Watch Art Cashin: 'Reckless' reason stocks are up

Art Cashin says the market believes the Federal Reserve won't do anything to disrupt the market when its meeting ends tomorrow "so there will probably going to be a rally then. Let's make sure we either cover our shorts or buy into them now."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midafternoon it could be "reckless" thinking, "but it seems to be the market's posture."