"It’s well believed that how the first five days go [will] dictate the month and maybe the year," said the head of floor operations for UBS Financial, referring to the pattern by Yale Hirsch, creator of the annual "Stock Traders Almanac."
But statistics can "be a little misleading" at times, Cashin said. In the last 38 years, when stocks have been up the first five days of the year, "it has been right a little over 33 times," cashin said. In years when the first five days have been down, however, it's been "less than a 50-50 predictor," he said.
"There is an old line down here about commuting by rollercoaster. It’s the safest form of transportation in the world, but it’s not going to get you anywhere," he said. "You have to be careful of these patterns. We have to cross our fingers and try to hold these gains."
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Disclosure information was not available for Art Cashin or his company.