CNBC - Art Cashin - We Could Be in Trouble

As everyone waits to see what the Federal Reserve will do on interest rates, markets are clearly jittery. In this CNBC article, anlayst Art Cashin says "we could be in trouble." China announces it will allow the yuan to float against a basket of currencies. Concern is being expressed that emerging market currencies may drop sharply. We'll see what happens on the Fed decision soon. Below are some quotes from the CNBC article.

-----------------------------------------------------------------------------------------------------

"The U.S. equity market could experience another leg lower now that the S&P 500 has broken a key technical level, Art Cashin said Friday.

"So far, the S&P stopped at about 2,020, which is where it held back on Nov. 16, before it started a pretty significant rally. If we weaken again, and it violates that area, we could be in trouble," the director of floor operations for UBS at the NYSE told CNBC's "Squawk Alley."

The benchmark index hit a low of about 2,015 on Friday as investors digested oil futures hitting fresh multiyear lows as well as a fall in the high-yield bond market."

. . . . .

"The market has seen increasing volatility this week, with the CBOE Volatility Index gaining more than 60 percent, as investors also prepare for the Federal Reserve policy announcement due Wednesday. According to the CME Group's FedWatch tool, the likelihood of a rate hike next week is 81 percent."

Click here to read the full CNBC article

Added note: On Monday December 28th we will publish a year end review for 2015 that asks the question: Where Do We Stand? That article will stay at the top of the blog until January 2016.