Art Cashin called yesterday Capitulation! But is it?

Art Cashin of UBS and a guest on CNBC said that yesterday's action was as close to Capitulation as it gets and he thought the bottom has been put in. Share volume was about 2 Billion shares yesterday which gave Cashin his confidence level. I am not as sure, as he is, that the bottom has been put in. I still believe we are headed to a Dow of 7,300. Even with yesterday's huge rally, we closed below the 20 day Moving Average on the Dow.

If Art is correct that the bottom is in, I think we are staying in this range between 7,990 and 9,700. That's a nice range to make some money if you are willing to get in. Play this range as it should last for a long time. Remember the wise investor is Buying when others are Selling, and Selling when others are Buying. If the market does go to the level of 7,300, I am confident it will hold and rally up a lot so be willing to buy anywhere near those levels.

UPDATE:6:15am PST
Art Hogan a frequent guest on CNBC also said we have retested the lows and we will be in a range of 8,000 to about 9500 for a while. He was the first to call the bottom back in October. So there you have it from 2 real good pros.