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Art Cashin said bearish economic numbers from China and Japan delivered a "one-two punch" to the U.S. stock market.
But Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that the market is beginning to reconsider China's surprisingly weak export numbers.
"We have weather for an asterisk. Over there they have the Lunar New Year for an asterisk. Last year at around this time they had some strange looking figures come out, too, and they were all washed out as spring moved along."
—By CNBC's Alex Crippen. Follow him on Twitter @alexcrippen.