Market Sage Art Cashin Says Egypt Can Turn Markets Upside Down
Tweet Send to a Friend
The election in Egypt can turn markets upside down, according to Art Cashin, head floor trader at UBS. In an interview with CNBC today, he warned that markets are paying too much attention to Greece and not enough attention to the elections in Egypt.
Egypt's Supreme Constitutional Court ruled on Thursday that the Muslim Brotherhood-dominated parliament must be dissolved and that former officials in the previous Mubarak government be allowed to hold political office. Shortly after, it was announced that Egypt's ruling Supreme Council of the Armed Forces would oversee the writing of a new constitution.
A Brotherhood statement said progress made since during the Arab Spring was being "wiped out and overturned".
Mohammed el-Beltagy, the vice-president of the Muslim Brotherhood's Freedom and Justice Party, called events a "fully fledged coup" in a post on his Facebook page.
Cashin is one smart trader and markets should pay attention to his comments.
The Egyptian ETF is Market Vectors Egypt Index ETF (NYSE: EGPT), which is down 3 percent today.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Egypt's Supreme Constitutional Court ruled on Thursday that the Muslim Brotherhood-dominated parliament must be dissolved and that former officials in the previous Mubarak government be allowed to hold political office. Shortly after, it was announced that Egypt's ruling Supreme Council of the Armed Forces would oversee the writing of a new constitution.
A Brotherhood statement said progress made since during the Arab Spring was being "wiped out and overturned".
Mohammed el-Beltagy, the vice-president of the Muslim Brotherhood's Freedom and Justice Party, called events a "fully fledged coup" in a post on his Facebook page.
Cashin is one smart trader and markets should pay attention to his comments.
The Egyptian ETF is Market Vectors Egypt Index ETF (NYSE: EGPT), which is down 3 percent today.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- UPDATE: Crash in American Electric Power (AEP) & NextEra Energy (NEE) Adds to Jitters
- Sony (SNE) is Early Winner in Battle of Video Game Giants (MSFT)
- Fusion-io (FIO) Valuation, Technology Might Attract Buyers
Create E-mail Alert Related Categories
Insiders' Blog, Trader TalkRelated Entities
UBS
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
