Watch Art Cashin: How I'll know stocks are back
Art Cashin says Wall Street bulls want to "get up to a higher high than we closed on New Year's eve because we want to bail out that 'first five day' indicator."
Some traders believe that if the first five days of a trading year are net positive, then the market will be higher at the end of that year. The benchmark S&P 500 stock index closed at 1848.36 on December 31. As of mid-afternoon Tuesday, it needs to gain another 12 points to go positive.
Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "if the bulls can get their act together and march to a higher high and click in that 'first five day' indicator, that may shake some money off the side."
He adds, "We're beginning to see people float some bonds for corporate (stock) buybacks. That's a pretty good sign, too."