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Watch Art Cashin: Why I'm 'cautious' on earnings

Why Cashin is watching the US dollar and IBM

Art Cashin says early reports this earnings season are showing it's "tougher and tougher" for profits to keep growing.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Courtney Reagan around midday that "management has done an excellent job doing more with less, so we've got absolute record profit margins... But they usually revert to mean. It's difficult to keep growing by cutting."

His advice: "I would be cautious. I would look particularly at the outlooks rather than the actual earnings."