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Watch Cashin: I'm keeping a 'big, big eye' on this

Art Cashin says we'll have to wait until Monday "to see if things get real here" as more market participants return from the holiday season, and when they do he'll be watching 10-year U.S. note yields extremely carefully.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "we'll see how aggressive the Fed is next week. There are some traders worrying the Fed's been a little light for the holidays."

Cashin said he'll also be tracking earnings as companies start to report their fourth quarter results. He wants to see increases in revenues, not just profit margins fueled mostly by cost cuts, since those cuts may not be sustainable over the long run.

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