq can present a very clear, present, and almost instantaneous danger. Second, the connectivity and possible contagion of the financial systems. Europe in particular looks a little strange to me. They don't have the same kind of central government bond system that we have. Certain benefits and protections that the Fed might still be able to find here will be denied there. And the mystery that is the Chinese banking system -- that would be my third worry.
So from a financial standpoint, Europe and China. And in geopolitics, primarily what's going on with ISIS. The suicide bombers that are in Baghdad today may not stay in that part of the world. These people are very expansionary as far as terror is concerned.
ISIS has already threatened to infiltrate Saudi Arabia with some insurgents. That could bring real concerns. Even if they didn't make great headway they would still be disruptive to the oil market. I'm worried about these guys taking over whole chunks of the Middle East and possibly trying to depose the Saudi Royal Family. There are some greater dangers than just pipelines (being blown up). So we are living in a very sensitive and tender world and you must stay wary, alert, and very, very nimble at all times.
To summarize: Art Cashin is worried about geopolitics, contagion in the financial systems, and the mystery of the Chinese banking system.
These are the types of things that could lead to oil price spikes, crunching credit markets, and plunging exports.
Read more at KingWorldNews.com.
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