Watch Art Cashin: 'You can't dismiss' this

Art Cashin said the stock market's "liquidity selloff is gone" but warns you can't "dismiss geopolitics," especially the situation in Ukraine.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Dominic Chu, "So far everybody thinks it's just posturing and talking but should it turn out to be real hostilities" the market could get hit.

"Secondarily, there may be a second round of sanctions (against Russia) coming. So there may be economic fallout from it."

On technical factors, he's watching the Nasdaq because "it's got to start making some higher highs."

In addition, Cashin wants to see if the S&P "takes another run" at 1900.

—By CNBC's Alex Crippen. Follow him on Twitter @alexcrippen.