The Dow topped 10,000 on Wednesday, but Art Cashin, head of floor operations at UBS, said he'll continue to approach the market with caution.
"It's nice, it's somewhat joyful, but it's also a reminder that in a buy and hold strategy we haven't gone anywhere in 10 years," he said.
Still, Cashin admitted he's been impressed with the market's rally off its March lows, adding that when he predicted a "massive" runup back in March, he never dreamed it would be this big.
"I started taking money off the table in July," he said. "Everybody's looking for a pullback—maybe that's why it won't come."
What Cashin Said Before Dow 10,000:
CNBC Data Pages:
The Dow's Biggest Gainers on Wednesday:
Bank of America
- Climbed 4.38 Percent to Close at $18.59
- Rose 3.64 Percent to Close at $17.39
- Closed 3.6 Percent Higher at $34.54
- Rose 3.32 Percent to Close at $54.49
- Gained 3.29 Percent to Close at $47.16
Disclosure information was not available for Cashin or his company.