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Watch Art Cashin: Here's why the rally faded

Art Cashin says the stock rally sparked by the Federal Reserve's decision not to taper turned out to be short-lived because it was only fueled by short covering, not by new buying.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that viewers should keep a close eye on the 10-year U.S. note yield, which is starting to "inch back up."