Cashin was in a car accident in early February (he was not driving) and has been recuperating. We spoke to him by phone from his home.
The NYSE floor, where Cashin has worked the last 50-plus years, is closed after workers there tested positive for the coronavirus."I am still doing rehab. I fractured my hip, but I am making progress and looking forward to going back on the floor. Thank everyone for the good wishes."
"It looks like a longer recovery to me. You can hear it in the president's voice and presentation, you can hear it from Governor Cuomo. They all want to reopen, but they are all hesitant for fear that there could be a secondary wave of contagion." "I think there will have to be more stimulus coming. This is enormous. We have never seen an instant recession like this. This is going to take a while to work out."
"I don't think the rally will last. There was an enormous short position in oil, so there was some panic covering. A real bottom in oil would definitely be a positive, but given the drop in demand I would be shocked if this was a bottom. "All of that pales in comparison to the tremendous collapse in demand. You have to get the airlines flying again, and you have to get people driving again. Changes in production are still de minimis despite the fact that they garnered pretty big headlines."
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