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Art Cashin: The 'Ultimate' S&P Target Now

The stock markets hiccupped Wednesday as weakness in service jobs dampened enthusiasm about the "cash for clunkers" program.

Art Cashin, director of floor operations at UBS financial Services, offered cnbc his market insights.

"It's been remarkable in that [the market] rallies, pauses — and then re-rallies again," Cashin said.

"We have not had much of a pullback, so even the 'soon-to-be bulls' looking for an entry point have been denied that. That's given extra life to the rally."

Second Opinions:

But there are underlying signs giving Cashin pause.

"We are clearly overbought here. The S&P is up against some very serious resistance, from 1,007 to up about 1,020. And obviously, the ultimate: 1,050."

Cash for Clunkers, autumn outlook and Dow 7,000: Art Cashin weighs in on these ideas and more. Watch the full interview.

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CNBC Slideshows:

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CNBC's Companies in the News:

Citigroup

Berkshire Hathaway

Ford Motor

General Motors/Motors Liquidation

Bank of America

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Disclosures:

Disclosure information was not available for Cashin or his company.

Disclaimer