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Watch Art Cashin: How the 'rationality put' is supporting stocks

90 Seconds with Art Cashin: No big negative gambles

Art Cashin says there's a "rationality put" that's supporting stocks by reassuring Wall Street that potential problems like the Fed's taper and the nation's debt ceiling will be "worked out."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that right now traders believe "when it comes to the edge of crisis, then people smarten up and say, 'Alright, we've been playing chicken. Let's compromise in some way.'"

Cashin says, "So far, it's worked out for them. Every potential crisis (Syria, the potential nomination of Larry Summers to run the Fed) has been walked away from, worked out and done in some other way and it's been very good for this market."