Art Cashin, UBS Financial Services director of floor operations, offered CNBC his take on Wednesday's market.
What about swine flu? "The market's adopting a 'wait and see' reaction," Cashin said.
"On Monday, we had a quick initial reaction" to the flu outbreak, which hurt industries including shipping, travel/leisure and airlines. "Then drug stocks shot up."
But both of those trading trends "got tempered" and seem to be levelling off Wednesday, as financials make steady gains.
However, he stands by his correction caveat of last week: Some indicators hint of a "very, very sharp move between now and the end of this week," Cashin said.
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