Watch Art Cashin: Why I'm 'frustrated' with stock market

Cashin says: IPOs opportunistic, need right environment

Art Cashin says he's "frustrated" with the stock market and its strange "joyless prosperity."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday "the bond market is behaving today, got some pretty good economic news out of Europe, the euro itself is strong. That takes a lot pf pressure off things. So, after buying the dip yesterday, they came back today, new records highs in the Dow, and no explosion."

He'd like to see more volume. "There should have been a round of short covering that would surprise you. Yet, it's not there."