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Watch Art Cashin: 'Buy the dippers' nibbling

Art Cashin: Markets playing cat and mouse

Art Cashin says those who bought stocks as prices dipped lower were rewarded last week and are starting to "nibble" at stocks today,

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "last week reinforced the 'buy the dippers.' But you don't want to buy the dip so aggressively you eliminate the dip. That's why I refer to it as 'cat and mouse.' Buyers are trying to hold back and see if things get a little bit weaker... Now the buyers say, 'Wait a minute,' I've been waiting all day and they have not come in here. I gotta start nibbling away. And I think that's what you're seeing now and you may see it on and off for the balance of the day."