Watch Art Cashin: Why stocks are up today ... it's not jobs

Friday, 8 Nov 2013 | 12:48 PM ET
Cashin says: December payroll now 'critically' important
Friday, 8 Nov 2013 | 11:40 AM ET
CNBC's Bob Pisani and Art Cashin, of UBS, discuss the rising 10-year and the correlation with the markets. It's more buy the dip than any news-oriented effect.

Art Cashin says he believes today's rally for stocks is driven more by "buy the dippers" than by a specific news event, like this morning's strong October jobs report.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday he's "quite impressed with the fact we raced through two resistance levels this morning."

He does worry, however, that if the 10-year U.S. note yield hits 2.8 percent it could generate some "check engine lights."


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