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Welcome to the Scarlett O'Hara market

"I can't think about that right now. If I do, I'll go crazy. I'll think about that tomorrow."

So said Scarlett O'Hara, the protagonist in "Gone with the Wind," the Pulitzer-winning book written by Margaret Mitchell in 1936, which was later into the award-winning film starring Clark Gable and Vivien Leigh in 1939.

Indeed, there has been no shortage of things for Wall Street to worry about lately. Consider news of flat gross domestic product growth across the euro zone to mounting geopolitical tensions, for example.

Yet investors seemingly brushed off these concerns and stocks traded higher on Thursday.

"The idea is that people have been fooled by the 'cry wolf' signal too many times. So they've just decided I'm going to wait until that's happening," veteran trader Art Cashin told CNBC.

"And so they adopted a Scarlett O'Hara's coping mechanism: 'I'll worry about that tomorrow.' And, that's what they've been doing."

Vivien Leigh as Scarlett O'Hara in 'Gone With the Wind.'
Clarence Sinclair Bull | John Kobal Foundation | Getty Images
Vivien Leigh as Scarlett O'Hara in 'Gone With the Wind.'

Stocks pushed higher after conciliatory remarks from Russian President Vladimir Putin eased concerns over tensions between Ukraine and Russia. But Cashin, director of floor operations at the NYSE for UBS, remains skeptical Putin will end the Ukrainian crisis any time soon.

Read MoreWhy Russia, Iraq to have 'little impact' on market

"It's hard to believe that we're going to get a surprise out of Mr. Putin. Certainly his people don't believe it," Cashin said on "Squawk on the Street." "The Russian market is up again. So they're hoping for some relatively easy settlement."

Apart from Russia, though, Cashin flagged another potential headwind for stocks.

"Since I'm in the warning business, I would caution the viewers to keep an eye on Pakistan," he said. "We're starting to see some unrest there, and I always worry when you see unrest in a country that has nuclear arms."

In terms of technicals, Cashin identified resistance on the S&P 500 index at the 1,948 to 1,958 levels. "If they get through that, it could prompt a try at the old highs," he said.

By CNBC's Drew Sandholm.

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