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Watch Art Cashin: 'Tough year for old adages'

Monday, 18 Nov 2013 | 1:03 PM ET
Cashin says: China reform hopes spilled into Europe
Monday, 18 Nov 2013 | 11:40 AM ET
CNBC's Bob Pisani and Art Cashin, of UBS, discuss hopes for new reforms in China, and current market conditions ahead of the Fed minutes.

Art Cashin says 2013 has been a "tough year for old adages and sometimes old brokers."

Cashin, UBS' director of floor operations at the NYSE, was asked by CNBC's Bob Pisani around midday whether investors should "go along for the ride" and assume momentum will help stocks creep higher, given we're entering a "seasonally strong part of the year" and equities usually close a little higher for the year when they've advanced for the first 10 months.

Cashin said he's not buying that point of view this year because the old saws haven't been working. "It's 'sell in May and go away', 'September is a dangerous and down month ... we heard all those things" and they didn't happen this time around.

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