The only reason US stocks are up Friday is because the European Union has put off making any decision on bailing out Greece and other issues until Wednesday, Art Cashin told CNBC.
"This is a 'stay of execution' rally, the fact that they’ve postponed everything, given themselves new time," said UBS Financial's head of floor operations.
"If they had to make an agreement this weekend, they couldn’t agree whether it was raining or not. So buying some new time helped everybody out."
Cashin said many traders were assuming the original Sunday meeting, when EU leaders will discuss solving the debt crisis, would bring bad news—so now those traders are doing some short covering .
"I hear people talking about earnings. Earnings aren’t helping gold, earnings aren’t helping oil. This is all about Europe and the currencies," Cashin stated. However, the market's patience can only go so far, he said, foreseeing a decision being put off even beyond the newly added Wednesday meeting, perhaps delayed until early November when the G20 nations meet.
"That's going to wear thin on the market," he said.
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Disclosure information was not available for Art Cashin or his company.