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Watch Art Cashin: Stocks aren't in the clear yet

Art Cashin says the U.S. 10-year yield and the dollar are "virtually motionless," indicating Friday's currency "panic" didn't spill into today's session.

But Cashin, UBS' director of floor operations at the NYSE, told CNBC's Mary Thompson around midday that "the equity market still shows signs of reducing risk. People are a little bit concerned about exposure and they're pulling back."

He notes that "we'd be in deeper trouble" if today's earnings-driven surge for Caterpillar wasn't supporting the Dow.

Cashin is keeping a close eye on Japan's yen. "If that continues to rally, that's going to cause problems in the carry trade, and we'll have some difficulty then."

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