As for trying to read where the markets are going, Cashin said it's not easy to do these days.
"This rally itself has been very difficult, it morphed into a sideways move," said Cashin. "This is a highly unusual formation and this is defying the talents of many of us have been in the business for years."
Commenting on Warren Buffett's interview on CNBC Wednesdaysaying the economy is in a shambles right now, Cashin said he agreed with Buffett's analysis.
"He was right," said Cashin. "The key word is not plastics, as in the film 'The Graduate,' but sustainability. And it's both here and in China. Their stimulus program is making things look a little bit better including commodities. Neither is going to morph into a sustainable recovery."
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