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Watch Art Cashin: Why I'm a 'little anxious' now

Tuesday, 8 Oct 2013 | 12:39 PM ET
Cashin 'anxious' over possible market snapback
Tuesday, 8 Oct 2013 | 11:40 AM ET
CNBC's Bob Pisani and Art Cashin, of UBS, discuss whether there are buying opportunities as the market drifts lower and volume picks up slightly.

Art Cashin says he's a "little anxious" right now due to the widespread expectation that stocks will rebound sharply, perhaps by 2 to 3 percent, once the Washington stalemate is resolved.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "everybody, particularly in the watering holes of Wall Street ... everybody is talking about how this is a buying opportunity."

To Cashin, that's a contrarian warning signal. "You get uncomfortable in crowds. As Warren Buffet said, 'When people are fearful it's OK to be greedy. But when they're greedy you should be fearful."

"That idea of everybody asking how big will the snapback be, that's got me a little anxious."

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