Keep an eye on this key level as markets hit sell-off mode once again, Cashin said.
Keep an eye on the 3,800 level as the market sell-off picks up once again and investors put their hopes on a yearend rally, UBS' Art Cashin told CNBC's " Squawk on the Street " on Thursday. The veteran stock trader said that level is his "primary concern," attributing both comments from David Tepper and a weak leading economic indicators index print to the downward pressure on markets. That's bringing the potential for a so-called Santa Claus rally into question.
" The comments from Cashin come after Tepper, the founder of Appaloosa Management, told CNBC on Thursday that he's bearish on the stock market heading into 2023. Meanwhile, the Conference Board's LEI index showed a greater-than-expected decline for November. The data, he said, also signals that the recent strength in stock prices was "questionable to begin with," and may put a damper on the potential for a rally into yearend.
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