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Watch Art Cashin: Stocks in 'never-never land'

Cashin: Markets are in 'never-never land'

Art Cashin says the stock market is in "never-never land."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "we've held above Monday's (S&P 500) low (1675) and we need to breakout clearly above yesterday's high (1696)."

"If we break above that to close, the bulls have the ball again. If we breakdown below 1675, the bears have the game."