Watch Art Cashin: 'We're heavily overbought'

Art Cashin: Markets 'entitled to a pause here'

Art Cashin says the stock market's rally appears to be running out of steam, or at least taking a well-deserved pause.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "we're heavily overbought, metrics like the McClellan Oscillator are going into the stratosphere. That doesn't mean we have to turn (lower) but you're entitled to at least a pause here and I think you're going to get it."