Traders were hit by a triple whammy of worry Monday, Art Cashin told CNBC Monday.
"We have the 'stupor committee,' as I call them, as ineffective as everybody thought. You have renewed worries going on in Europe...and then of course the streets of Cairo remind us that every crisis isn't in the banking system," said the head of floor operations for UBS Financial.
With the Dow Jones Industrial Average off more than 330 points and the Standard & Poor's 500 Index also lower, "I think we want to see how we get through this week and into the beginning of next week," Cashin said. "We're at some pretty importrant areas here. I would prefer not to break down below 1185 in the S&P. I think you could so some significant damage if that happened."
In Europe, the focus continues on the debt and whether the European Central Bankwill step in, Cashin said, while in the U.S., traders suddenly realized that if the congressional deficit-cutting "super committee" doesn't come up with a plan by Wednesday it might mean another rating downgrade.
"I think what's happening is people are coming to the realization that this could again affect the rating on U.S. debt," he said, "and while we don't think it will cost them anymore money right here, it had a very severe effect on the stock market when it happened the last time."
Before 1987, the Thanksgiving-shortened holiday week was usually "bad for turkeys but good for bulls," Cashin said, but it's been more like 50/50 since then.
"So you want to cross your fingers. I think there will be some concerns on Wednesday because Europe will be open on Thursday and we won't be around to protect ourselves," he said.
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Disclosure information was not available for Art Cashin or his company.