While many U.S. investors will be getting ready for the Thanksgiving holiday over the weekend, Art Cashin said he will be watching Europe.
"I think what you're seeing today is the European Central Bank knowing that the Spanish elections are coming up" Sunday, and "going out of their way to keep things quiet in Europe," the head of floor operations for UBS Financial told CNBC Friday.
The ECB "bought a lot of different bonds, according to the rumors that we hear," he said, "and that brought the yields down," which is having an effect on the stock market.
Will the ECB become more active in buying European sovereign debt ? That, said Cashin, depends on the Germans.
"We have got to find out whether the Germans are going to be willing to have this done," he said. "Are they going to allow the ECB to basically start printing money a la the [U.S. Federal Reserve], or will they have to restructure things? I'm not so sure that's clear yet. We'll have at look at the next crisis, which is maybe a year and a half away."
CNBC Data Pages:
Disclosure information was not available for Art Cashin or his company.