With a sideways market yesterday (Tuesday), what do traders expect today?
Art Cashin, UBS Financial Services director of floor operations, offered CNBC his stock-market insights on Wednesday.
"The market's shown signs of weariness over the last two weeks, they're struggling with 200-day moving averages — the things that often happen after a significant rally of this type, after a deep low," Cashin explained.
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He joked about the mythical "Olde Traders' Handbook" and said the axiom, "sell in May, stay away" still has legs — though he conceded that even technical views can vary, depending on "how you interpret the chicken entrails."
But Cashin pointed to a couple of indicators his peers are watching now.
He noted a call from economist and former U.S. Treasury official John Taylor, who believes that "the Fed is going to have to take away the punch bowl pretty soon." The key question, according to Cashin: "What's that going to do to Treasurys?"
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Disclosure information was not available for Cashin or his company.