Art Cashin said the stock market continues to show signs of strength even as the benchmark S&P 500 hit record highs.
Cashin, UBS' director of floor operations at the NYSE, told CNBC's Dominic Chu around midday Thursday: "You would have thought that everyone would sit on their hands a little bit" ahead of Fed Chair Janet Yellin's speech Friday at the Jackson Hole conference.
Instead, stocks continue to follow the "line of least resistance"—higher. "There's a lot of money out there that has not gotten into it and has been chasing and I think they'll continue to chase for a while," he said.
Cashin said stocks still look good when compared to low interest rates for fixed income investments. "You get no yield anywhere. If you're going to put money to work, where else? And that's what we're seeing."
—By CNBC's Alex Crippen.