it's been a crazy week on wall street let's bring in art cashin, director of operations at ubc. you. thanks for joining us. >> i'm honored to be here. thank you. >> when you look at this kind of reignition of the meme stock mania, is it something that you look at and say, oh, i've seen this many, many times before over my career or something that you say this time it really is different? >> no, i unfortunately think it is something i've seen time and time again it's the equivalent -- the wall street equivalent of a chain letter you know, the chat room gets everybody excited. put $5 in an envelope, mail it out and in a week you'll get an envelope with $1,000 in it that's pretty much what's happening. these chat rooms are nothing new. i've seen there was a stock called iomega and they had iomega options and theyran in much the same wild and ill liquid fashion that we're seeing amc ove. i've been doing this well over 60 years forgive me if i don't have all the details correct between the alcohol and the alzheimer's, i'm getting a little slow. but over 60 years ago, there was a comp

x, who is arthur cashin, saying, oh, i just saw these trade up, we don't care if we lose money, we'reen go and check what kind of positions he had it is my rather pessimistic opinion that you will find a couple of pretty big players, not retail joe's, pretty big players in there taking big positions and riding the wave that they create in the chat room, and i thought he was -- he was excellent, and his other point is something, again, over 60 years you learn there is no free lunch and it's not really free trading, it's trading at no commission, but you pay for that lunch somewhere else >> that's exactly what gensler said to kelly and tyler yesterday. art, great to see you. thank you so much. importance guidance on a day like today art cashin still ahead, is ashford hospitality the next meme stock, we're going to talk with the ceo next and the president sitting down rith british prime minister bos johnson, we're going to take you live there in just a few moments. dow has lost a few stay restless, with the icon that does the same. the rx crafted by lexus. lease the 2021 rx 350 for $449

let's get to ubs director of floor operations, art cashin, to talk about what the bulls hold the ball to see you. >> good morning. >> once again, we're here hovering just below all-time highs. what is the onus on the bulls to demonstrate they can do this >> really, i think it would be completely punching through. you know, we have been locked in kind of a rectangle for months and we have a seasonal pattern coming in, coming into july, which is historically the best month for the bulls. not the greatest gain, but the most reliability for being an up month. and the seasonal pattern i had been watching had expected the weakness to continue into the early part of this week. in fact, this morning should have been the bottom it now appears that the bottom may have been last friday. we made nominal new highs, as you pointed out. but there's been no great thrust they haven't escaped gravity here you would think that if you get to the new highs, some shorts would panic. you would get a bit of a parabolic move to the upside none of that has come through. and i think it shows a hesitancy about s

>> guys than an all-time high, as you can see on the s&p 500, and the nasdaq, we are talking with cashin how we are hovering right below record levels, and he wanted to see the bulls punch through. is this the bulls punching through? >> i would like to see the rails move i had a piece about csx's chart being really bad, but the rails are key. we need transportation and gary kelly, i would like to hear what he has to say. >> we're watching the nasdaq creep up on the yearly performance of the s&p they're only two percentage point difference the nasdaq had been lagging, but my wade things started. >> i don't know how many more people -- >> there's one stock that's just been the leader here >> that stock is look at that move. this thing is almost -- it is -- frankly, it may be it goes from -- not that big -- well, look at that semiconductor company to, wow, i mean, wow, right? >> i just want to clarify on jpmorgan, they're requiring employees to certify they've been vaccinated, not vaccinated or choose not to tell us they are not required to get vaccination. they just have to agree to be reg

let's bring in art cashin. great to see you this morning. >> great to be here.rages right now >> well, we're bumping up against the high that rectangular range we've been in since april. even the end of march. and we got very close this morning. the resistance in the dow is about around 34, 80 0. and i think we got up around 34.780 you approached it not so closely in the s&p and nasdaq. s&p is probably up around 42 48, 4250 the bulls have been unable to share the touchdown. they get within inches, and we haven't had a breakout unfortunately, some of that, the technical levels that we look at, get dissorted by the chat room stocks you were just talking about, because they raise the volume you get things like advancing volume versus declining volume, and a chat room that trades 50 0e million shares and it distorts what it looks like for the market for now the bulls are in good shape but have to score the touchdown. >> iwant to take into the distortions a little bit more. we've heard about shell in -- sell in may, swoon in june how much do you expect seasonality to

. >> sounds like you will, art, always good to talk to you, art cashin, ubs this morning >> my pleasure look at the road map the next hour, new comments from mcdonald's ceo about the pandemic, labor shortages and more. >>> and later this hour, morgan's sit down with the harley-davidson ceo as the company faces pressure from inflation, labor and tariffs the silence just says everything it's time for me to look up. >> finally, new funding valuing the defense tech start up androl at more than 4 1/2 billion dollars. we're having a national security focus this morning we're going to talk with the cofounder, we have a jam packed hour of "squawk on the street" still ahead. stay with us to prepare our people for anything. you're late well, cdw amplified services experts will consult with you to design, orchestrate and manage your most complex technologies to help you quickly overcome any obstacle ... without all of this. oh, that is better. who's that? oh, if you want coffee, you gotta get past tantrum. you're in for a brewed awakening. for technology that moves you forward, trust cdw amplified